Small Businesses Offer More Cautious Evidence Of Disinflation

If it's more incremental, under-the-radar evidence to support the disinflation narrative you're after, the latest vintage of the NFIB small business survey obliged. No matter how hard I try, I can't "pumpkin coach" (that's a verb here) third-tier data into a top-tier release, which is a colorful way of gently noting that market participants simply don't assign a lot of weight to the NFIB surveys. That's unfortunate for a variety of reasons, not least of which is the fact that small businesses c