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Jul 08 2026
Macro Monitor

Too Hot To Handle—When Good News Goes Bad

  • Jul 8, 2026

Elevated readings in Citi’s U.S. ESI have lately been regularly accompanied by disappointing market returns. Our study of 27 past instances finds that “good-news-is-bad-news” episodes have tended to be self-correcting. Strong economic surprises eventually become harder to beat, and the ESI rolls over.

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Fed Policy Inflation Interest Rates

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About The Author

Chun Wang / Director of Multi-Asset Strategies

Chun Wang Director of Multi-Asset Strategies

Chun is the Director of Multi-Asset Strategies for The Leuthold Group, LLC. He also serves as a Co-Portfolio Manager across a range of Leuthold investment portfolios.

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