S&P 500 (CPI-Deflated)

S&P 500 index divided by the CPI price level × 100 — the real, inflation-adjusted equity index. Removes the illusion of nominal gains driven purely by price-level increases. In real terms, the S&P 500 has delivered far more modest returns than the nominal index suggests. A rising real index means stocks are genuinely gaining purchasing power; a falling real index despite rising nominal prices signals inflation is outpacing equity returns.

This indicator is computed by MacroLab from two FRED series: SP500 divided by CPIAUCSL, scaled by × 100. Both input series are sourced from the Federal Reserve Economic Data (FRED) database.