Trends over time

Each point is one monthly report, oldest to newest. Tone is measured per 1,000 words so a long report doesn't look more emphatic just for being long.

Tone, per 1,000 words

Superlatives ran hottest in the 2021–22 boom and were rationed as the market cooled; hedging climbed through the rate-uncertainty years.

Net sentiment (reassurance minus seller-caution, /1k)

Above zero = net reassuring. The writers leaned reassuring throughout, but dialled it back when they were coaching sellers.

Readability

Flesch reading ease (higher = easier) and average sentence length.

Length & quotes per report

Word count and number of quotes in each report.