— US Macro RegimeAs of October 13, 2026
Leading regime

Soft Landing

31.2%probabilityConfidence: Low

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

Closest alternative: Cooling at 30.5% · Soft Landing +0.2 pts on the day

All five regimes

  • CoolingRunner-up30.5%
  • Soft LandingLeading31.2%
  • Overheating19.9%
  • Inflation Shock16.3%
  • Contraction2.1%

The US macro picture points to Soft Landing (31.2% probability, low confidence), with Cooling as the main alternative at 30.5%. Growth is stable, inflation is easing, and geopolitical shock is moderate. The main tension comes from core cpi at 2.4% yoy, sharply lower.

— What changed

What moved since the last read

The single biggest shift the model registered, then everything else it flagged.

majorBiggest move

Cooling up 2.2% to 30.5% (was 28.3%)

Quantitative moves above the 75th percentile. The model is responding to meaningful shifts in the data. Compared with October 6, 2026 (5 sessions ago).

  • majorInflation Shock down 3.4% to 16.3% (was 19.7%)
  • moderateSoft Landing up 1.9% to 31.2% (was 29.3%)
  • moderateOverheating down 0.9% to 19.9% (was 20.8%)
  • moderateFinancial conditions score down 2.4 to 61.8 (was 64.2)
  • moderateFinancial conditions momentum shifted from surging to rising
  • moderateGeopolitical shock score down 3.6 to 43.8 (was 47.4)
  • moderateGeopolitical shock momentum shifted from surging to rising
  • moderateNew confirming driver: initial jobless claims at 198K (4-week avg), elevated
  • moderateConfirming driver dropped: initial jobless claims at 200K (4-week avg), above trend

— The four internals

What's under the hood

The regime is a blend of four forces. Here is where each one stands and which way it is moving.

  • Growth

    Stable

    Score45.6 / 100
    Momentum: Stable↑ +0.4 wk

    Is the economy expanding or slowing. Jobs, output, spending.

  • Inflation

    Easing

    Score36.4 / 100
    Momentum: Stable↓ -0.7 wk

    How fast prices are rising, and whether the trend is up or down.

  • Financial Conditions

    Restrictive

    Score61.8 / 100
    Momentum: Rising↓ -2.4 wk

    How tight money is. Yields, credit spreads, the cost of borrowing.

  • Geopolitical Shock

    Moderate

    Score43.8 / 100
    Momentum: Rising↓ -3.6 wk

    Stress from outside the model. Oil, war risk, market volatility.

— Leading / lagging

Is the call firming up or breaking down

Fast market signals versus confirmed hard data. When they agree, the regime is on solid ground. When they split, it is contested.

Leading signals

Cooling31.2%

Fast-moving market and survey data. Where the economy may be heading.

Lagging signals

Soft Landing37.9%

Confirmed hard data. Where the economy demonstrably is.

Signal alignmentDiverging

The two layers disagree, so the regime is contested. Leading signals lean Cooling; lagging signals lean Soft Landing. Leading signals typically lead the confirmed data by about 4 weeks.

— What's next

Where the regime could go from here

The credible next states, and the specific moves in the data that would take us there.

  • Cooling30.5%Primary alternative

    A transition to Cooling would require core CPI to move higher, wage growth to move higher, and copper/gold ratio to shift higher. Momentum is broadly moving in the right direction, but gaps remain. copper/gold ratio is already near transition-compatible levels. Assumes other conditions remain constant.

    • → core CPI (YoY %) · moderate gap
    • → wage growth (YoY %) · moderate gap
    • ↑ copper/gold ratio · small gap
    • → headline CPI (YoY %) · moderate gap
    • → core PCE (YoY %) · moderate gap
  • Overheating19.9%Credible alternative

    A transition to Overheating would require core CPI to move significantly higher, wage growth to move significantly higher, and 10-year yield to move lower. consumer sentiment and copper/gold ratio are already near transition-compatible levels. Assumes other conditions remain constant.

    • → core CPI (YoY %) · large gap
    • → wage growth (YoY %) · large gap
    • ↑ 10-year yield (%) · moderate gap
    • → consumer sentiment · small gap
    • ↑ copper/gold ratio · small gap
  • Inflation Shock16.3%Credible alternative

    A transition to Inflation Shock would require core CPI to move significantly higher, wage growth to move significantly higher, and 10-year yield to shift lower. Current momentum is working against this transition. 10-year yield and USD index are already near transition-compatible levels. Assumes other conditions remain constant.

    • → core CPI (YoY %) · large gap
    • → wage growth (YoY %) · large gap
    • ↑ 10-year yield (%) · small gap
    • ↑ USD index · small gap
    • ↑ copper/gold ratio · moderate gap

— Drivers

What's holding the call up, and what's arguing against it

Confirming

Points that support the current regime call

  • initial jobless claims at 198K (4-week avg), elevated
  • gasoline prices near trend
  • industrial production +1.4% YoY, above trend

Disconfirming

Points that argue against it

  • core CPI at 2.4% YoY, sharply lower
  • wage growth at 3.0% YoY, sharply lower
Market confirmationPartially diverging

Confirming

S&P 500

Diverging

10-year Treasury yield, high-yield credit spreads

— Asset implications

What this regime has meant for markets

The engine's positioning read, plus how each asset actually behaved on every past day the model scored this regime.

The engine’s read, by asset class

  • EquitiesConstructive

    Growth is stable and inflation is contained, creating a constructive backdrop for equities.

  • RatesDuration-friendly

    Balanced growth and inflation keep yields range-bound with a duration-friendly bias.

  • CreditSpreads stable

    Stable growth and contained inflation support tight spreads.

  • DollarUSD range-bound

    Balanced conditions leave the dollar range-bound without a strong directional catalyst.

  • GoldRange-bound

    Without a strong inflation or recession signal, gold trades range-bound.

  • OilBalanced

    Balanced supply and demand leave oil without a strong directional catalyst.

How assets behaved historically in Soft Landing

Annualized figures across every past day the model scored this regime. History, not a forecast.

  • Energy

    Vol 23.8% · Sharpe 0.78

    +18.5%

  • Nasdaq 100

    Vol 16.5% · Sharpe 1.00

    +16.5%

  • S&P 500

    Vol 11.7% · Sharpe 1.08

    +12.6%

  • Russell 2000

    Vol 17.6% · Sharpe 0.68

    +11.9%

  • Gold

    Vol 17.8% · Sharpe 0.58

    +10.4%

  • Developed Markets

    Vol 12.1% · Sharpe 0.75

    +9.1%

  • Emerging Markets

    Vol 14.3% · Sharpe 0.51

    +7.3%

  • HY Corporate

    Vol 4.4% · Sharpe 0.85

    +3.8%

  • IG Corporate

    Vol 5.8% · Sharpe 0.22

    +1.3%

  • TIPS

    Vol 4.0% · Sharpe 0.28

    +1.1%

  • 7-10Y Treasury

    Vol 5.4% · Sharpe -0.02

    -0.1%

— What it means for your money

The gap between the model and your Tuesday

The levels the model watches are the same ones that set your payment, your prices, and your yield. Run them on your own numbers.

  • Your mortgage and borrowing

    5.2%

    10-year Treasury yield

    Mortgage rates track the 10-year Treasury, not the Fed's overnight rate. This is the number that sets your monthly payment.

    Mortgage CalculatorFed Rate Impact

  • Your purchasing power

    2.4%

    core CPI

    This is how fast the stuff you buy is getting more expensive. Every point of it is a point off what your cash is worth a year from now.

    Inflation CalculatorReal Return

  • Your savings and cash

    3.8%

    fed funds rate

    What a bank should be paying you to hold cash. If your savings account pays a lot less than this, it is quietly costing you.

    Savings Rate TrackerReal Return

  • Your retirement and risk

    Stable

    Growth is stable right now, and growth is what decides whether the next few years treat a 401(k) kindly. Pressure-test the plan before the regime does.

    Retirement DrawdownRecession Stress Test

— What to watch

The variables that would move the call

  • copper/gold ratioGeopolitical Shock
    Now: 1.5943 → Needs: about 1.5945 · momentum toward
  • 10-year yield (%)Financial Conditions
    Now: 5.2% → Needs: about 5.1% · momentum away
  • consumer sentimentGrowth
    Now: 51.7 → Needs: about 53.5 · momentum neutral
  • USD indexFinancial Conditions
    Now: z=1.3 → Needs: z=0.9 · momentum away
  • core CPI (YoY %)Inflation
    Now: 2.4% YoY → Needs: about 3.1% · momentum neutral
  • wage growth (YoY %)Inflation
    Now: 3.0% YoY → Needs: about 3.7% · momentum neutral
  • headline CPI (YoY %)Inflation
    Now: 3.4% YoY → Needs: about 4.1% · momentum neutral
  • core PCE (YoY %)Inflation
    Now: 3.0% YoY → Needs: about 3.7% · momentum neutral

Watch the prints that move these. Economic calendar →

— What would change the call

The price of being wrong

An honest call names what would flip it. Here is the evidence already pulling the other way.

initial jobless claims at 198K (4-week avg) supports Soft Landing, but core cpi at 2.4% yoy keeps Cooling in play.

Evidence against the call

  • core CPI at 2.4% YoY, sharply lower
  • wage growth at 3.0% YoY, sharply lower

The call flips toward Cooling if…

A transition to Cooling would require core CPI to move higher, wage growth to move higher, and copper/gold ratio to shift higher. Momentum is broadly moving in the right direction, but gaps remain. copper/gold ratio is already near transition-compatible levels. Assumes other conditions remain constant.

— History

How we got to Soft Landing

The five-way probability split over time. Hover for any day's exact numbers.

CoolingSoft LandingOverheatingInflation ShockContraction

2026-07-15 → 2026-10-13

Browse day-by-day history Read the weekly deep dive
Sources & method

Every number on this page is produced by the Personal Stakes US macro engine and read straight from its published output. The website does not recompute the model, re-rank regimes, or invent values. Where a figure is missing, the section is left out rather than guessed.

Reference date
October 13, 2026
Data as of
2026-10-13 00:00 UTC
Run trigger
major macro release
Narrative
Prose written by a language model into a fixed template; all numbers are injected from the model output, never written by the model.

Not investment advice. The regime is a model estimate of the macro backdrop, updated as of October 13, 2026. It describes the environment, not what you should buy.

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