Context and key signals
This dashboard compares the cleaned versions of the federal funds rate, unemployment rate, and CPI using the shared monthly period where all three indicators are available together.
Fed funds / unemployment correlation: -0.44
Peak unemployment: 14.80% in Apr 2020
Peak fed funds: 5.33% in Aug 2023
- Unemployment spiked most sharply in early 2020, reaching 14.80%, while CPI continued its longer upward path.
- Fed funds rose from near-zero levels in the late 2010s to a peak of 5.33%, then eased by the latest reading in May 2026.
- CPI reached a new high of 333.98 in May 2026, equivalent to a latest year-over-year change of 4.17%.