Macro Voices Podcasts

Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

• Financial repression
• China and trade war
• Outlook on US dollar
• Europe, the ECB and Chrstine Lagarde
• Outlook on Gold
• What happens next?

In Part 1 they discussed:

• FOMC statement and historic rate cut
• Are we in a currency war?
• Risks of a recession in the U.S.
• Main Street vs. Wall Street
• How do risk assets react to a new QE?
• Inflation risks moving forward
• Modern Monetary Theory

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (49.15 MB) . | Download the podcast transcript:   pdf Here (207 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

• FOMC statement and historic rate cut
  
• Are we in a currency war?
• Risks of a recession in the U.S.
• Main Street vs. Wall Street
• How do risk assets react to a new QE?
• Inflation risks moving forward
• Modern Monetary Theory

Coming in Part 2:

• Financial Repression
  
• China and Trade War
• Europe, the ECB and Christine Lagarde 
• Outlook on Gold
• What happens next?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (47.17 MB) . | Download the podcast transcript:   pdf Here (210 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Is Trump starting a currency war with China?
• What are the risks of competitive devaluation
• Is the bond market signaling a bear market?
• Global demand for dollars driving monetary policy
• What risks and repercussions MMT poses on the economy
• Outlook on yields and US treasury market
• Negative yielding European junk bonds
• Outlook on gold and its new correlation to the dollar
• Outlook on emerging markets

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (65.54 MB) . | Download the podcast transcript:   pdf Here (160 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss:

• Why gold is an important asset to own
• Correlation between gold and bond yields
• Brief history of gold
• Outlook on the bonds and interest rates
• Global De-dollarization and sovereign gold holdings
• What does the momentum of recent gold breakout mean?
• What effect does monetary policy have on gold
• Correlation between gold and inflation
• Why inflation will be a concern for 2H19
• Gold as equity hedge
• Importance of understanding the stock to flow ratio for gold

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (68.57 MB) . | Download the podcast transcript:   pdf Here (174 KB)

Click to Play Now!

SPECIAL POST GAME GUEST- Danielle DiMartino-Booth: Follow up on FOMC

• Is this a midcycle adjustment
• Will the ECB cut in September
• What is the next move for Powell

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (67.44 MB) . | Download the podcast transcript:   pdf Here (192 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Dr. Peter Warburton to MacroVoices. Erik and Dr. Warburton discuss:

• “Blowing Up the Box” – what is the policy box?
• Factors that affect long term outlook for inflation
• History of inflation and policy framework
• Inflation is necessary for successful financial repression
• What is causing the “policy box” to be redesigned
• History of inflation targeting and inflation controls
• Driving factors for inflation expectations
• Is the recent breakout in gold a sign of inflation?
• Outlook on next QE
• Is stagflation imminent?

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Dr. Warburton will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (55.76 MB) . | Download the podcast transcript:   pdf Here (132 KB)

Click to Play Now!

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

• Private debt problem and its breaking point
• Progression of growing debt
• History of US government debt to GDP ratio
• History of the US treasury market
• Cost of low growth and high debt
• Drivers of inflation- confidence not money supply
• Why Modern Monetary Theory is flawed
• Why the current International Monetary System is unstable
• Jim’s new book “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos”

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (63.10 MB) . | Download the podcast transcript:   pdf Here (200 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Divergence in market breadth
• Theories on the length of this market cycle
• Outlook on US dollar
• Divergence in bond market
• Outlook on bond yields
• Unwind of institutional risk parity trade
• Value investing strategy in overpriced market
• Outlook on Gold & Silver
• Facebook's Libra and cryptocurrency
• Wealth inequality dichotomy and surveillance capitalism

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (70.77 MB) . | Download the podcast transcript:   pdf Here (183 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome John Netto to MacroVoices. Erik and John discuss:

• What’s driving this market?
• Where is gold heading next?
• Key macro factors driving markets
• Outlook on fixed income market
• Risk budget vs. Sharpe ratio
• Limitations of Sharpe ratio
• Outlook on the Mexican Peso 
• How to apply sentiment indicators to investing strategy
• Trader psychology
• Macro analysis using Netto numbers

  We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (60.18 MB) . | Download the podcast transcript:   pdf Here (172 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

• Outlook on Uranium
• Breakout in gold and what does that mean?
• Current situation and outlook on oil prices
• Spike in energy prices and geopolitics
• Perspective on shale oil over the next decade
• Where are the buy levels for oil in the big picture
• How to play the energy sector
• Opportunistic investing strategy

 We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

$1500 Discount on Katusa Research Newsletter Subscription 

Katusa Research May Newsletter 

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (84.63 MB) . | Download the podcast transcript:   pdf Here (199 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Greg Weldon to MacroVoices. Erik and Greg discuss:

• Outlook on the dollar
• The Fed as the world’s central bank
• Demand vs. effectiveness of the dollar
• Interest rate differentials and its correlation to the dollar
• The Fed’s concern regarding the credibility of their inflation target
• Outlook on gold
• Commodity indicators as economic leading indicators
• Risks of monetary policies in Europe
• Term structures of grains
• Outlook on geopolitics and oil
• Gold vs. gold mining shares – where is the opportunity?

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (68.40 MB) . | Download the podcast transcript:   pdf Here (184 KB)

Click to Play Now!

SPECIAL POST GAME GUEST- Pete Wargent: Update on Australian Housing Market

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (70.05 MB) . | Download the podcast transcript:   pdf Here (176 KB)

Click to Play Now!

SPECIAL POST GAME GUEST- Adam Collins: Putting CoT data into context

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (67.45 MB) . | Download the podcast transcript:   pdf Here (171 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss:

• Where are we in the business cycle and what comes next?
• The mechanics of what really drives the cycle
• Understanding the importance of broad money
• Relationship of money growth and GDP
• The signs at the end of the business cycle
• The role the debt plays in the business cycle
• Money supply measured by M2/M3
• Money and the shadow banking system
• Broad money growth vs. inflation average

We strongly recommend that you download the chart book that accompanies this interview, as Erik and John will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (66.71 MB) . | Download the podcast transcript: pdf Here (139 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss:

• Variant Perception data driven approach
• Something's got to give
• Where leading indicators are pressuring USD
• Outlook on US equities and bonds
• Perspective on the Fed's cut to its IOER
• Collateral, lending conditions and tighter bank-credits
• China, liquidity and growth
• External headwinds remain growth impediment

 We strongly recommend that you download the chart book that accompanies this interview, as Erik and Simon will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Click to Play Now!

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

• Impact of policy change on the yield curve
• Drivers of volatility in rates
• Fed taking the pro-inflationary stance
• Futures driven equity unwind
• CTA positioning on the SPX
• SPX/SPY/QQQ Gamma/Delta extremes
• Consolidated Gamma flip
• VVIX and VIX positioning
• Vol is either "too high" or S&P should be a lot lower
• Buyside embrace economic pessimism

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Charlie will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (65.50 MB) . | Download the podcast transcript:   pdf Here (175 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Current status of inflation
• The FED's inflation framework and its credibility
• How the FED is failing to meet its inflation mandate
• Lower rates and its effect on the yield curve and inflation expectations
• Possibility of a financial crash and economic downturn
• FED-induced inflation shock and its effect on bond yields and risk asset valuations
• How the higher break in the US dollar will affect inflation expectations and the FED's cutting cycle
• What is ahead - policy path and inflation outlook
• China/US trade negotiations and its effect on global liquidity and global reflation

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Juliette will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (71.56 MB) . | Download the podcast transcript:   pdf Here (145 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Dr.Lacy Hunt to MacroVoices. Erik and Dr.Hunt discuss:

• Outlook on US economy and the global economy
• Synchronized global downturn and risks of a recession
• Zero bound for policy rates and its risk
• How long can the system sustain in a ZIRP environment
• Debt induced weakness undermining growth rate
• What's next, quantitative easing or debt monetization
• Perspective on the FEDs ability to print money
• Destabilization of the global monetary system
• Where to position trades on the bond yield curve
• Deflationary risks in this environment
• Perspectives on Modern Monetary Theory

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (60.86 MB) . | Download the podcast transcript:   pdf Here (158 KB)

Click to Play Now!

Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• The definition and the history of Eurodollar
• Eurodollar as global reserve currency
• Who really governs US dollar
• Interbank borrowing, shadow money and Eurodollar transactions
• Bretton Woods gold exchange system vs. Eurodollar system
• How the global economy and the global financial system depend on Eurodollar system
• The breakdown of Eurodollar system and the Great Global Monetary Crisis
• The Eurodollar squeeze and its effect on the global system
• Correlation between the Eurodollar squeeze and the US dollar index

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (65.40 MB) . | Download the podcast transcript:   pdf Here (209 KB)

Click to Play Now!

Read more ...