What is the "Reflatometer"?

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The Reflatometer combines the signal from speculative futures positioning across commodities, currencies, fixed income, and equities to provide a broad-based perspective on the prevailing macro sentiment picture.

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We take net positioning in non-commercial futures, standardize it against total open interest and take a z-score to make them comparable across time and markets.

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The composite view is designed to give an indication of the level of macro optimism in the system.  The best signals from this indicator come when it reaches extremes.

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Last updated: 31 August 2023

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