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.
- There is no inflation narrative in the US. Attention and cohesion have completely collapsed, along with the narrative structure on most other dimensions.
- As with the last several months continue to see election season-related rhetoric surrounding health care, housing and education inflation which continues to have only tangential relationship to market discussions.
- We have also seen some increase in discussions of inflation related to ongoing tariffs, especially in agricultural commodities.
- We also note the increased presence of Fiat News, which (in our opinion) reflects more common arguments that the Fed has room to and must act on any economic weakness.
- We have no fundamental thesis regarding inflation whatsoever. We have no idea if it is coming. But we now consider the Common Knowledge of no inflation in the US to be a complacent narrative structure, and accordingly an asymmetric proposition.
Narrative Sentiment Map
Narrative Attention Map
Fiat News Index
Trump has ‘cordial’ meeting with Fed chair he’d called a ‘bonehead’ [Washington Times]