US executives and US consumers have polar opposite views on inflation: Mentions of "inflation" during S&P 500 earnings calls dropped to 4,300 this quarter, the lowest since Q4 2020. The number of mentions has fallen -32,700, or -88%, over the last 3 years. By comparison, during the first quarter of the year, there were 11,700 mentions. This is sharply different from consumer expectations, which see inflation rising 4.7% over the next 12 months. Households expect a 3.2% inflation increase over the next year, according to the New York Fed survey. Corporate America has moved on from inflation, while Main Street remains concerned.(The Kobeissi Letter)