Higher Inflation Tests Fed and Markets

Published on September 16, 2026

The August employment report was much stronger than expected and reinforces my view that the U.S. economy remains remarkably resilient. Payrolls increased by 162,000, above every estimate, while revisions added another 55,000 jobs to the previous two months.

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Financial Markets Still Grappling with High Oil Prices and Higher Interest Rates

September 16, 2026
The shortened Labor Day trading week brought little cheer for stock and bond investors. Coming off a long weekend that saw increased hostilities between the US and Iran, oil prices pushed higher, topping $100/barrel. Gas and diesel prices also spiked: diesel hit an all-time high of $6/gallon, while regular gas jumped to a Labor Day record of $4.15/gallon.

Beyond the CPI: The Complete Inflation Story -- August 2026

September 16, 2026
The Consumer Price Index (CPI) data for August was generally in line with expectations. However, a slightly hotter-than-expected core CPI reading buoyed expectations of a rate hike at the Federal Reserve meeting in September.