The economy is covered one event at a time — it has to be. Phoebe was built to read it whole.
Phoebe reads a handful of public reports together — past the headline numbers — and weighs the full picture against markets and the Fed’s next move. It’s a smaller job than the coverage makes it look — and one anyone can learn. Read it whole, and data can be your best friend.
The Latest Read
The read · narrated
The Weekly Read — the repricing was seven days old before the jobs number printed
Three weeks in one read, and a single thread: every yield on the curve rose except the 30-year, which fell one basis point. The 2-year added 20 — but 14 of them landed in a single session, the morning the Chair spoke at Jackson Hole, a full week before the hot August payroll that got the credit. Underneath that count, pay slowed to a five-year low and quits sat below their pre-pandemic norm. What that leaves for September 16 is the read.
What Drops Next
What households actually spent — before and after inflation takes its share. The read lands here when it drops.
Also Wednesday: FOMC Rate Decision, 2:00 PM ET.
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The Weekly Read
Where the Data Stands
August’s consumer inflation held at 3.4% while core fell to 2.4%, its lowest since March 2021. The distance between the two is energy — gasoline up 27% over the year, fuel oil 52%, while electricity and piped gas are up about 4%. And one line inside core already carries fuel: airline fares, up 23%. Does that fuel seep further into core, or fade out of the headline? Next answers: PCE September 30 · CPI October 14.
This is the whole handful — the releases Phoebe reads in full when they drop, plus the rates they move; the Weekly Read puts it together.
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| Series | Latest | Trend | Next |
|---|---|---|---|
| Inflation (CPI) | 3.4% AugSep 11 | — held at 3.4% — but core fell to 2.4%, lowest since March 2021 | Oct 14 |
| Inflation, the Fed's gauge (PCE) | 3.7% JulAug 26 | ▲ held at 3.7% — but the monthly pace turned up, and real spending went flat | Sep 30 |
| Wholesale prices (PPI) | 5.4% AugSep 10 | ▲ up from 4.8% — core 4.6%, but ex-fuel upstream costs run 8.4% | Oct 15 |
| Jobs added (payrolls) | +162,000 jobsSep 4 | ▲ most since March — but pay growth slowed again, to 3.1% | Oct 2 |
| Jobless claims | 206K filingsSep 10 | ▼ the 4-week climb stopped at four — and the rolls keep shrinking | Thu |
| Job openings & turnover | 7.27M openSep 1 | — all five lines little changed; hiring flat for nine months | Sep 29 |
| Growth (GDP) | 1.5% Q2Aug 26 | ▼ unrevised at 1.5% — but demand underneath was revised up to 4.2% | Sep 30 |
| Consumer spending (retail) | −0.6% m/mAug 14 | ▼ biggest drop since May 2025 — autos and online took more off than the whole decline | Sep 16 |
| Fed funds target | 3.50–3.75%set Dec 2025 | steady since December 2025 | Sep 16 |
| 10-yr Treasury | 4.96%Sep 11 | ▲ +19 bps over 5 days · the rate behind mortgages | daily |
| 30-yr mortgage | 6.76%Sep 10 | ▲ +0.41 over the past year | weekly |
| Debt interest cost | ~$1.0T/yrfiscal year 2025 | 3.2% of GDP · the most since 1991 | quarterly |
Sources: Bureau of Labor Statistics, Bureau of Economic Analysis, Census Bureau, Department of Labor, the Federal Reserve, Freddie Mac, and the U.S. Treasury — directly or via FRED.
Explainers to read if you want to impress your family and friends.
How Phoebe Reads the Economy
The economy is one connected chain — read it the way it moves, tab by tab. It starts with jobs and lands in your wallet.