ASR WSJ Newsflow

The ASR/WSJ Global Composite Newsflow Indicator (CNI) fell below 50 for the first time since 2015.

• Global Monetary Newsflow Falls to Lowest Level since 2012.

Key Message: Global Monetary Policy Newsflow is lower than at any point since the euro crisis, indicating that press coverage of loosening monetary policy is significantly outweighing that of tightening monetary policy. Monetary Policy Newsflow at these levels has typically been associated with recessions.

• On page 2 we highlight three other Global Newsflow indices: 1) Policy Uncertainty; 2) our Macro Policy Indicator, which measures the balance between fiscal and monetary policy coverage, and 3) a new index, the Global Liquidity Newsflow Indicator;

• Policy uncertainty has subsided below its 2016 and 2018 highs but remains elevated;

• Macro Policy Newsflow is seeing an unusual combination of positive fiscal and positive monetary Newsflow. We haven’t seen this combination since 2008/09;

• Our Liquidity Newsflow looks at stories mentioning cashflow, money supply, credit conditions etc. It has fallen in recent months. This decline is consistent with higher equity market volatility.

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