Markets
Macro Conditions Index
Economic backdrop for equities — percentile-scored against 5-year history.
CNN Fear & Greed Index
Market sentiment — 7 indicators including momentum, breadth, VIX, put/call ratio. Source: CNN.
Growth
Steady
NFP +162K · UR 4.10%
Inflation
Hot
CPI 3.05% · Oil $107.02
Policy
Tight
FFR 3.63% · 10Y 4.96%
Risk
Low
VIX 14.87 · DXY 119.51
Current Backdrop
High rates and tight policy are pressuring valuations, especially speculative growth. Tight policy and elevated rates are creating headwinds — borrowing costs weigh on valuations.
Better for
Quality, cash-flow-rich companies, short-duration assets
Harder for
Speculative growth, unprofitable tech, highly leveraged names
Last updated: Sep 22, 2026 · Source: FRED
Job market fundamentals are solid, with no major stress signals.
Both consumer prices and energy are running hot — inflation is a real problem.
Rates are high enough to meaningfully tighten financial conditions.
Calm markets and a stable dollar — risk appetite looks healthy.
Equities
Restrictive
Long-duration growth faces valuation pressure. Quality and earnings resilience matter more than multiple expansion.
Rates
Elevated
Front-end remains policy-sensitive. Long-end yields keep the cost of capital high.
Dollar
Stable
Dollar is range-bound — not a major driver in either direction right now.
Commodities
Inflationary
Sticky inflation and elevated energy complicate the disinflation path. Energy names may benefit.
No significant shifts this week.