The elephant in the markets

the FED

We apply textual analysis tools to the narratives that accompany Federal Reserve Board economic forecasts to measure the degree of optimism versus pessimism expressed in those narratives

Monetary Policy and the Management of Uncertainty: A Narrative Approach
Bank of England

the Banks

The Elephant in the Room: The Need to Deal with What Banks Do

recognition

Five Questions: The Importance of Narratives with Ben Hunt

we think the transformation of capital markets to utilities is a powerful, largely stable narrative.