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2026-09-24

September SEP Shows a Hawkish Balance of Risks Across All Macro Variables, First Since 2021

September SEP Shows a Hawkish Balance of Risks Across All Macro Variables, First Since 2021

Key points

FOMC risk-weighting diffusion for GDP, PCE and unemployment | All three tilt to upside risk for the first time since 2021

Image source: @BlakeMillardCFA