Louis-Vincent Gave: Breakdown in Historical Norms between Emerging Markets and USTs
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss drivers in emerging markets route, the global equity markets and how long the divergence can last between US and global equity markets. The further discuss the impact on U.S. treasuries, global de-dollarization and the dissolution of Chimerica. They look at NAFTA and the changing of the supply chain as well as the outlook for gold and precious metals.
Keith Dicker: The next major financial crisis will happen in the Bond market
Erik Townsend and Patrick Ceresna welcome Keith Dicker back to MacroVoices. Erik and Keith discuss the government bond bubble, artificially suppressed interest rates and rethinking bonds for portfolio allocations. They discuss what impact that a bond market route could have on equities and if the bond bear market has started. They conclude with their outlook on equities and gold.
Art Berman: The market has de-valued the oil price yield curve
Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art discuss comparative inventory and inventory correlation to price on oil. They further look at price cycles, the oil-price yield curve and the impact of U.S. exporting oil. They further discuss why backwardation is collapsing on WTI, sensitivities to supply concerns and the discrepancies between IEA and OPEC forecasts.
Charlie McElligott: Phase one is over. The easy money has already been made.
Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further touch on the Chinese credit/financing impulse and the late cycle behavior from autos and homebuilders. They discuss the yield curve, the Nabe wage surveys, unemployment and what they tell us about future recessions.
Marin Katusa: The setup for Uranium is better now than any time in the last decade
Erik Townsend and Patrick Ceresna welcome Marin Katusa back to MacroVoices. Erik and Marin discuss uranium and why it is an opportunity now and the political and geopolitical considerations in picking your investments. They further discuss the royalty and streaming business model for uranium and the private placement opportunities in the streaming model. They further discuss warrants on resource companies and what to focus on when looking for companies that are acquisition targets.
Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss Jay Powell as the new Fed Chair. They discuss Jackson Hole, how Powell did and the absence of Draghi and Kuroda. They further discuss the impacts from the trade war, markets reaction to quantitative tightening, Fed policy and the economy. They further touch on inflation expectations, Europe and the outlook for China.
EuroDollar University, Season 2, Part 3
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 3 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff delve in the federal reserve intervention, the structural changes in the Eurodollar system and the shift in bank views from riskless return to returnless risk. They further look into its impact on sustained economic growth and impact on global economies.
EuroDollar University, Season 2, Part 2
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 2 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the collateral problems with gold during 2008. Jeff explains why the crisis was a liquidity risk, not a credit risk. They elaborate on the basic interbank functions, balance sheet capacity, negative swap spreads and the pro-cyclical positive monetary feedback loop.
EuroDollar University, Season 2, Part 1
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 1 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the lost dollar decade and put into context the global dollar markets. They further dive into the shadows of the great financial crisis and the liquidity crisis in the CDS markets.
Jesse Felder: Equity Markets are in a Topping Process
Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss drivers behind the everything bubble, and will quantitative tightening be a trigger? Impacts of market leverage, the Buffet yard stick and what is in store for the FAANG stocks.