Trade: Update

Action within the macro regime

I want to provide a brief reminder about how the research on the Substack functions, summarize the recent macro pieces, and then go over the current open trades.

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All of the macro research falls under these three categories on the main page (link). If you are a new subscriber, I would encourage you to review all recent pieces so that you are aware of WHERE we are in the macro regime and WHY the specific trades are being run. You can also review the “About” section explaining each of these categories here: Link

If you go through these recent reports, they will provide you with a clear picture of the macro regime:

• Macro Podcast: Interest Rate Are Going DOWN

• Alpha Report: Macro Liquidity and It's Impact On EVERYTHING

• Alpha Report: Flattening In The Curve

• Alpha Report: Melt Up or Melt Down In Equities?

The most recent comprehensive macro report was published yesterday and it breaks down the current skew in both interest rates and equities:

If some of these ideas are new for you, a comprehensive list of educational primers has been written that include a breakdown of each asset, hundreds of book recommendations and thousands of academic articles.

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This week carries heightened importance because the CPI print will provide a clearer picture of HOW MUCH inflation risk there really is:

The macro report (link) already explained this tension and WHY the 2 year - 10 year inflation swap spread recently turned positive:

Trade Update: