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Macro sentiment aggregated across 500+ public companies, built from public earnings calls.
Showing calendar 2026 Q2Free· the newest quarter (2026 Q3) is Pro.
Tellvest Economic Sentiment Index · Calendar 2026 Q2
What CEOs are actually seeing in the economy, aggregated from earnings calls.
2024 Q4–2026 Q2. Each earlier point averages the available scores of this quarter’s 581-company panel in that quarter; companies without a score in an earlier quarter don’t contribute, so the number behind each point can vary.
Earnings-call analysis · calendar 2026 Q2
What management and analysts said on calls mapped to this calendar quarter.
Federal Reserve context
FOMC meetings held during calendar 2026 Q2. Each card shows its own meeting date.
The FOMC in its own words, read the same way we read earnings calls. Compare with the CEO macro signals below.
In his first press conference as Chairman, Warsh held the funds rate at 3.5 to 3.75 percent while recasting the Fed’s posture around an unconditional price-stability commitment, noting inflation has run above the 2 percent goal for more than five years. The Committee dropped forward guidance from a deliberately shortened statement, and Warsh declined to submit an SEP projection while announcing five task forces spanning communications, the balance sheet, data, productivity, and inflation frameworks. He characterized current policy as unevenly restrictive, tight in housing but not in financial markets, and described labor markets as stable. Median projections show PCE inflation at 3.6 percent this year and a funds rate of 3.8 percent at year-end.
“This Committee will deliver price stability.”
“Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.”
“Absent, also, is so-called forward guidance—which we agreed was not well suited to the current policy conjuncture.”
Earnings-call signals · calendar 2026 Q2
| Signal | Companies | Direction breakdown |
|---|---|---|
| AI & Tech | 244 | 2294101 |
| Consumer Demand | 203 | 46624748 |
| CAPEX | 191 | 1671068 |
| Inflation | 185 | 162923117 |
| Supply Chain | 136 | 27103564 |
| Enterprise Spending | 126 | 9516105 |
| Trade & Tariffs | 126 | 25295022 |
| Oil Energy | 101 | 2142254 |
| Credit | 95 | 43221416 |
| FX | 82 | 3471922 |
| Labor Market | 71 | 13311017 |
| Housing | 48 | 1091118 |
| Regulation Policy | 41 | 19796 |
| Geopolitical Risk | 15 | 1311 |
| Healthcare Reimbursement | 11 | 623 |
Market & economic context
Public market and economic data. It is not limited to calendar 2026 Q2: the macro backdrop is as of the end of calendar 2026 Q2 (2026-06-30), and the S&P 500 chart covers the trailing year to the latest close.
Method & guides
A composite score derived from averaging overall earnings sentiment across all analyzed companies for the selected calendar quarter. Score is 0–10 (10 = most positive).
Guides: How to read the Economic Sentiment Index · How to read Tellvest Earnings Pulse · How to read Tellvest industry earnings-call sentiment · What companies say about the consumer on earnings calls
In his final press conference as Chair, Powell held the federal funds rate at 3.5 to 3.75 percent, calling the stance appropriate amid a Middle East conflict that has driven oil prices sharply higher and lifted 12-month PCE inflation to an estimated 3.5 percent, with core at 3.2 percent. The Committee retained its easing-bias statement language over three dissents, and a fourth member dissented on the rate decision itself, the most dissents since October 1992. Powell said rate cuts were not under consideration until the energy spike passes and tariff pass-through fades, describing policy as at the high end of neutral or mildly restrictive. He characterized the labor market as an unusual and uncomfortable balance, with unemployment at 4.3 percent but low hiring, quits, and net job creation. Powell also announced he intends to remain on the Board as a Governor after his term as Chair ends May 15, citing unprecedented legal actions against the Fed, as Kevin Warsh advanced out of the Senate Banking Committee toward succeeding him.
“Inflation has moved up recently and is elevated relative to our 2 percent longer-run goal.”
“In the near term, higher energy prices will push up overall inflation.”
Quotes are exact substrings of the official transcript, verified automatically. The tone read is descriptive of communication, not a policy prediction.
Key economic indicators shown as latest level and year-over-year rate-of-change. Public data (FRED). Descriptive reference only, not investment advice.