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Macro

Axios Macro

Another cool July inflation reading

A line chart that tracks monthly U.S. producer price inflation from July 2021 to July 2026 for overall prices and prices excluding food, energy and trade. Overall inflation peaks at 11.59% in March 2022, bottoms at 0.30% in June 2023, then rises to 4.7% in July 2026.

U.S. Producer Price Index

Data: Bureau of Labor Statistics; Chart: Neil Irwin/Axios

Gold prices are rising again

A line chart that tracks daily gold futures prices per troy ounce from Aug. 12, 2025, to Aug. 12, 2026. Prices rose from $3,399 to 4,465, hit a low of 3,358.7 on Aug. 19, 2025, and peaked at 5,366.5 on March 1, 2026, before retreating.

Gold futures

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

Inflation eased in July as Middle East conflict resumed

A line chart that tracks monthly year-over-year CPI changes from January 2021 to July 2026 for overall inflation and core inflation, excluding food and energy. Overall CPI rose from 1.4% to 9% in June 2022, then eased to 2.3% in April 2025 before climbing to 3.4% in July 2026.

Year-over-year change in Consumer Price Index

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

Markets

Axios Markets

Yen's weakness shows market isn't done pushing

Finish Line

Axios Finish Line

A different way to view the Fed

How Kevin Warsh is rewiring the Fed

White House revives unprecedented effort to remove Fed governor Lisa Cook

U.S. economy surprisingly lost 23,000 jobs in July

A column chart that shows monthly changes in U.S. nonfarm payrolls from July 2025 to July 2026. Payrolls ranged from a gain of 214,000 in March 2026 to a loss of 156,000 in February 2026. The data swings between gains and losses, ending down 23,000 in July 2026.

Change in U.S. nonfarm payrolls

Signs of distress are showing up in private credit

A column chart that shows the share of BDC loans using payment-in-kind each quarter from Q1 2022 to Q1 2026. The share rose from 5.4% in Q1 2022 to 9.8% in Q1 2026, peaking at 9.85% in Q4 2025. The trend is mostly upward with brief dips.

Share of private credit BDC loans using payment-in-kind  

Data: Federal Reserve Bank of Boston analysis of SEC filings of 168 business development companies, publicly registered investment vehicles; Note: Payment-in-kind or PIK arrangements allow borrowers to add unpaid interest to loan principal in lieu of cash payments; Chart: Emily Peck/Axios

Mortgage rates rise to their highest level in a year

A line chart that tracks the weekly U.S. 30-year fixed mortgage rate from Jan. 5, 2024, to July 31, 2026. Rates peaked at 7.29% on April 26, 2024, and bottomed at 6.09% on Feb. 20 and Feb. 27, 2026. The rate ended at 6.81%, near where it began.

U.S. 30-year fixed mortgage rate

Data: Mortgage Bankers Association; Chart: Courtenay Brown/Axios

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