Macro

Investigations into the largest claims in the economy, the markets, and global finance. Material Truths Macro applies the same evidence-driven methodology we use on individual products to questions at the scale of industries, marketplaces, and the broader consumer economy. Same questions. Larger claims.

Split chart showing S&P 500 at record highs above and US consumer sentiment at all-time lows below, illustrating the bifurcated US economy in May 2026

Macro

The numbers say the economy is fine. The data says otherwise.

The S&P 500 just hit an all-time high. Consumer sentiment just hit an all-time low. Both are true at the same time, in the same country, in the same week. The official numbers say the US economy is fine: 4.3% unemployment, 2.0% GDP growth, markets at