San Francisco News Sentiment Index Hits Multi-Year Low

Mainstream media coverage of economic news seen as increasingly negative, mirroring 2025 levels

Mar. 30, 2026 at 7:33pm by Ben Kaplan

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A minimalist illustration featuring overlapping geometric shapes in shades of gray, blue, and green, conceptually representing the declining economic news sentiment and its potential impact on financial conditions.As economic news sentiment plummets, the financial media's role in shaping public perception comes under scrutiny.San Francisco Today

A former macro-market propagandist turned critic argues that the mainstream financial media may be partly responsible for the 'vibecession' in America, as the San Francisco Fed's Daily News Sentiment Index hits a multi-year low, reflecting an increasingly negative tone in economic news coverage across two dozen major US media outlets.

Why it matters

The deterioration in news sentiment could be a leading indicator of broader economic conditions, as negative media coverage can shape consumer and investor sentiment. This raises questions about the role of the media in potentially amplifying economic anxieties.

The details

The author, a self-described 'reformed macro-market propagandist,' cites personal experience in manipulating web traffic through bearish macro-market coverage. They argue that large media outlets have adopted similar tactics, potentially feeding the very 'vibecession' they document. The San Francisco Fed's Daily News Sentiment Index, which uses lexical analysis to gauge the tone of economics-related news, has now reached levels more dour than during the turbulent period in early 2025 marked by trade tensions and market volatility.

  • The San Francisco Fed's Daily News Sentiment Index has hit a multi-year low.
  • In March and April 2025, the index was already reflecting a negative tone in economic news coverage.

The players

San Francisco Fed

The Federal Reserve Bank of San Francisco, which publishes the Daily News Sentiment Index.

Ian Lyngen

A strategist at BMO who has highlighted the parallels between the current state of economic news sentiment and the situation in early 2025.

Bill Ackman

An investor who on Monday encouraged investors to 'buy the dip' in the face of the deteriorating news sentiment.

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What they’re saying

“The parallels between the beginnings of 2025 and 2026 go beyond the evolution of economic news sentiment, as similarities can also be seen in the performance of financial conditions.”

— Ian Lyngen, Strategist

“We're not suggesting that US equity valuations are poised for a post-'Liberation Day'-magnitude bearish correction, but the longer the conflict extends, the more nervous we'd become about stocks and financial conditions.”

— Ian Lyngen, Strategist

What’s next

Analysts will continue to monitor the San Francisco Fed's Daily News Sentiment Index and other indicators of economic sentiment to assess the potential impact on financial markets and consumer behavior.

The takeaway

The deterioration in news sentiment, if sustained, could signal broader economic challenges ahead and raises questions about the role of the media in potentially amplifying economic anxieties through their coverage.