July 2020 Macro Markets Blog Post
Recap Hi all, and thank you for tuning into the July update from MacroSquawk. If you were able to read the previous month's update, I think it is going to be indicative of the kind of environment we will be in for the next few months. We got the rally in commodities and stocks I had described, along with the selloff in dollars that I have been writing about for the past few months. Interestingly enough however, the rally in commodities has been largely contained to the metals complex. I think that this is interesting in the context of the macro environment we are seeing, and I think it is laying the foundations for an extremely inflationary move in the next few months to a year out. Macro Thesis Right now the most important things to note are the guidance coming out of the Federal Reserve, the signals coming from global rates, as well as the passage of European stimulus. Firstly, as has been described in previous updates, the passage of stimulus in Europe would be ...