Regime scatters — connected over time · connected scatter / Gapminder
Per bloc: the path over recent periods; filled dot = this period, arrow from the prior. First is the growth×inflation map with named, shaded quadrants.
Animated regime map — growth × inflation over time · Gapminder motion
One pane; switch the metric, all blocs overlaid on a comparable basis (GDP shown YoY for every bloc). Grey bands = US GDP-contraction quarters. Hover for a readout.
Per-region breakdown — 2025-03 vs 2025-02, with trend
Change views — table-lens & slope · Datawrapper
A Table-lens — color = change · sparkline = trend · text = dated value
B Slope — prior → now per bloc, one panel per metric
Growth hovering near flat with inflation roughly at target. A balanced, low-conviction regime — direction depends on which way growth breaks next; watch PMI for the tell.
● 2 active
China
disinflationary stall
stall · below target · on hold
Sub-trend growth with low, easing inflation. Duration and quality tend to lead; cyclicals lag until growth re-accelerates. Policy easing is the usual circuit-breaker.
○ no change
Euro area
disinflationary stall
contraction · at target · easing
Sub-trend growth with low, easing inflation. Duration and quality tend to lead; cyclicals lag until growth re-accelerates. Policy easing is the usual circuit-breaker.
● 3 active
Japan
overheating / late-cycle
unknown · above target · tightening
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
Growth hovering near flat with inflation roughly at target. A balanced, low-conviction regime — direction depends on which way growth breaks next; watch PMI for the tell.
● 1 active
China
deflation watch
stall · deflation risk · on hold
Activity is soft and inflation is at/below zero — the risk is entrenched deflation. Favors duration (long bonds) and quality; cyclicals struggle until policy eases decisively. The catalyst to watch is stimulus / a policy cut.
○ no change
Euro area ⚠ stale
disinflationary stall
contraction · at target · easing
Sub-trend growth with low, easing inflation. Duration and quality tend to lead; cyclicals lag until growth re-accelerates. Policy easing is the usual circuit-breaker.
● 3 active
Japan ⚠ stale
overheating / late-cycle
unknown · above target · tightening
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
○ no change
China
deflation watch
stall · deflation risk · on hold
Activity is soft and inflation is at/below zero — the risk is entrenched deflation. Favors duration (long bonds) and quality; cyclicals struggle until policy eases decisively. The catalyst to watch is stimulus / a policy cut.
○ no change
Euro area ⚠ stale
disinflationary stall
contraction · at target · easing
Sub-trend growth with low, easing inflation. Duration and quality tend to lead; cyclicals lag until growth re-accelerates. Policy easing is the usual circuit-breaker.
● 3 active
Japan ⚠ stale
overheating / late-cycle
unknown · above target · tightening
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
○ no change
China
deflation watch
stall · deflation risk · on hold
Activity is soft and inflation is at/below zero — the risk is entrenched deflation. Favors duration (long bonds) and quality; cyclicals struggle until policy eases decisively. The catalyst to watch is stimulus / a policy cut.
○ no change
Euro area ⚠ stale
disinflationary stall
contraction · at target · easing
Sub-trend growth with low, easing inflation. Duration and quality tend to lead; cyclicals lag until growth re-accelerates. Policy easing is the usual circuit-breaker.
● 3 active
Japan ⚠ stale
overheating / late-cycle
unknown · above target · on hold
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.
○ no change
China
deflation watch
stall · deflation risk · on hold
Activity is soft and inflation is at/below zero — the risk is entrenched deflation. Favors duration (long bonds) and quality; cyclicals struggle until policy eases decisively. The catalyst to watch is stimulus / a policy cut.
○ no change
Euro area ⚠ stale
stall-speed, at target
stall · at target · easing
Growth hovering near flat with inflation roughly at target. A balanced, low-conviction regime — direction depends on which way growth breaks next; watch PMI for the tell.
● 3 active
Japan ⚠ stale
overheating / late-cycle
unknown · above target · on hold
Above-trend growth with above-target inflation. Late-cycle: cyclicals and inflation beneficiaries can still run, but the central bank is biased to tighten, so duration and high-multiple growth are exposed.