4min chapter

The Macro Trading Floor cover image

Why Is Powell Ignoring "Animal Spirits"

The Macro Trading Floor

CHAPTER

The Risk Reward Is Still OK in Consumer Disciplined

I stay long consumer discretionary based on the notion that this is a different type of inflation relative to the one that we experienced last year. Cyclicals have outperformed defensive in the US as well, but not in an extreme fashion yet. It could get even more aggressive. If you expect the delay to continue being priced in into any soft landing or a recession, then definitely the cyclical growth re-rating story for the next quarter or so could be feeding into consumer discretionary.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode