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"Sticky inflation." That's the phrase doing the work in every central bank press conference right now. The macro trend over the last 18 months is disinflationary. Every counter-rally gets called a return of inflation. Every print that ticks up gets framed as the regime change back. @realDhruvSuri's read: the framing is deliberate. A sticky-inflation narrative justifies a slower easing path and keeps options open for the next major monetary architecture shift. A crisis brings the solution that gets accepted. The story is doing strategy, not analysis. Worth watching what is actually under the print, not what is said about it.

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