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Macro

Axios Macro

The rising energy cost dilemma

A line chart that tracks average U.S. retail diesel prices per gallon daily from Jan. 1 to Sept. 11, 2026. Prices ranged from a low of $3.4961 on Jan. 12 to a high of $6.0556 on Sept. 11. After a March surge above $5, prices eased in spring, then climbed again.

Average U.S. retail diesel prices

The Fed's big inflation test

Inflation stays hot in August as Iran war drives energy costs higher

A line chart that tracks monthly year-over-year CPI changes from January 2021 to August 2026 for overall inflation and core inflation, excluding food and energy. Overall CPI rises from 1.4% to 9% in June 2022, then eases to 2.3% in April 2025 before climbing to 4.2% in May 2026.

Year-over-year change in Consumer Price Index

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

Markets

Axios Markets

Higher oil and rates are set to test the markets

Moving up&nbsp;

Data: FactSet; Chart: Matt Phillips/Axios 

Bessent fails to shock and awe the bond market

Yields rose on Treasury announcement Wednesday

Fed's interest rate decision may come down to hair-splitting inflation data

An exercise in thinking about the unthinkable: a U.S. debt default

America's jobs scare recedes

U.S. labor market booms, with 162,000 jobs added in August

A column chart that shows monthly changes in U.S. nonfarm payrolls in 2026. Payrolls ranged from a gain of 214,000 in March to a loss of 156,000 in February. Job growth slowed from 160,000 in January to 21,000 in July, then rebounded to 162,000 in August.

Change in U.S. nonfarm payrolls

Why the relationship between stocks and bonds broke down

Correlation breakdown&nbsp;

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News and analysis that matters about the Federal Reserve and interest rates.