Inflation, jobs, GDP, interest rates and Federal Reserve policy explained with the latest BLS, BEA and Fed data.
Data center electricity demand is pushing US power use up about 1.8% in 2026 and 3.0% in 2027 per the EIA, lifting revenue at Vistra and Constellation while wholesale prices fall.
The Treasury yield curve in July 2026 shows a 2-year yield of 4.16% and a 10-year yield of 4.54%, a 38 basis point spread, with the market pricing a firmer Fed path than the June dot plot.
The June 2026 jobs report showed 57,000 new jobs, 74,000 in downward revisions and a 4.2% unemployment rate. Here is what the mix means for the Fed and bonds.
AI infrastructure spending in 2026 reached about $130.6 billion in one quarter across Microsoft, Alphabet, Meta and Amazon, and Nvidia collected $75.2 billion of data center revenue.
The U.S. national debt reached $39.3 trillion in June 2026, and gross interest on Treasury debt ran $867 billion in the first eight months of fiscal 2026, up 11.7% from a year earlier.
May 2026 PCE inflation rose to 4.1% with core at 3.4%, far above the Fed's 2% goal, so the funds rate stays at 3.50% to 3.75% and cuts move further out.
Why stocks sometimes rise when unemployment climbs: in 2025 the jobless rate rose from 4.0% to 4.4% while the Fed cut three times and the S&P 500 gained 16.4%.
US inflation from COVID-19 to 2026: CPI fell to 0.1% in May 2020, peaked at 9.1% in June 2022 and was back at 3.4% in August 2026 as energy prices jumped.
How the job market moves stock prices in 2026: strong payroll reports lifted the 2-year yield and pushed stocks down, while the weak July report lifted them.