Inside the Economy: Personal Income, S&P 500 and Bond Yields, and Tax Revenue
This week on Inside the Economy, we discuss personal income, the S&P 500, bond yields, and tax revenue. Persistent inflationary pressures and slow wage growth continue to catch up with American consumers, appearing to hit hourly wage earners the hardest. However, how fast your personal income grows depends on the state you live in. While North Dakota’s personal income contracted to -4.2% from the first quarter to end of second quarter of 2026, Wisconsin’s surged ahead at 6.2%. Where does Colorado fall on the spectrum? At first glance, recent core PCE (Personal Consumption Expenditures) inflation looks to have cooled, however, recent government updates revised earlier inflation figures downward, showing that price pressures were slightly lower than initially reported. What could this mean for price pressures moving forward? On the home front, U.S. property owners are in a strong financial position compared to recent years, with nearly 75% of mortgages reportedly having a loan-to-value ratio of 60% or less. What could this financial cushion mean for home prices? Lastly, U.S. trade deficit widened to $105.6 billion as of August 2026, marking one of the largest gaps in recent years while highlighting how U.S. imports continue to outpace U.S. exports. What could this mean for the economy? Tune in to learn more!
Key Takeaways:
• PCE Core at 3.0% YoY
• U.S. Tax Revenue stands at 19.5% of GDP
• 30-Year Mortgage at 7.40%
30 Sept 2026
Inside the Economy: Inflation, Business and Systems, and Office Spaces
This week on Inside the Economy, we discuss the different aspects of inflation, business and systems, and office spaces. Total U.S. household debt, which includes mortgages, auto loans, student loans, credit cards and more, has gradually increased over the years. But how much of that increase might be attributed to inflation? Has household debt grown faster than the overall cost of goods and services? M2, which includes highly liquid assets that can be converted into currency quickly, has grown to a four-year high. In 2023, M2 was declining, which can be viewed as a positive for inflation as money was being taken out of the system. Since then, M2 has returned to positive growth. If money had continued to be removed from the economy, where might inflation be today? We also take a closer look at what is driving the current inflation cycle, and how government revenues, spending, and fiscal policy might affect inflation. What options does the government have to increase revenues, and how could those changes affect the economy? Lastly, U.S. business activity has expanded at its fastest pace since 2021. Are both manufacturing and services seeing an increase in new orders and output? Tune in to learn more!
Key Takeaways:
• 10-year Bond at 5.18%
• Total household debt is at $18.8 trillion in Q2 2026
• Federal Budget Balance in Q2 at -5.6%
16 Sept 2026
Inside the Economy: Consumer Spending, Debt, Inflation, the Federal Reserve, and California Utilities
This week on Inside the Economy, we examine the latest trends shaping consumer spending, debt, inflation, corporate profits, and the utility sector. On the consumer front, retail sales have maintained a steady upward trajectory throughout this year, with a narrow gap between total retail sales and total retail sales ex gasoline. Could this mean gasoline’s impact on the overall direction of consumer spending is minimal? At the same time, revolving consumer credit has crossed the $1 trillion threshold, fueled by years of post-pandemic borrowing. Meanwhile, as sticky inflation persists, the Federal Reserve is slated to announce its interest rate decision this week, with bond markets reflecting expectations for a potential rate move. What could this mean for consumers and the stock market? On the corporate side, U.S. profit upgrades have now extended for a 21st consecutive week. This momentum may reflect improving expectations for corporate earnings as upward earnings revisions outpace downgrades. Finally, California utility companies suffered a sharp sell-off in late August and September 2026, wiping out months of solid gains. What was the reasoning and could we see a potential reversal? Tune in to learn more.
Key Takeaways:
• 30-year Bond at 5.37%
• Crude Oil at $103.76 per barrel
• Headline CPI at 3.4% YoY
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