Inflation mentions on earnings calls keep climbing — now three quarters in a row across the $SPX.

Not shocking given the macro backdrop, but worth noting: when companies start talking more about something, it usually means it's already hurting margins or forcing tough decisions. This isn't forward guidance, it's backward-looking pain showing up in the transcripts.

Reminder: corporate commentary lags reality. By the time everyone's talking about it, the smart money has already positioned.