> ## Content Index > Fetch the complete content index at: https://macrosoup.com/llms.txt > Use this file to discover other available public pages before exploring further. # πŸ“° Weekly Macro Roundup: 2026-09-26 - URL: https://macrosoup.com/weekly-macro-roundup-2026-09-26/ - Published: 2026-09-25T21:30:03.000Z - Updated: 2026-09-25T21:30:03.000Z - Author: Macro Soup Newsroom - Tags: The week in view, The Roundup Welcome to your weekly macro roundup. This comprehensive edition covers the United States, Europe, and key emerging markets with in-depth analysis of the week's most significant economic developments and what they mean for markets ahead. ## πŸ‡ΊπŸ‡Έ The bond market is out-hawking the Fed while households sour on the economy The Fed hiked 25 basis points to 3.75% to 4.00%, yet the 10-year Treasury yield hit about 5.18% and the 2-year sits near 4.87%, pricing more tightening. Michigan sentiment fell to 48.1 while long-run inflation expectations rose to 3.4%. [πŸ‡ΊπŸ‡Έ The bond market is out-hawking the Fed while households sour on the economyThe Fed hiked 25 basis points to 3.75% to 4.00%, yet the 10-year Treasury yield hit about 5.18% and the 2-year sits near 4.87%, pricing more tightening. Michigan sentiment fell to 48.1 while long-run inflation expectations rose to 3.4%.Macro Soup![](https://pbs.twimg.com/media/HTEJLkEbgAA1n_2.jpg)](https://macrosoup.com/the-bond-market-is-out-hawking-the-fed-while-households-sour-on-the-economy/) ## πŸ‡ͺπŸ‡Ί Euro zone PMI hits a three-year high, but households are hoarding cash The euro area composite PMI rose to 53.1 in September, a three-year high, yet consumer confidence fell to βˆ’16.5 and German willingness to save hit its highest since 2008\. The survey may be reading the energy shock, not end demand. [πŸ‡ͺπŸ‡Ί Euro zone PMI hits a three-year high, but households are hoarding cashThe euro area composite PMI rose to 53.1 in September, a three-year high, yet consumer confidence fell to βˆ’16.5 and German willingness to save hit its highest since 2008\. The survey may be reading the energy shock, not end demand.Macro Soup![](https://pbs.twimg.com/media/HS9pGGFXIAA-DD6.jpg)](https://macrosoup.com/euro-zone-pmi-hits-a-three-year-high-but-households-are-hoarding-cash/) ## πŸ‡¬πŸ‡§ The Bank of England holds at 3.75%, but the Budget and the November vote now collide The Bank of England held Bank Rate at 3.75% in a 6-3 vote, and Governor Bailey says high energy prices make holding harder. The 28 October Budget lands a week before the November decision, and a hike could squeeze fiscal headroom. [πŸ‡¬πŸ‡§ The Bank of England holds at 3.75%, but the Budget and the November vote now collideThe Bank of England held Bank Rate at 3.75% in a 6-3 vote, and Governor Bailey says high energy prices make holding harder. The 28 October Budget lands a week before the November decision, and a hike could squeeze fiscal headroom.Macro Soup![](https://pbs.twimg.com/media/HSfhuepaQAA3vIR.jpg)](https://macrosoup.com/the-bank-of-england-holds-at-3-75-but-the-budget-and-the-november-vote-now-collide/) ## 🌏 One oil shock, four emerging-market central banks, four different ways of paying for credibility South Africa hiked 25 basis points to 7.25%, Indonesia held and added hedging discounts, Mexico dropped its hold guidance, and Brazil cut to 13.75% with a real rate near 9.5pp. One oil shock near $100/bbl, four different tools. [🌏 One oil shock, four emerging-market central banks, four different ways of paying for credibilitySouth Africa hiked 25 basis points to 7.25%, Indonesia held and added hedging discounts, Mexico dropped its hold guidance, and Brazil cut to 13.75% with a real rate near 9.5pp. One oil shock near $100/bbl, four different tools.Macro Soup![](https://pbs.twimg.com/media/HS6MkIyWsAERtRg.jpg)](https://macrosoup.com/one-oil-shock-four-emerging-market-central-banks-four-different-ways-of-paying-for-credibility/) ## πŸ‡¨πŸ‡³ China rents certainty by the month as Beijing manages the calendar, not the cycle The US-China truce was extended only to 10 January, and the People's Bank of China held lending rates for a 16th month while adding CNY200bn net via one-year loans. Beijing is buying certainty by the month and settling nothing. [πŸ‡¨πŸ‡³ China rents certainty by the month as Beijing manages the calendar, not the cycleThe US-China truce was extended only to 10 January, and the People's Bank of China held lending rates for a 16th month while adding CNY200bn net via one-year loans. Beijing is buying certainty by the month and settling nothing.Macro Soup![](https://macrosoup.com/tmp/tmp18wk5ivw.jpg)](https://macrosoup.com/china-rents-certainty-by-the-month-as-beijing-manages-the-calendar-not-the-cycle/) That wraps up this week's macro roundup. We'll be back with daily updates throughout the week and another comprehensive weekly edition next time. If you know someone who would appreciate this analysis, feel free to share. More signal, less noise, as ever. Cheers.