Behind the Markets Podcast

A Macro+Charts Special Episode

May 9, 2025

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.

01:26:18

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Episode notes

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Quick takeaways

The Federal Reserve's reluctance to adjust monetary policy amidst ongoing economic uncertainties raises concerns about potential stagnation and market volatility.

Supply chain disruptions from China and persistent tariffs pose significant risks to economic forecasts, highlighting the need for proactive policy responses.

Despite cautious optimism about long-term equity growth, market participants must stay vigilant regarding tariffs, inflation, and employment data to navigate potential headwinds.

Deep dives

Impact of Federal Reserve's Stance

The podcast discusses the cautious and somewhat ambiguous stance of the Federal Reserve as expressed during a recent meeting led by Chairman Jerome Powell. Powell’s remarks indicated a reluctance to alter monetary policy in the immediate future, reflecting a waiting strategy despite ongoing economic uncertainties. The conversation highlights his comments on fiscal versus monetary policy, where he emphasized that the Fed should not interfere in fiscal matters, indirectly urging the government to avoid undue influence. This division and the lack of decisive action suggest a complex dynamic as the Fed navigates inflation concerns while balancing employment statistics, leaving uncertainty in the market.

Intro

5min

Navigating Monetary Policy Challenges

24min

Market Volatility and Tariff Impacts

9min

Shifting Market Narratives

27min

Navigating the Shifts in U.S. and Global Tech Markets

4min

Navigating Global Trade and Investment Challenges

12min

The Dynamics of Tech Company Challenges and Market Speculation

5min

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