In this episode, Alf and Brent reflect on the April-2025-like price action which coincided with the tariff threats. Now that the TACO is here, the real question is: will this episode encourage global pension funds to hedge their gigantic USD exposure?
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Alf and Brent discuss the resurgence of the ”run it hot” trade: Trump floating around new fiscal stimulus and government reopening odds seem to have revived the trade. How to best approach markets going forward?
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Have a great macro trade idea for Alf and Brent to discuss on the show? Send your trade idea here: Trade of the week
Alf and Brent discuss the vicious momentum unwind which took down precious metals and various speculative stock market sectors: what should we expect now? The duo also discusses the upcoming US CPI, and take a step back to assess the big picture macro setup we will likely face for the next 6-9 months.
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Have a great macro trade idea for Alf and Brent to discuss on the show? Send your trade idea here: Trade of the week
In this episode, Alf and Brent discuss the massive rally in precious metals: what’s behind it? Is it a broad debasement theme or just a big momentum trade? And is Dimon right when he talks about more cockroaches in credit markets?
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Alf and Brent discuss the latest attempt from Trump to gain more control over the Fed, and the implications this might have on multiple asset classes. They also discuss the JPY and the political situation in France.
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Alf and Brent discuss the weak labor market data and the likely Fed reaction function. The duo also reflects on how you might be right on the macro idea, but market pricing at inception of your trade matters sometimes more than whether you were directionally right or wrong.
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Alf and Brent discuss the crossroads ahead of us for the economy and markets: the USD selling seems to have lost steam, and tariffs’ impact on the economy won’t be easy to judge for months. So, what lies ahead of us?
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Alf and Brent discuss the recent soft CPI print and the state of the US labor market. They highlight the odds of a dovish Fed pivot, and what that might entail for markets.
Alf can be reached via X (@MacroAlf) and on Bloomberg (Alfonso Peccatiello)
Brent can be reached via X (@donnelly_brent) and on Bloomberg (Brent Donnelly)
Transcript: https://www.spectramarkets.com/tmtf-transcript-11jun25/
John Mauldin, Chairman
Mauldin Economics
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