The Fed's Shadow Metric That Changes Everything

The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy · Sep 17, 2026 · 11m · transcript

Lucas and Luna break down why the Federal Reserve is watching the shadow price of money more than inflation. With the ten-year Treasury yield holding near four point ninety-five percent while core PCE creeps up, the real story isn't headline CPI—it's the cost of capital for small businesses and consumer credit. We explore how the spread between short-term funding costs and long-term bond yields is silently reshaping corporate balance sheets right now in September two thousand twenty-six.

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