The Market Huddle
MH+ Ep.18 : Pat Catches Up With Aidan Garrib
Nov 7, 2023
Aidan Garrib, PGM's Global Macro Strategist, discusses his macro views on the oil sector, market conditions, Canadian bank risks, and US oil production. They explore the impact of central bank balance sheets on asset prices and the potential in the oil servicers industry. They also analyze US oil output indicators and discuss relative mispricing and investment opportunities in oil servicers.
30:04
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Quick takeaways
- The winding down of the Fed's balance sheet in the new year may tighten financial conditions and put upward pressure on the dollar.
- Investing in oil services can be a diversification opportunity and a structural bull market, driven by factors such as US energy policies and NAC gas production.
Deep dives
Financial Conditions and Fed's Balance Sheet Impact
The speaker suggests that the focus should not solely be on rate hikes, but on the fact that the Fed's balance sheet is going to start winding down in the new year, potentially impacting liquidity in the market. This tightening of financial conditions could put upward pressure on the dollar.
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