We have entered a macro regime where PMIs and headline inflation outpace liquidity in importance. The pick-up in Manufacturing PMIs paired with the potential higher headline inflation provides some interesting guidance for portfolio managers.
![Macro Regime Indicator: PMIs to drive price action together with headline inflation](https://stenoresearch.com/wp-content/uploads/2023/01/WS-Asset-Allocation-1-1080x675.png)
We have entered a macro regime where PMIs and headline inflation outpace liquidity in importance. The pick-up in Manufacturing PMIs paired with the potential higher headline inflation provides some interesting guidance for portfolio managers.