Modern Macro Technologies
Research · · 2 min read

Today's CPI Print: A Bullish Signal for the Endogenous Credit Cycle

CPI lands at 3% against a 2.9% consensus. Using the Kalecki price equation, the piece splits the print into markups, wages, and productivity to read where the endogenous credit cycle stands.

Douglas ·
Professional

This one’s Professional-only

Professional is the deep end: position-level detail, same-day delivery of everything we publish, and weekly office hours with Douglas.

  • Everything in Individual — including the dashboards
  • Position-level detail in every note
  • Same-day delivery of all research
  • Weekly analyst Q&A
Professional — coming soon → Get the free newsletter
Already subscribe? Sign in.

More research

The Only Way Treasury Gets Lower Rates Without the Fed

Bessent wants lower long-term rates without the Fed. The TGA build, the doubled buybacks -- none of it will work, and the one fiscal lever that does is the one nobody in this administration will name. Free

08/27/2026 Market Update: The Bessent Buyback Mirage, and Why Mid-September Is the Brittle Zone

The Bessent buyback treated as a mirage: the TGA mechanics, the one lever that would actually bring rates down, and why nobody in Washington will pull it. Also flagged — a mid-September brittle zone, and a rare disagreement with DeepMMT. Members

Addressing the WSJ's Latest MMT Hit Piece

The WSJ blames MMT for the pandemic inflation. Their tax arithmetic is right, their description of MMT isn't, and their causal chain runs backwards. Free