FRED // CPILFESL

Core Consumer Price Index Ex Food & Energy

INFLATION Monthly

OBSERVATION DATE: 2026-09-01 • UNIT: Index

LATEST OBSERVATION

338.896 Index

PRIOR / PERIOD Δ

337.765 (+ 1.13)

YOY CHANGE

+ 2.57 Index

CPILFESL // Core Consumer Price Index Ex Food & Energy (Index)1Y: +8.48 (+2.6%)

2026-09-01OBSERVATION: 338.90 (Index)

11 S&P 500 GICS SECTOR PEARSON CORRELATION MATRIX VS. CPILFESL SORTED TAILWIND (+r) ──► HEADWIND (-r)

ETF	GICS SECTOR	PEARSON r	R²	BETA / REGIME TRANSMISSION
XLE	Energy	+0.09 r	1%	[+5.02% per +1% delta] Modest pro-cyclical beta benefit on rising CPILFESL
XLU	Utilities	-0.07 r	1%	[-2.81% per +1% delta] Low-beta regime neutral across 5Y CPILFESL cycle (258W)
XLB	Materials	-0.07 r	1%	[-3.07% per +1% delta] Low-beta regime neutral across 5Y CPILFESL cycle (258W)
XLC	Communication Services	-0.12 r	1%	[-4.79% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLF	Financials	-0.13 r	2%	[-5.06% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLI	Industrials	-0.13 r	2%	[-4.99% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLP	Consumer Staples	-0.13 r	2%	[-3.92% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLY	Consumer Discretionary	-0.14 r	2%	[-6.85% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLRE	Real Estate	-0.16 r	3%	[-6.7% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLK	Technology	-0.17 r	3%	[-9.29% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings
XLV	Health Care	-0.21 r	4%	[-6.62% per +1% delta] Defensive/rate-sensitive drag during CPILFESL upswings

AI MACRO REGIME IMPACT BRIEF RESTRICTIVE

Core Consumer Price Index Ex Food & Energy (CPILFESL) Prints 338.896 Index (Prior: 337.765 Index)

Cross-asset regression across S&P 500 GICS sectors demonstrates significant factor dispersion to Core Consumer Price Index Ex Food & Energy. Portfolio managers utilize CPILFESL inflections to rotate between short-duration cash-flow sectors and long-duration growth multiples.

▲ REGIME TAILWIND SECTORS

XLE // Energy

Modest pro-cyclical beta benefit on rising CPILFESL (Pearson r = +0.09, R² = 1%)

▼ REGIME HEADWIND SECTORS

XLV // Health Care

Defensive/rate-sensitive drag during CPILFESL upswings (Pearson r = -0.21, R² = 4%)

XLK // Technology

Defensive/rate-sensitive drag during CPILFESL upswings (Pearson r = -0.17, R² = 3%)

XLRE // Real Estate

Defensive/rate-sensitive drag during CPILFESL upswings (Pearson r = -0.16, R² = 3%)

HISTORICAL ANALOG // Comparable to 2022–2025 post-ZIRP monetary normalization where real-rate sensitivity dominated equity factor attribution.

EQUITIES MOST SENSITIVE TO CPILFESL STOCK BETA

TICKER	LAST	% CHG	CORR (r)
PLTR Technology	$184.11	-6.27%	-0.23
LLY Health Care	$1,417.54	+3.19%	-0.16
GS Financials	$894.55	-3.58%	-0.68
XOM Energy	$187.25	+2.16%	+ 0.60
JPM Financials	$337.04	-1.90%	-0.59
AMZN Consumer Discretionary	$240.35	-1.41%	-0.52
AVGO Technology	$326.08	-5.48%	-0.51
AAPL Technology	$344.63	-1.23%	-0.48
NVDA Technology	$204.64	-4.22%	-0.47
CAT Industrials	$622.75	-3.81%	-0.45