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What if you could see the economy forming - before the data prints?

Official data tells you what has already happened. Market pricing tells you what has already been absorbed. GMSI shows how macro pressure is forming before it becomes consensus.

Permutable’s Global Macro Sentiment Indices transform local and global macro narratives into point-in-time sentiment data across 90+ countries and 70+ languages, helping institutions identify where inflation, policy, FX and political-risk pressure is forming.

Powered by the same intelligence infrastructure behind Permutable’s recognition as Hedgeweek’s Technology Provider of the Year: Innovation.

Chart comparing Permutable's US Federal Reserve policy sentiment index with the US 2-year Treasury yield from 2018 to 2026. The cyan line and shaded area represent AI-derived macroeconomic policy sentiment, while the purple line tracks the 2-year Treasury yield, illustrating how changes in Federal Reserve narrative have historically aligned with front-end interest rate movements taken from Permutable's Global Macro Sentiment Indices
  • Built for breadth, depth and history

  • 90 +

    countries

  • 80 +

    languages

  • 250 k

    curated sources

  • 20 m

    headline training universe

  • 70 +

    indicators per country

  • 11 +

    years point-in-time data

  • 2

    sentiment types

  • 3

    index views

  • 1 hr

    frequency

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Global Macro Sentiment Indices: Information others don't have

Most macro datasets are backward-looking. Most news analytics stops at sentiment. GMSI maps how macro pressure forms, travels and diverges before it becomes visible in official data, market consensus or institutional positioning.

  • Directional vs semantic lens

    Separate directional pressure from narrative intensity to distinguish genuine inflation signal from noisy macro attention, showing why GMSI is more than a generic sentiment score.

    Dark institutional chart from Permutable’s Global Macro Sentiment Indices showing United States inflation discourse versus CPI, comparing directional and semantic sentiment signals over time.

  • Domestic vs international lens

    Separate domestic reporting from international market framing to see whether pressure is forming locally, being amplified externally, or diverging before global investors fully price it.

    Dark institutional chart from Permutable Global Macro Sentiment Indices showing Japan domestic versus international fiscal sentiment, with differential sentiment plotted against USD/JPY over time.

  • Production vs expenditure sentiment

    Decompose growth narratives by driver, separating production, expenditure and demand-side sentiment to identify where macro pressure is forming before hard data confirms the shift.

    Dark institutional chart from Permutable Global Macro Sentiment Indices showing China production sentiment versus industrial production, and expenditure sentiment versus GDP growth over time.

  • Inflation breadth

    Track inflation pressure beneath the headline print, identifying whether sentiment is broadening, narrowing or rotating across housing, food, energy, services and goods across time and regions.

    Dark Permutable chart showing US inflation breadth from 2018 to 2026, with stacked component z-scores for energy, food, services, goods, housing and other categories alongside CPI YoY.

  • Production softness and central bank policy

    Read the tension between real-economy softness and policy restraint, showing when weak production sentiment begins to matter for central-bank expectations and rates.

    Dark institutional chart from Permutable’s Global Macro Sentiment Indices showing United States inflation discourse versus CPI, comparing directional and semantic sentiment signals over time.
See what GMSI can detect

From global information flow to structured macro signal

  • Validated local and international source universe
  • Country-level macro narrative detection
  • Domestic and international sentiment separation
  • Theme-level macro pressure and regime signal construction

  • Domestic macro intelligence

    Track how inflation pressure, policy credibility, fiscal strain, labour-market stress, household sensitivity and political uncertainty are being reported inside each country. This layer helps investors identify local macro pressure before it becomes visible in international coverage or consensus positioning.

  • International market perception

    Monitor how global media and external market narratives frame country-level macro risk. This layer helps investors assess when local developments begin to matter for FX, sovereign risk, rates, commodities and cross-border portfolio positioning.

  • Macro regime divergence

    Identify when domestic and international signals move together, diverge or begin to converge. This is where GMSI becomes differentiated: it shows whether pressure is still local, being externally amplified, or becoming a cross-market repricing risk.

  • API - JSON
  • Point-in-time files
  • Excel plug in
  • Index or headline layer

Where GMSI fits into your workflow

  • Macro PMs & strategists

    Track intensifying or easing narratives by country and topic: position ahead of the print.

  • Economists & forecasters

    Augment nowcasts and forecasts with a lead, point-in-time signal.

  • FX and rates desks

    Front-run policy and inflation turns, trade the domestic-vs-international divergence.

  • Systematic quants

    An orthogonal feature set – point-in-time, 11+ years, API delivered, fully reproductive.

Four core applications

  • Directional vs semantic
  • Domestic vs international
  • Cross country comparison
  • Early regime signals

Start seeing what moves markets before it is priced

  • Inflation
  • Policy
  • FX
  • Fiscal
  • Political tension
Explore the signals for yourself

FAQ

  • What are Permutable’s Global Macro Sentiment Indices?

    Permutable’s Global Macro Sentiment Indices are structured macro sentiment datasets designed to track how inflation, growth, monetary policy, fiscal risk, trade, labour-market pressure, FX vulnerability and political uncertainty evolve across global information sources. They convert macro narrative flow into institutional-grade country-level signals for research, trading and risk workflows.

  • How are Permutable's Global Macro Sentiment Indices different from traditional macroeconomic data?

    Traditional macroeconomic data usually reports conditions after they have already occurred. Permutable’s Global Macro Sentiment Indices track the information environment forming around those conditions in real time, helping investors identify when the macro narrative is changing before official releases, market consensus or institutional forecasts fully reflect the shift.

  • How is GMSI different from generic news sentiment?

    GMSI is not generic positive-or-negative news sentiment. It is a purpose-built macro framework that classifies overlapping themes such as inflation, growth, monetary policy, fiscal risk, trade, labour markets and political uncertainty. It also separates domestic sentiment from international sentiment, making the signal more useful for country-level macro analysis.

  • Why does separating domestic and international sentiment matter?

    Domestic and international narratives often move differently. Local sources may show inflation stress, household pressure or policy credibility concerns before global coverage reacts. International sources may amplify a risk only once it becomes relevant for FX, rates or sovereign spreads. Permutable’s Global Macro Sentiment Indices separates these layers so investors can see where pressure is forming and how it is travelling.

  • Which countries and languages does Permutable's Global Macro Sentiment Indices cover?

    Our Global Macro Sentiment Indices covers more than 90 countries across developed, emerging and frontier markets, with analysis across more than 70 languages. Coverage includes meaningful depth across ASEAN, Latin America, Eastern Europe and Sub-Saharan Africa, where domestic reporting is often essential for understanding local macro conditions.

  • Which macro themes does GMSI track?

    GMSI tracks inflation, economic growth, monetary policy, fiscal risk, trade, labour markets, political uncertainty, FX vulnerability, sovereign-risk signals and broader macro regime pressure. These themes can be analysed by country, region, source geography or custom institutional framework.

  • Can GMSI be used for quantitative research and backtesting?

    Yes. GMSI is constructed on a point-in-time basis so institutional teams can analyse how macro sentiment evolved using only the information available at each historical point. This supports backtesting, signal validation, model development and macro regime research without look-ahead bias.

  • Who is Global Macro Sentiment Indices for?

    GMSI is designed for hedge funds, macro desks, EM investors, FX teams, sovereign-risk analysts, asset managers, systematic researchers, commodity-linked investors and institutional research teams that need real-time macro intelligence across countries and themes.

  • How is GMSI delivered?

    GMSI can be delivered through API, Excel, structured data feeds, terminal environments, alerts and custom index delivery. This allows institutional teams to integrate macro sentiment signals into existing research, trading, risk and portfolio-monitoring systems.

  • How can institutional teams access GMSI?

    Permutable is now onboarding institutional teams – to discuss sample indices, historical data, country-level signals and API delivery contact enquiries@permutable.ai.