Welcome to Macro Voices

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

• Has the bond bear market started?
• What are the opposing views?
• Shorting high yield debt and junk credit
• Where to be on the yield curve right now
• Will America ever be able to repay the debt?
• Where is the point of no return on debt?
• Considerations on global over indebtedness
• Endgame on the systemic problem of debt
• Inflation expectations

 SPECIAL POST GAME GUEST: KEVIN MUIR DISCUSSING THE CURRENT BOND MARKETS

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

• Outlook on the U.S. Dollar for 2018
• Do rate differentials matter?
• Has there been a regime shift?
• Is equity risk premium just catching up to higher real yields?
• How does the economic data tie back into bearish dollar narrative?
• What has happened this year in the U.S. dollar?
• Tactical considerations on a new U.S. dollar short
• Market positioning on the interim
• Can surprising strength in U.S. economy change the outlook?

SPECIAL POST GAME GUEST: TG MACRO'S TONY GREER

We strongly recommend that you download the chart book that accompanies this interview, and 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).

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Erik Townsend and Patrick Ceresna welcome Charles Gave to MacroVoices. Erik and Charles discuss:

• The corporate yield curve and what it is telling us about the equity market
• The Hong Kong dollar peg
• China’s debt and related risks
• The risk parity trade with bonds and stocks selling off simultaneously
• “The Upcoming Monetary War, With Gold as An Arbiter”
• Gold bullish vs bearish
• The return of secular inflation
• What happened in the 70’s with inflation?
• Preparing for the return of secular inflation

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Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

• Deflationary risks in the U.S. 
• Context on current higher inflation prints
• How high are risks of a credit event
• Contagion risk if China “sneezes”
• Consideration on the impact of higher rates
• Do we still need a world reserve currency?
• Is there a concern of the US government not being able to fund itself?
• Impact of the global de-dollarization trend
• What is in store for the gold markets?
• What do investors need to consider in the current environment?
• What comes next for the equity markets?
• Impact on emerging market and junk bond markets
• The falling Yen and its impact on Japan

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

• Considerations on uranium exports to from Russia to the US
• What options does the US have for new uranium sources?
• Is there an investment play for uranium?
• Electric vehicles and why they’ll be a dominant trend over the coming years
• Why is copper a key component, and how to play it during this trend
• Is copper a sole source material for EV or is there an alternative?
• Will more efficient electric vehicles require more or less copper?
• The copper industry and its ability to scale up
• The investment play for copper and uranium prices going up

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Erik Townsend and Patrick Ceresna welcome Harley Bassman, Mark Cudmore and Jeffrey Snider to the show. Discussed this week:

Harley Bassman: 

• How will we know when the real bear market is on?
• The implicit and explicit VOL trade and how long will it take to play out?
• How will a bond sell off impact inflation?
• The USD over then next few years

Mark Cudmore: 

• Is this a correction or something much bigger?
• The USD and the recent sideways consolidation, what does it mean?
• Outlook for the bond market
• Commodities, China, Europe and EM
• Current stress on the Hong Kong Dollar

Jeffrey Snider:

• Where are the equity markets headed?
• What is going on with the Hong Kong Dollar?
• Principles of a “Dollar Short”

We strongly recommend that you download the chart book that accompanies this interview with Harley Bassman. Erik and Harley 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).

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Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss:

• The U.S. growth cycle and its peak
• Considerations on inflation
• Earnings outlook for the rest of the year
• Global divergence reiterated
• Prognostications vs the reality of the markets
• China’s massive credit expansion
• One final leg in the dollar?
• USD breakdown in currency and interest differentials

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Darius 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).

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

• Considerations on the equity markets
• Post-crash dynamics
• Medium-term drivers of the U.S. Dollar
• Has something fundamentally changed in the U.S. treasury markets?
• Where is the yield curve going?
• TED and LIBOR OIS spreads
• Outlook on the Canadian economy
• Context on the Chinese economic outlook
• Has the Japanese economy peaked?

We strongly recommend that you download the chart book that accompanies this interview, and 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).

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Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss:

• How do things look in today’s market?
• What is on the horizon for inflation?
• Risks of runaway inflation
• What comes next for equities?
• Are the market highs in already?
• What if bonds and stocks sell off, where does the money go?
• US Dollar structural issues
• What is causing the correlation breakdown between the USD and US bonds?
• What levels should we be watching on the US Dollar?
• Where to focus the bond short

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Julian 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).

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

• What does the yield curve tell us?
• US Treasury Curve
• Changes from an Era of Fed Funds Rate Targeting
• Reflections on the 2006-2009 curves
• Reflation trends in the post GFC
• Deconstructing Rates
• Negative Term Premiums
• Market Inflation Expectations
• Eurodollar Futures & Effective Money
• Central Bank Failure
• This Flat Curve is the Bad One

We strongly recommend that you download the chart book that accompanies this interview, and 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).

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