Access the Powerpoint slides of this month’s ET Pro monitors here.
Access the PDF version of the ET Pro monitor slides here.
Access the underlying Excel data here.
- As we noted last month, a rise in cohesion after a period of waning is in our view evidence of strong (and growing) common knowledge that the Fed and fiscal policymakers “must and will” continue to take action.
- We also think the common knowledge of excessively slow rate cuts by the Fed – again, not the personal intellectual belief in the mistake, but a belief that the market believes that the market believes it – grew rapidly once again in September.
- We think the sharp drop in sentiment attached to this coverage is partially reflective of the language expressing this view.
- We also think from the language of some articles that it reflects a growing common knowledge of the limited real-world impact of this stimulus.
- You may also note that language of US markets coverage is actually more similar to discussions of ECB rates policy, negative rates and more aggressive policy. A narrative of central bank omnipotence with respect to market outcomes is alive and thriving in US markets.
Narrative Attention Map
Fiat News Index
Easy Credit’s Latest Twist: Loans to Companies With No Income [American Banker]
The Road to Replacing Libor Led This Finance Legend to the Best Barbecue [Bloomberg] [Ed Note: This really was in the top 10, I swear]