US executives are becoming more optimistic about the economy and business conditions: The ratio of S&P 500 company mentions of "better" or "stronger" versus "worse" or "weaker" during Q3 2025 earnings calls reached ~3.3x, the highest since 2021. This marks the 2nd consecutive quarterly improvement. This is also well above the long-term average of 2.6x. Over the last 25 years, there have been only 5 quarters when the ratio was higher. As a result, the Corporate Sentiment Indicator rose to the 2nd-highest level in 20 years, according to BofA. Executive optimism has rarely been this high.(The Kobeissi Letter)