Macro Report: Updated View On Interest Rates

Monetary Inflection Point

"The world’s central banks have constructed the hall of mirrors in which every investor has become, of necessity, a speculator."

"Interest is required to direct the allocation of capital, and without it, it becomes impossible to value investments."

The Price Of Time by Edward Chancellor

We have entered a new inflection point for the monetary regime after Powell’s speech at Jackson Hole. I have written a macro report breaking down the tensions of this regime and mapping it onto interest rates. Over the next two days, I will be expanding this onto equities, Bitcoin (see thread here on BTC: Link), and gold for the trades that have the highest risk-reward.

You can see the previous macro report here: Link

And the Macro Alpha Primers here:

• Macro Alpha Primer: Credit Risk and Duration Risk and Macro Podcast: Macro Alpha Primer

• Macro Alpha Primer: Correlations and Macro Podcast: Macro Alpha Primer

• Macro Alpha Primer: Macro Catalysts, Hedging Pressure, and Positioning

If you are on the fence about becoming a paid subscriber, this would be a great time to do a free trial so you can review the updated report and see the articles I write over the next week. There is zero downside and only upside if you do a free trial.

We will continue moving forward together! Please see the macro report below: