Welcome to Macro Voices

Erik Townsend and Patrick Ceresna welcome Joseph Wang to MacroVoices. Erik and Joseph discuss:

• This week’s FOMC meeting
• Is it time for Volcker style aggressive hiking cycle?
• What options are available to the Fed?
• QT cycle – takeaways from the past and what to expect moving forward
• Weakness in equity markets
• Will the Fed stay on course this time?
• Mortgage-backed securities

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Big Picture Trading Chart Book March 17 2022

Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• Upcoming policy mistake

• Inflation risks – what is the issue with inflation?
• Tightening monetary policy in this current environment
• Window of economic vulnerability
• ESG and energy costs amidst the war cycle backdrop
• Outlook on equities and bonds

• Rise of commodities and what’s going on with gold  

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Lakshman will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

ECRI for MacroVoices 03 10 2022 

Big Picture Trading Chart Book March 10 2022

Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Legitimacy of Russia’s concerns
• Perspectives on Glen Greenwald’s views on Ukraine/Russia situation
• “Dead Man’s Switch”
• Is there a nuclear threat?
• Russia’s presence in Asia
• What can aid in de-escalation of the current Ukraine/Russia relations
• WWIII may result in an economic boom

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

WWIII Has Already Started - by Dr. Pippa Malmgren 

Big Picture Trading Chart Book March 3 2022 

Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Key takeaways from previous tightening cycles

• Secular vs. transitory inflation
• Aftermaths of hiking cycles of the past
• Impacts of COVID pandemic effects on the market
• Ukraine/Russia relations – downside left tail or right tail risk?
• Outlook for second half of 2022

• How to interpret lack of liquidity in the markets

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

MacroVoices #312 Charlie McElligott Charts

Big Picture Trading Chart Book February 24 2022

Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Credit market reaction to inflation
• Employment: friction between returning to office vs. WFH
• What’s going on with the Fed
• How to know if inflation is transitory
• MMT influence on politics and policies
• DeFi and tokenization of financial assets

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Big Picture Trading Chart Book February 17 2022

Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Is the bond bull market over?
• US Dollar outlook
• Effects of tightening cycle
• Fed’s excess stimulus and inflation
• Gold & precious metals outlook
• Perspectives on bond markets

Get your copy of The Trades of March 2020: A Shield Against Uncertainty

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Big Picture Trading Chart Book February 10 2022

Erik Townsend and Patrick Ceresna welcome Izabella Kaminska to MacroVoices. Erik and Izabella discuss:

• Shifting into endemic phase – what that means for the economy
• Is this inflation transitory?
• Supply chain – shortage in semi conductors
• Instability in Ukraine/Russia relations
• What the current economic situation means for investors
• CBDC in China – will other governments adopt?
• UBER and Airbnb business model
• What happens next in recovery for consumers

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Big Picture Trading Chart Book February 03 2022

Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle to MacroVoices. Erik and Ronald discuss:

• Return of volatility

• Is recession upon us?
• Price of gold
• Rate hike cycle and inflation
• Velocity of money and inflation expectations
• Relationship between gold and crypto

• Performance of mining shares
• General market outlook

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ronald will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Conversation with Macrovoices Jan 2022 

GMI Think Piece - January 2022 Ronald Peter Stoeferle

Incrementum Bitcoin Chartbook - January 2022

Big Picture Trading Chart Book January 27 2022

Erik Townsend and Patrick Ceresna welcome Viktor Shvets to MacroVoices. Erik and Viktor discuss:

• The inflation pendulum
• Monetary policy and its relationship to the stock market
• Negative interest rates and gold
• Will the Fed tighten or ease?
• Post Covid geopolitics between US/China/Russia
• What’s priced wrong and where are investment opportunities?
• How to invest during the re-opening of the economy

*Please note that the market wrap commentary was recorded mid-session with the S&P still up on the day, before the late-day crash to new lows*

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

Big Picture Trading Chart Book January 20 2022 

Erik Townsend and guest host Kevin Muir welcome Darius Dale to MacroVoices. Erik and Darius discuss:

• Deflation or inflation?
• Omicron effects on the markets
• How will recovery impact asset prices post-pandemic? 
• End of stimulus and what that means for the markets
• Fed is late to tighten – where does this go next?

• Impending secular inflation vs. 1970’s inflation
• Outlook on gold and precious metals
• Quantifying potential downside in the stock market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Darius will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Supporting Materials for Download are listed below - click to open or download.

42 Macro - MacroVoices 01 13 2022

42 Macro - Learning the Process: Welcome to the GRIDs 

The Bond Market Refuses to Accept Economic Reality by Kevin Muir - Bloomberg

The Macro Tourist Newsletter