2026-09-01 UTC · 5Y
The cycle
Official CPI, PPI, inflation expectations, and public factory surveys.
CPI and PPI are BLS prints via FRED, shown as 12-month percent change. Michigan is the University of Michigan 12-month inflation expectation. ISM PMI is licensed and not on this public tape; Philly Fed, Empire State, and Dallas Fed are the open factory surveys, 0 = no change. Chicago Fed activity is 0 at trend.
2026-09-01 · FRED
Official CPI, PPI, and Fed factory prints.
Now
Overheating
Activity is hot while prices and household inflation expectations are still sticky. That is late-cycle heat, not a free lunch.
3M
Overheating
The 10-year stays the wrecking ball if energy does not cool. Duration does not get a hall pass.
6M
Late cycle
The desk still treats oil tightness and term premium as the constraint, not a funds-rate slogan.
1Y
Late cycle
The desk still treats oil tightness and term premium as the constraint, not a funds-rate slogan.
1Y
3Y
5Y
CPI by sector (YoY)
CPI headline
3.4%
+0.1
2026-08-01 · FRED CPIAUCSL
2.00 4.00 6.00 8.00 2% 22-09-01 8.19 26-08-01 3.35 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % YoY UTC
CPI core
2.5%
-0.0
2026-08-01 · FRED CPILFESL
4.00 6.00 26-08-01 2.45 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % YoY UTC
CPI food
2.6%
-0.3
2026-08-01 · FRED CPIFABSL
5.00 10.00 2% 22-12-01 10.14 26-08-01 2.58 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % YoY UTC
CPI energy
16.1%
+1.6
2026-08-01 · FRED CPIENGSL
-20.00 0.000 20.00 40.00 2% 22-07-01 32.92 23-09-01 -0.500 26-08-01 16.05 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % YoY UTC
CPI shelter
3.0%
-0.1
2026-08-01 · FRED CUSR0000SAH1
4.00 6.00 8.00 23-07-01 7.67 26-08-01 3.03 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % YoY UTC
PPI by sector (YoY)
PPI final demand
5.4%
+0.6
2026-08-01 · FRED PPIFIS
0.000 5.00 10.00 2% 22-06-01 11.15 23-12-01 1.05 26-08-01 5.41 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 % YoY UTC
PPI core
4.6%
+0.4
2026-08-01 · FRED PPICOR
5.00 10.00 2% 22-06-01 8.30 26-08-01 4.62 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 % YoY UTC
PPI energy
27.6%
+6.8
2026-08-01 · FRED PPIENG
0.000 50.00 2% 22-07-01 41.95 23-10-01 -12.77 26-08-01 27.60 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 % YoY UTC
PPI farm products
-2.5%
-1.4
2026-08-01 · FRED WPU01
-20.00 0.000 20.00 40.00 2% 24-01-01 -13.82 25-05-01 4.23 26-08-01 -2.45 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 % YoY UTC
PPI manufacturing
10.2%
+1.7
2026-08-01 · FRED PCUOMFGOMFG
0.000 10.00 20.00 2% 22-07-01 16.87 23-11-01 -2.53 26-08-01 10.25 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 % YoY UTC
Inflation expectations
Michigan 1Y inflation exp.
4.2
-0.4
2026-07-01 · FRED MICH
4.00 6.00 3% 24-12-01 2.80 25-09-01 4.70 26-07-01 4.20 21-08-01 22-11-01 24-02-01 25-04-01 26-07-01 % UTC
10Y inflation breakeven
2.4
+0.1
2026-09-01 · FRED T10YIE
2.50 26-09-01 2.36 21-10-01 23-01-01 24-04-01 25-06-01 26-09-01 % UTC
Cleveland Fed 1Y expected CPI
2.6
+0.2
2026-09-01 · FRED EXPINF1YR
2.00 3.00 4.00 2% 26-09-01 2.64 21-10-01 23-01-01 24-04-01 25-06-01 26-09-01 % UTC
Factory pulse (public Fed surveys)
Philly Fed factory
47.4
+6.0
2026-08-01 · FRED GACDFSA066MSFRBPHI
0.000 50.00 0 23-04-01 -25.50 25-07-01 11.40 26-08-01 47.40 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 index UTC
Empire State factory
20.6
+5.0
2026-08-01 · FRED GACDISA066MSFRBNY
-20.00 0.000 20.00 40.00 0 23-02-01 -9.80 25-02-01 4.30 26-08-01 20.60 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 index UTC
Dallas Fed factory
11.6
+10.3
2026-08-01 · FRED BACTSAMFRBDAL
-40.00 -20.00 0.000 0 25-02-01 -8.50 25-09-01 -8.80 26-08-01 11.60 21-09-01 22-12-01 24-03-01 25-05-01 26-08-01 index UTC
Chicago Fed activity
-0.1
-0.1
2026-07-01 · FRED CFNAI
-1.00 0.000 1.00 0 26-07-01 -0.080 21-08-01 22-11-01 24-02-01 25-04-01 26-07-01 index UTC
Labor
Unemployment
4.1
0.0
2026-08-01 · FRED UNRATE
3.50 4.00 4.50 5.00 4% 26-08-01 4.10 21-08-01 22-11-01 24-02-01 25-04-01 26-08-01 % UTC