‘Stagflation’ as JP has noted.

Note-peak of inflation Jun 2022…stocks bottomed Oct 2022.

Then stocks rallied from Oct 2022-Sep 2025 as inflation fell from 9% to 2.4%.

Service inflation fell from 8% to 3.5%.

BUT now inflation rising the last 4 months and more as rates drop.

Services have stopped falling and started to rise again the last 3mo.

• https://econbrowser.com/archives/2025/09/ej-antoni-factor-in-the-millions-of-people-missing-from-the-labor-market-dont-have-jobs-but-are-excluded-from-official-unemployment-calculation