On today's episode of Forward Guidance, Alex Etra Senior Macro Strategist at Exante Data & Joseph Wang CIO at Monetary Macro join the show for a discussion on the path ahead for H2 2023.
Reflecting on the record bond losses in 2022, Alex shares his outlook on what to expect in the second half of 2023 as bond fund managers experience inflows and tech related equities continue surging higher despite the bearish sentiment in the broader market.
We then move on to some of the monetary plumbing implications amidst the debt ceiling resolution and what impact it could have on markets as the U.S Treasury looks to re fill is dwindling Treasury General Account. To hear all this & more. you'll have to tune in!
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Referenced In The Show:
Back to 2019: https://fedguy.com/back-to-2019/
Money: Inside and Out: https://moneyinsideout.exantedata.com/
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Timestamps:
(00:00) Preparing For June FOMC
(05:23) Will The Fed Hike, Skip Or Cut?
(07:25) Back To 2019
(10:35) Permissionless
(11:13) The Mechanics of The Treasury Cash-Futures Basis Trade
(19:07) The Path Ahead In H2 2023
(25:47) Reflecting On The Bond Markets Performance In 2022
(34:21) Will A New Investor Class Replace Japanese Investors?
(38:31) Equity Flows
(43:46) Blockworks Research
(44:46) Why Are Equity Markets Performing So Well In 2023?
(51:51) The Mechanics of The U.S. Treasury, General Account
(01:01:04) Quantitative Tightening: Is The Reverse Repo Heading Higher?
(01:05:32) How Alex Tracks Market Flows
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
