Objective metrics are very hard. I expanded my comment above to explain why.

And to your point, these things are glacial. As they should be.

Finally, I will point out this dynamic is "signed" in the sense of say benefit of the doubt as opposed to a direct punitive action. Call the latter a negative and the former a positive.

Opportunity costs are another way to think about all this.

We do not have a perfect history to draw from. There goes your objective metric right there.

We do have assessments and expectations that may or may not align, or be met, and those are how I generally evaluate these things.

Be secure in your skepticism! I am of my own.

The major impact may well be a shift in basic trust, changes in expectations.

Things like the petrodollar seeing change and or there being alternatives really matter! A