Weekly Survey Results

Global Macro Survey Dashboard

Release cadence

Monday pre-open

Last update: Monday, 29 January 2026 • 07:30 ET

Survey Flow

Survey Pulse: Growth firm, inflation sticky

29 January 2026 · Global Macro Survey

Zeitgeist“Macro feels less binary; conviction is rising, but hedges stay on.”
Tale of the TapeRisk appetite is balanced and improving; liquidity is upside.
Growth vs InflationGrowth momentum reads tilted higher with inflation upside, shaping a risk-on regime backdrop.
Rates & USDFront-end rates are tilted higher and USD strength upside, guiding hedging and FX tilts.

Scores on the Doors

Top survey signals
Tail Risk84 (+3pp)
Energy Pressure78 (+3pp)
Geo Risk Premium77 (+3pp)
Liquidity Conditions72 (+3pp)
Credit Stress71 (+3pp)
Metals Demand70 (+3pp)

The Price is Right

Biggest weekly movers
Risk Appetite+3pp WoW
Growth Momentum+3pp WoW
Inflation Pressure+3pp WoW
Rates Direction+3pp WoW
USD Strength+3pp WoW
Liquidity Conditions+3pp WoW
Equity Bias+3pp WoW
Credit Stress+3pp WoW

Survey interpretations

What the 12 questions imply for the macro tape
Risk Appetite52 (+3pp)
Risk appetite is balanced and improving, pointing to tilted higher beta positioning with hedges intact.
Growth Momentum59 (+3pp)
Survey signals improving growth momentum; paired with upside inflation, this favors cyclicals and real assets over long duration.
Inflation Pressure66 (+3pp)
Sticky inflation outlook keeps pricing power and real assets in focus; rate cuts are harder to price.
Rates Direction58 (+3pp)
Front-end rates skew higher; keep duration tight and watch policy surprises.
USD Strength65 (+3pp)
USD strength bias remains; EM FX and commodities face headwinds.
Liquidity Conditions72 (+3pp)
Liquidity improving; supports risk-on and multiple expansion.
Equity Bias64 (+3pp)
Equity return bias positive; favor cyclicals and quality growth.
Credit Stress71 (+3pp)
Credit stress rising; widen spreads and elevate quality.
Energy Pressure78 (+3pp)
Energy pressure elevated; inflation hedges and energy exposure favored.
Metals Demand70 (+3pp)
Metals demand firm; supports miners and industrial cyclicals.
Geo Risk Premium77 (+3pp)
Geo risk premium elevated; volatility hedges and energy risk management matter.
Tail Risk84 (+3pp)
Tail risks elevated; keep convex hedges and liquidity buffers.

Risk Regime Gauge

Survey composite
Current reading: 52 / 100 (balanced tone)
Survey-implied allocation mix
Risk Assets 54%Duration 18%Real Assets 20%Cash 8%

Survey Regime Index

Rolling average of 12 questions
Latest reading: 68 (Risk-on regime).

Survey Flow Proxy

Week-over-week shifts
Risk-on+3pp
Rates+3pp
USD+3pp
Energy+3pp
Metals+3pp
Survey deltas highlight the biggest positioning changes.

Flows to Know

Biggest weekly moves
Risk Appetite+3pp WoW; improving shift in survey conviction.
Growth Momentum+3pp WoW; improving shift in survey conviction.
Inflation Pressure+3pp WoW; improving shift in survey conviction.
Rates Direction+3pp WoW; improving shift in survey conviction.
USD Strength+3pp WoW; improving shift in survey conviction.
Liquidity Conditions+3pp WoW; improving shift in survey conviction.

Positioning & Breadth

Signal levels and momentum
52
Risk Appetite
+3pp WoW
59
Growth Momentum
+3pp WoW
66
Inflation Pressure
+3pp WoW
72
Liquidity Conditions
+3pp WoW

Big + Mid in 2026

Survey-driven playbook
Energy pressure is firm—maintain inflation hedges and upstream exposure.
Metals demand is firm—keep exposure to industrial metals and miners.
USD bias is firm—hedge EM exposure and keep FX risk controlled.
Front-end rates skew higher—keep duration risk selective.

Survey Signal vs Markets

Normalized overlay
Survey IndexS&P 500DXYWTICopper

Trend heatmap

5-week rolling view
W-4W-3W-2W-1W0
Risk Appetite4043464952
Growth Momentum4750535659
Inflation Pressure5457606366
Rates Direction4649525558
USD Strength5356596265
Liquidity Conditions6063666972
Equity Bias5255586164
Credit Stress5962656871
Energy Pressure6669727578
Metals Demand5861646770
Geo Risk Premium6568717477
Tail Risk7275788184

Correlation Matrix

Survey vs market assets
S&P 500DXYWTIUS 10YCopper
Risk Appetite0.72-0.480.580.610.44
Growth Momentum0.54-0.320.490.410.33
Inflation Pressure0.220.480.640.390.51
USD Strength-0.630.71-0.42-0.31-0.36
Liquidity Regime0.69-0.550.520.470.41

Macro event timeline

Context for shifts
W-3: Fed minutes signal patience on cuts
Survey risk appetite dipped while rates expectations stabilized.
W-2: Red Sea shipping premiums jump
Energy pressure and metals demand readings accelerated.
W-1: China infrastructure stimulus headlines
Growth momentum and metals demand improved modestly.
W0: USD softens on dovish inflation prints
USD strength down 4pp, risk appetite up 6pp.

AI Insights

Auto-generated themes
Risk-on tone, but inflation keeps hedges relevant
Risk appetite (52) is firm while inflation pressure (66) stays elevated, keeping real assets and pricing power in focus.
Commodity complex supported
Energy (78) and metals (70) scores remain firm, supporting miners and resource-linked exposures.
USD bias guiding global allocation
USD strength at 65 is upside, shaping EM FX risk and offshore allocation appetite.

Distribution snapshots

Response mix
Risk Appetite
12 / 18 / 28 / 27 / 15%
Inflation Pressure
5 / 14 / 24 / 34 / 23%
Energy Pressure
6 / 16 / 22 / 30 / 26%

Send to email list

Segment recipients
Region
Client Type
Portfolio Focus