Historical snapshot

This is the regime read as it stood on March 24, 2026, from that day’s model output. See today’s regime →

— US Macro RegimeAs of March 24, 2026

Leading regime

Inflation Shock

33.2%probabilityConfidence: Moderate

Prices are the story, and not in a good way. Stocks and bonds can lose together.

Closest alternative: Overheating at 24.9% · Inflation Shock -0.5 pts on the day

All five regimes

Cooling20.8%
Soft Landing19.8%
OverheatingRunner-up24.9%
Inflation ShockLeading33.2%
Contraction1.3%

Freshness

This snapshot is more than a day old. The next engine run refreshes it. As of March 24, 2026.

The US macro picture points to Inflation Shock (33% probability, moderate confidence), with Overheating as the main alternative at 25%. Growth is slowing, inflation is sticky, and geopolitical shock is elevated. The main tension comes from core cpi at 2.5% yoy, well below trend.

— What changed

What moved that day

— The four internals

Under the hood

Growth
Slowing
Score43.6 / 100
Momentum: Rising
Is the economy expanding or slowing. Jobs, output, spending.
Inflation
Sticky
Score53.4 / 100
Momentum: Surging
How fast prices are rising, and whether the trend is up or down.
Financial Conditions
Neutral
Score53.8 / 100
Momentum: Surging
How tight money is. Yields, credit spreads, the cost of borrowing.
Geopolitical Shock
Elevated
Score68.8 / 100
Momentum: Surging
Stress from outside the model. Oil, war risk, market volatility.

— Leading / lagging

Firming or breaking down

Leading signals

Inflation Shock33.3%

Fast-moving market and survey data. Where the economy may be heading.

Lagging signals

Inflation Shock32.0%

Confirmed hard data. Where the economy demonstrably is.

Signal alignmentAligned

The two layers point the same way, which puts the call on firmer ground. Leading signals lean Inflation Shock; lagging signals lean Inflation Shock.

— What's next

Where it could go from here

Overheating24.9%Primary alternative
A transition to Overheating would require crude oil to move higher, core CPI to move higher, and core PCE to move higher. Momentum is broadly moving in the right direction, but gaps remain. nonfarm payrolls is already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ crude oil ($) · moderate gap
- ↑ core CPI (YoY %) · moderate gap
- ↑ core PCE (YoY %) · moderate gap
- ↑ GPR Index · moderate gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
Cooling20.8%Primary alternative
A transition to Cooling would require GPR Index to move lower, nonfarm payrolls to shift higher, and gasoline to move lower. Momentum is broadly moving in the right direction, but gaps remain. nonfarm payrolls and consumer sentiment are already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ GPR Index · moderate gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
- ↑ gasoline ($/gal) · moderate gap
- ↑ consumer sentiment · small gap
- ↑ 10-year yield (%) · small gap
Soft Landing19.8%Credible alternative
A transition to Soft Landing would require GPR Index to move lower, nonfarm payrolls to shift higher, and gasoline to move lower. Momentum is broadly moving in the right direction, but gaps remain. nonfarm payrolls and consumer sentiment are already near transition-compatible levels. Assumes other conditions remain constant.
- ↑ GPR Index · moderate gap
- ↑ nonfarm payrolls (3mo avg chg, K) · small gap
- ↑ gasoline ($/gal) · moderate gap
- ↑ consumer sentiment · small gap
- ↑ 10-year yield (%) · small gap

— Drivers

What held the call up

Confirming

Points that support the current regime call

crude oil sharply higher
core PCE at 3.1% YoY, well above trend
gasoline prices well above trend

Disconfirming

Points that argue against it

core CPI at 2.5% YoY, well below trend
headline CPI at 2.4% YoY, below trend

Market confirmationMixed

Confirming

S&P 500, 10-year Treasury yield, high-yield credit spreads, WTI crude oil

Diverging

gold

— Asset implications

What this regime has meant for markets

The engine’s read, by asset class

EquitiesPressured
RatesPressured
CreditPressured
DollarFirmer
GoldFavorable
OilFavorable

How assets behaved historically in Inflation Shock

Annualized figures across every past day the model scored this regime. History, not a forecast.

Asset	Ann. return	Volatility	Sharpe
EnergyXLE	+70.6%	33.3%	2.12
Russell 2000IWM	+26.6%	27.4%	0.97
S&P 500SPY	+17.4%	22.6%	0.77
Nasdaq 100QQQ	+12.3%	28.3%	0.43
Developed MarketsVEA	+10.8%	21.6%	0.50
HY CorporateHYG	+3.6%	10.3%	0.35
Emerging MarketsVWO	-0.8%	23.3%	-0.04
TIPSTIP	-2.7%	7.6%	-0.35
GoldGLD	-3.4%	18.6%	-0.18
IG CorporateLQD	-5.8%	9.8%	-0.59
7-10Y TreasuryIEF	-9.8%	8.0%	-1.22

Energy
Vol 33.3% · Sharpe 2.12
+70.6%
Russell 2000
Vol 27.4% · Sharpe 0.97
+26.6%
S&P 500
Vol 22.6% · Sharpe 0.77
+17.4%
Nasdaq 100
Vol 28.3% · Sharpe 0.43
+12.3%
Developed Markets
Vol 21.6% · Sharpe 0.50
+10.8%
HY Corporate
Vol 10.3% · Sharpe 0.35
+3.6%
Emerging Markets
Vol 23.3% · Sharpe -0.04
-0.8%
TIPS
Vol 7.6% · Sharpe -0.35
-2.7%
Gold
Vol 18.6% · Sharpe -0.18
-3.4%
IG Corporate
Vol 9.8% · Sharpe -0.59
-5.8%
7-10Y Treasury
Vol 8.0% · Sharpe -1.22
-9.8%

Sources & method

Every number on this page is produced by the Personal Stakes US macro engine and read straight from its published output. The website does not recompute the model, re-rank regimes, or invent values. Where a figure is missing, the section is left out rather than guessed.

Reference date: March 24, 2026
Data as of: 2026-03-24 00:00 UTC
Run trigger: major macro release