Current macro regime

How to read it

Macro regime is a top-down filter that modifies the reading of each stock. In risk-on, cyclicals and growth lead. In tense regime, defensives and quality dominate. No stock is immune to its regime — even the best companies struggle against the current.

Common reference points

• Risk-on — growth favored—
• Neutral — balance—
• Cautious — late cycle—
• Tense — macro stress—

Orders of magnitude, not a rule: the same number does not mean the same thing from one sector to the next.

What it does not tell you

Regimes change — and transitions are precisely the hardest to read in real time. A "cautious" regime that lasts can flip to "risk-on" within a quarter if the Fed pivots. Use as context, not prediction.

Other measures — Macro