According to @KobeissiLetter, mentions of inflation on S&P 500 earnings calls fell to 4,300 this quarter, the lowest since Q4 2020, down by 32,700 or 88% over three years, after 11,700 mentions in Q1 (source: The Kobeissi Letter). By contrast, @KobeissiLetter notes consumers see inflation rising 4.7% over the next 12 months, while households report a 3.2% one-year inflation expectation in the Federal Reserve Bank of New York’s Survey of Consumer Expectations (sources: The Kobeissi Letter; Federal Reserve Bank of New York Survey of Consumer Expectations). The Kobeissi Letter concludes corporate America has moved on from inflation while Main Street remains concerned (source: The Kobeissi Letter).