This article examines three of today’s commonly held market narratives and why they are likely wrong. The narratives are: 1) inflation is dead; 2) the consumer is strong; 3) the Federal Reserve’s dovish pivot was a “mid-cycle correction”. The data shows dark clouds looming on all three of these narratives. This is important because most investors will be caught offsides when inflation picks up, consumer data continues to soften, and GDP/earnings growth remains subdued. The theme connecting these three narratives is that the United States appears to be entering the very late stages of the