The Week That Was, The Week That Is

Macro's What Was and Is Important

The Week That Was: Expensive Resilience

The US remains the only macro story that matters, and this week sharpened the regime. The economy is not rolling over, inflation is not defeated, and the Fed is no longer offering the market a free put. That combination is awkward for consensus portfolios built around “slower growth, easier money, higher multiples.” The better description i like is expensive resilience, activity is holding, but the policy price of that activity is going up.

Below I breakdown the week that was, and talk to everything you need to know for the week coming. The week coming is heavy on labor data! So its time to lock in!

Paid subscribers gain access to www.globalmacromethod.com where I share key G6 fixed income curves along with models for FX and Economic Regimes. More model are being released this week.