Historical snapshot

This is the regime read as it stood on March 11, 2026, from that day’s model output. See today’s regime →

— US Macro RegimeAs of March 11, 2026

Leading regime

Inflation Shock

33.2%probabilityConfidence: Moderate

Prices are the story, and not in a good way. Stocks and bonds can lose together.

Closest alternative: Overheating at 27.1% · Inflation Shock +0.3 pts on the day

All five regimes

Cooling19.2%
Soft Landing19.2%
OverheatingRunner-up27.1%
Inflation ShockLeading33.2%
Contraction1.3%

Freshness

This snapshot is more than a day old. The next engine run refreshes it. As of March 11, 2026.

The US macro picture points to Inflation Shock (33% probability, moderate confidence), with Overheating as the main alternative at 27%. Growth is slowing, inflation is sticky, and geopolitical shock is severe. The main tension comes from geopolitical risk index at 394, sharply higher.

— What changed

What moved that day

— The four internals

Under the hood

Growth
Slowing
Score43.6 / 100
Momentum: Rising
Is the economy expanding or slowing. Jobs, output, spending.
Inflation
Sticky
Score52.2 / 100
Momentum: Surging
How fast prices are rising, and whether the trend is up or down.
Financial Conditions
Neutral
Score49.8 / 100
Momentum: Rising
How tight money is. Yields, credit spreads, the cost of borrowing.
Geopolitical Shock
Severe
Score80.8 / 100
Momentum: Surging
Stress from outside the model. Oil, war risk, market volatility.

— Leading / lagging

Firming or breaking down

Leading signals

Overheating34.4%

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

Lagging signals

Inflation Shock34.1%

Confirmed hard data. Where the economy demonstrably is.

Signal alignmentDiverging

The two layers disagree, so the regime is contested. Leading signals lean Overheating; lagging signals lean Inflation Shock. Leading signals typically lead the confirmed data by about 6 weeks.

— What's next

Where it could go from here

Overheating27.1%Primary alternative
A transition to Overheating would require GPR Index to move significantly lower, crude oil to move significantly lower, and core CPI to move higher. Key gaps are large and momentum is moving away from transition-compatible levels. nonfarm payrolls is already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ GPR Index · large gap
- ↑ crude oil ($) · large gap
- ↑ core CPI (YoY %) · moderate gap
- ↑ core PCE (YoY %) · moderate gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
Cooling19.2%Credible alternative
A transition to Cooling would require GPR Index to move significantly lower, crude oil to move significantly lower, and core CPI to shift higher. Key gaps are large and momentum is moving away from transition-compatible levels. core CPI and nonfarm payrolls are already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ GPR Index · large gap
- ↑ crude oil ($) · large gap
- ↑ core CPI (YoY %) · small gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
- ↑ 2s10s curve (pp) · small gap
Soft Landing19.2%Credible alternative
A transition to Soft Landing would require GPR Index to move significantly lower, crude oil to move significantly lower, and nonfarm payrolls to shift higher. Key gaps are large and momentum is moving away from transition-compatible levels. nonfarm payrolls and 2s10s curve are already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ GPR Index · large gap
- ↑ crude oil ($) · large gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
- ↑ gasoline ($/gal) · large gap
- ↑ 2s10s curve (pp) · small gap

— Drivers

What held the call up

Confirming

Points that support the current regime call

crude oil sharply higher
core PCE at 3.1% YoY, well above trend
industrial production +1.4% YoY, above trend

Disconfirming

Points that argue against it

geopolitical risk index at 394, sharply higher
core CPI at 2.5% YoY, well below trend

Market confirmationMixed

Confirming

S&P 500, gold, high-yield credit spreads, WTI crude oil

Diverging

10-year Treasury yield

— Asset implications

What this regime has meant for markets

The engine’s read, by asset class

EquitiesPressured
RatesPressured
CreditPressured
DollarFirmer
GoldFavorable
OilFavorable

How assets behaved historically in Inflation Shock

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

Asset	Ann. return	Volatility	Sharpe
EnergyXLE	+70.6%	33.3%	2.12
Russell 2000IWM	+26.6%	27.4%	0.97
S&P 500SPY	+17.4%	22.6%	0.77
Nasdaq 100QQQ	+12.3%	28.3%	0.43
Developed MarketsVEA	+10.8%	21.6%	0.50
HY CorporateHYG	+3.6%	10.3%	0.35
Emerging MarketsVWO	-0.8%	23.3%	-0.04
TIPSTIP	-2.7%	7.6%	-0.35
GoldGLD	-3.4%	18.6%	-0.18
IG CorporateLQD	-5.8%	9.8%	-0.59
7-10Y TreasuryIEF	-9.8%	8.0%	-1.22

Energy
Vol 33.3% · Sharpe 2.12
+70.6%
Russell 2000
Vol 27.4% · Sharpe 0.97
+26.6%
S&P 500
Vol 22.6% · Sharpe 0.77
+17.4%
Nasdaq 100
Vol 28.3% · Sharpe 0.43
+12.3%
Developed Markets
Vol 21.6% · Sharpe 0.50
+10.8%
HY Corporate
Vol 10.3% · Sharpe 0.35
+3.6%
Emerging Markets
Vol 23.3% · Sharpe -0.04
-0.8%
TIPS
Vol 7.6% · Sharpe -0.35
-2.7%
Gold
Vol 18.6% · Sharpe -0.18
-3.4%
IG Corporate
Vol 9.8% · Sharpe -0.59
-5.8%
7-10Y Treasury
Vol 8.0% · Sharpe -1.22
-9.8%

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: March 11, 2026
Data as of: 2026-03-11 00:00 UTC
Run trigger: major macro release