Investment commentary is notably bland. Rates, inflation and employment data can all be interpreted one way or the other as trends appear to be rolling over or levelling off. Unsurprisingly, the clarion call of a recession is loud and self-serving. If central banks listen, they could well tap down the rate cycle to the relief of financial assets.

The reliance and reinforcing view is that monetary policy is nearly all that matters, undermining many other factors. So-called long-term fund managers can be castigated for persistent reporting on data that they claim plays little role in their stock selections.