The way the multitude of economic data is transformed into a coherent narrative and perspective is something that is not taught at universities. Partly, there is good reason for this, as this is a hands-on business where practical experience is inherently essential.
But all of us involved in the monetary policy process must try to synthesise a range of disparate information, including official data, anecdotal evidence, and qualitative developments, to construct a “narrative” about how the economy is evolving: What forces are determining economic activity now, and what do they suggest for the future?