Macro Insiders: In Focus from Julian – Q4 Road Map, Macro & Markets

With the spread between nominal GDP and rates extreme in US & Europe, something has to give. Relative moves in the components in the two regions will inform policy and markets. Hyper-financialisation makes stocks the “tail” wagging the macro “dog”. Below, a (bearish) framework allowing room for countertrend oscillation and some observations on bonds and FX.

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