National

Macro

Axios Macro

Stubborn inflation threatens longer Fed tightening campaign

A line chart that tracks the daily yield on the U.S. two-year Treasury bond from Jan. 2 to Nov. 12, 2026. The yield rose from 3.48% to 4.837%, ranging from a low of 3.39% on Feb. 27 to a high of 4.92% on Sept. 24.

U.S. 2-year Treasury yield

Data: FactSet; Chart: Courtenay Brown/Axios

Harsh new inflation reality

Get ready for rate hike(s)

Price pressures persisted in October

A column chart that shows monthly Consumer Price Index change from January to October 2026. CPI rose from 0.17% in January to a peak of 0.87% in March, fell to a low of -0.42% in June, then rebounded to 0.65% in September and 0.4% in October.

Change in Consumer Price Index

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

Oil prices and bond yields no longer moving together

A line chart that tracks the daily correlation between oil prices and bond yields from Feb. 17 to Nov. 9, 2026. Correlation rose from 16.6 to a peak of 77.4 on Sept. 10, then fell sharply, turning negative in late October and ending at minus 9.9.

Correlation between oil price and bond yields

Data: Axios analysis of FactSet data; Note: Correlation over preceding 30 trading sessions between daily change in West Texas Intermediate crude and change in 10-year U.S. Treasury yield; Chart: Neil Irwin/Axios

Markets

Axios Markets

Inflation data could pile more pressure on stocks

Getting a bit choppy lately&nbsp;

Data: FactSet; Chart: Matt Phillips/Axios 

What was voters' beef? Beef prices

Ground beef price per pound

Data: BLS via FRED; Chart: Emily Peck/Axios

IRS reveals 2027 tax brackets. Find yours here

Find your federal income tax bracket for 2027

What October's jobs report means for Fed monetary policy

The state of economic policy after Democrats' big win

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