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Macro

Axios Macro

Lower gas prices perk up poorer Americans' sentiment

A line chart that tracks the University of Michigan consumer sentiment index monthly from January 2010 to June 2026. Sentiment peaked at 101.4 in March 2018 and fell to a low of 44.8 in May 2026. It dropped from 74 in December 2024 to 48.9 in June 2026.

University of Michigan consumer sentiment index

Data: University of Michigan; Chart: Courtenay Brown/Axios

Higher energy costs drive producer price surge

A line chart that shows monthly year-over-year change in the Producer Price Index from November 2010 to May 2026. It ranges from a low of minus 1.53% in October 2015 to a high of 11.59% in March 2022. After easing through 2023, it rises from 3.01% in January 2026 to 6.5% in May.

Year-over-year change in Producer Price Index

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

Markets

Axios Markets

What the rise in flash drives tells us about inflation (and AI)

Computer software and accessories, year-over-year price change

Data: U.S. Bureau of Labor Statistics, FactSet ; Chart: Matt Phillips/Axios

Vitals

Axios Vitals

Home care costs grow much faster than inflation

A bar chart that compares CPI changes by sector from May 2025 to May 2026. Home care rose 7.9%, the highest, followed by nursing home care and adult day services at 4.6%. General inflation was 4.2%. Medical inflation was lowest at 2.6%, below housing at 3.6% and food at 3.1%.

Change in Consumer Price Index in select categories

Data: AARP Public Policy Institute analysis of Bureau of Labor Statistics Consumer Price Index data; Chart: Maya Goldman/Axios

Trump gifts Dems ready-made midterm ads

Key Trump economic win disappears: Wage gains wiped out

Real wage growth since Trump took office

Data: Bureau of Labor Statistics; Note: Real wages are average hourly earnings for production and nonsupervisory workers adjusted for inflation using the Consumer Price Index; Chart: Courtenay Brown/Axios

Inflation report shows a contained energy shock

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

Year-over-year change in Consumer Price Index

ECB and BOJ rate hikes are on tap

Inflation hits 4.2% in May, highest in over 3 years as energy prices soar

 May inflation hits 4.2%, highest in 3 years as energy prices soar

What's next for stocks? Look to bonds

S&P 500 sensitivity to a 10-basis-point rise in yields on 10-year Treasury notes 

Data: FactSet, Axios research; Note: Chart shows the rolling 60-day beta — or estimated percentage point change — associated with a 10-basis-point change in the yield on the 10-year Treasury note;  Chart: Matt Phillips/Axios

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