Macro Voices MacroVoices #494 Micheal Every: Markets, Policy, Russia & More
98 snips
Aug 21, 2025 
Michael Every, a global strategist in economics at Rabobank, shares his insights on markets and geopolitical tensions. He discusses the impact of the Trump-Putin summit on the Ukraine conflict and analyzes U.S.-EU relations. Every critiques the interplay between monetary policy and market dynamics, offering predictions about the U.S. dollar and sector shifts, particularly in tech stocks. He also explores the complexities of tariffs, oil prices, and provides a detailed outlook on commodities like gold, uranium, and copper.
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Summit Likely Ends A Phase Not The War
- Michael Every views the Trump–Putin summit as ending a phase of the Ukraine war, not the war itself.
- He expects borders to be redrawn with roughly 20% of Ukraine becoming Russian territory.
Europe Becomes A Security-Industrial Subset
- The US will pivot responsibility for defending Ukraine to Europe while selling weapons and rebuilding US supply chains.
- That dynamic will deepen economic ties and reduce genuine European strategic autonomy.
Pause Risks Gradual Territorial Erosion
- A negotiated pause risks letting Russia rearm and nibble back more territory unless Europe commits troops and guarantees.
- If Europe refuses, the pause could become a dangerous long-term loss for Ukraine.