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Macro Muse · September 8, 2026
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Oil at $100 says the disinflation story runs on fumes while the government borrows to pay yesterday's bills

average diesel price up 60% since the start of the year. Multiple indicators — surging oil near $100/barrel, rising diesel prices, elevated Treasury yields, and sticky inflation expectations — point to persistent inflationary pressure even as some Fed officials see wage growth as consistent with a return to 2%.

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— Today’s Macro Regime

The quantitative state of the economy.

As of September 8, 2026

Leading regime

Soft Landing

28.5%Low confidence

The rare good outcome. Inflation drifts down without the job market breaking.

Closest alternative: Cooling at 26.0%

  • Cooling26.0%
  • Soft Landing28.5%
  • Overheating24.9%
  • Inflation Shock18.7%
  • Contraction1.9%
What changed

Cooling down 0.9% to 26.0% (was 26.9%)

Explore the regime

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