Markets are built to price expectations. A change in the outlook for rates, growth, or policy can move an asset in seconds, long before any factory expands, salary changes, or household bill arrives.
That speed makes market movement useful but easy to overread. It can tell us what investors collectively expect and how willing they are to take risk. It cannot tell us that the expected future has already reached everyone.
The distance between those clocks is where many economic arguments go wrong. Financial conditions can turn before lived conditions—and sometimes turn back before households ever feel the promised improvement.
This is the layer below the headline.