In this engaging discussion, Macro Charts, a Substack publisher known for his insights on global markets, dives into the current state of market sentiment and tactical asset shifts. He expresses cautious optimism about a potential dollar rebound while highlighting the underperformance of international markets. The conversation also touches on the rotation away from growth stocks and the strong momentum seen in Bitcoin. Additionally, they explore implications of Fed policy and ongoing concerns about stagflation and supply chain disruptions.
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insights INSIGHT
Fed's Rigid Rate Cycles Limit Flexibility
Jerome Powell's Fed is locked in rigid rate-setting cycles that reduce flexibility and cause late reactions to economic changes.
More frequent, smaller rate adjustments would allow faster Fed responses and avoid prolonged negative impacts on the economy.
insights INSIGHT
Supply Chain Delays Mask Economic Impact
Supply chain disruptions from China tariffs are visible at ports but won't show in official economic data for weeks.
Waiting for lagging data to act means policy responses come too late to mitigate negative effects.
insights INSIGHT
QT Minimal Under Ample Reserves
Quantitative Tightening (QT) currently has minimal impact on loan growth because banks hold ample reserves.
Lowering interest rates, not QT or QE, is the key tool to encourage borrowing and money creation.
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Show from 05/09/25
Host Jeremy Schwartz and Professor Siegel focus on Powell’s Fed commentary, discussing the lack of policy surprises, concerns about stagflation, and Siegel's critique of the Fed's rigid rate-setting practices. The professor also warns about supply chain disruptions from China and the risk of economic slowdown if tariffs persist. (34:15) Jeremy is joined by Macro Charts (referred to as MC), who shares his views on global market sentiment, tactical asset shifts, and the potential for a dollar rebound. MC discusses underperformance in international markets, rotation out of growth stocks, and strong momentum in Bitcoin, expressing cautious optimism about US equities while noting lingering risks in global currencies and commodities.
Guest: Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space
Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.
Macro Charts: https://www.macrocharts.com/
Follow Chri Gannatti on X: https://x.com/ChrisGannatti
Follow Jeff Weiniger on X: https://x.com/JeffWeniger
Wisdom Tree: https://www.wisdomtree.com/investments
Behind the Markets Podcast