On today's episode of The Macro Trading Floor, Alfonso & Andreas walk through the collapse of Silicon Valley Bank. On a historic week where we saw the collapse of the largest bank since 2008, we walk through the dynamics throughout 2020 - 2023 that caused SVB to fail, what risks lie ahead and if we should expect spillovers into the broader banking system. To hear all this and more, you'll have to tune in! -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Alfonso & Andreas discuss the data points suggesting a possible resurgence of inflation in both the U.S and Europe. As the yield curve continues to reprice higher, how does this impact the higher for longer thesis in rates? Alf and Andreas then share their actionable trade ideas, but to hear that, you'll have to tune in! -- Today's show is sponsored by Public.com: Get a 5.1% yield when you open a government-backed Treasury Account.* That's a higher yield than a high-yield savings account.** Go to https://public.com/macrotradingfloor *26-week T-bill rate (as of 3/5/23) when held to maturity. Rate shown is gross of fees. **As compared to the national high-yield savings average of 3.43% (Source: Time.com/NextAdvisor as of 12/30/22). -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced In The Show: Blackstone Defaults on Nordic CMBS as Property Values Wobble: https://www.bloomberg.com/news/articles/2023-03-02/blackstone-defaults-on-531-million-nordic-property-backed-cmbs -- Timestamps: (00:00) Introduction (00:35) It's Lonely On Disinflationary Island (05:19) Where Is The Chinese Reopening Stimulus? (12:25) When Do You Fade The Narrative? (18:59) “Public Ad” (19:31) Blackstone Defaults On CMBS (27:12) Actionable Trade Ideas -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Alfonso & Andreas walk through the biggest stories of the week and discuss everyone's most asked question right now, hard landing, soft landing or no landing? As the U.S housing market drops the most since 2008, will the economy be able to handle higher rates for a sustained period of time? Alfonso & Andreas then walk through the best risk and reward trades in markets right now. To hear all this and more, you'll have to tune in! -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced In The Show: US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008: https://www.bloomberg.com/news/articles/2023-02-22/us-housing-market-posts-2-3-trillion-drop-biggest-since-2008 -- Timestamps: (00:00) Introduction (00:39) What Is Happening In China? (05:42) Japan Finally Has... Inflation?! (11:26) Hard Landing, Soft Landing or No Landing? (16:26) U.S Housing Market Drops The Most Since 2008 (24:50) Can The Economy Handle Sustained 5% Rates? (34:04) The Risk vs Reward For Markets -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Alfonso & Andreas reflect on the first six weeks of 2023. As most investors anticipated recessionary pressures in H1, and for markets to head lower, so far "animal spirits" persist, economic data remains strong and markets refuse to budge. Finally, Alf & Andreas share their actionable trade ideas, but to hear that, you'll have to tune in! -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Today's show is sponsored by Public.com: Get a 4.9% yield when you open a government-backed Treasury Account.* That's a higher yield than a high-yield savings account.** Go to public.com/macrotradingfloor *26-week T-bill rate (as of 2/6/23) when held to maturity. Rate shown is gross of fees. **As compared to the national high-yield savings average of 3.43% (Source: Time.com/NextAdvisor as of 12/30/22). -- Timestamps: (00:00) Introduction (00:51) Why Is The Data So Strong? (07:21) All Eyes On Liquidity (10:54) Are 50bps Back On The Table? (20:59) Animal Spirits Are Back (28:23) “Public Ad” (28:55) What Is Happening With Energy? (30:38) Actionable Trade Ideas -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Andreas and Alfonso welcome Kevin Flanagan Head of Fixed Income Strategy at WisdomTree for a discussion on everything happening in global bond markets. Since 2022, the consensus has flip flopped from recession, to soft landing as markets have rallied, the labor market has remained strong, credit has been fairly contained and signs of financial stress dwindle. Kevin, Alfonso and Andreas walk through the scenarios in 2023 of recession, soft landing or higher for longer? Finally, Kevin shares his actionable trade idea, but to hear that, you'll have to tune in! -- Follow Kevin: https://twitter.com/KevinFlanaganWT Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_mac..., you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- WisdomTree is a global ETF and ETP sponsor and asset manager founded in 2006 and with a track record of innovation and creating better ways to invest. Today, we offer a broad range of differentiated ETFs and ETPs across equities, thematics, commodities, fixed income, currencies, short and leveraged, and cryptocurrencies with over $80 billion in assets under management. For more information, please visit https://bit.ly/3VXYPkx -- Referenced In The Show: Fed official says he looks at the price of Stouffer's frozen lasagna to gauge inflation: https://markets.businessinsider.com/news/stocks/fed-official-price-of-stouffers-frozen-lasagna-to-gauge-inflaiton-2023-2?op=1  Big flows going on in options: https://twitter.com/MacroAlf/status/1623736233477144577  German GDP: https://www.destatis.de/EN/Press/2023/01/PE23_037_811.html -- Timestamps: (00:00) Introduction (00:41) A New Governor For The BoJ? (03:02) Recession, Soft Landing or Higher For Longer? (12:40) Feature Interview With Kevin Flanagan (14:23) Will The Fed Get Their Soft Landing? (17:11) What Is The Yield Curve Signalling? (23:25) Curve Ad (24:35) The Path Ahead For Inflation In 2023 (27:37) The Yield Curve Is Signalling Recession... But When? (34:07) Wisdom Tree Ad (34:40) Kevin's Actionable Trade Idea (38:51) The U.S Debt Ceiling (43:05) Post Interview: Final Thoughts (47:39) Retail Is Back Partying Like It's 2021 (48:56) Actionable Trade Ideas -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Alfonso & Andreas take a look into another busy week in central banking with the Fed, ECB & BoE all announcing further rate hikes on their tightening cycles. Markets have rallied through January with the S&P 500 returning roughly 8% so far in 2023. With the most speculative risk asset's rallying the most, it seems that "animal spirits" are back for investors. Alfonso & Andreas walk through the liquidity backdrop before sharing their actionable trade ideas, but to hear that, you'll have to tune in! -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_mac..., you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- WisdomTree is a global ETF and ETP sponsor and asset manager founded in 2006 and with a track record of innovation and creating better ways to invest. Today, we offer a broad range of differentiated ETFs and ETPs across equities, thematics, commodities, fixed income, currencies, short and leveraged, and cryptocurrencies with over $80 billion in assets under management. For more information, please visit https://bit.ly/3VXYPkx -- Referenced In The Show: FX weekly: Get ready for climate QE: https://corporate.nordea.com/article/49339/fx-weekly-get-ready-for-climate-qe -- Timestamps: (00:00) Introduction (01:09) Breaking Down Powell's Comments (07:14) It's All About Liquidity (10:30) “Curve Ad” (11:40) It's All About Liquidity (12:33) One Of Lagarde's Worst ECB Press Conferences (22:00) “Wisdom Tree Ad” (22:33) Actionable Trade Ideas -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of "The Macro Trading Floor," Andreas and Alfonso interpret the latest macroeconomic data and prepare for a week of important central bank meetings. They wonder whether the recent bullish movements in nearly every risk asset is a sign that quantitative easing (QE) is back on a global scale (the answer is a firm “no”). After discussing commodity prices, Andreas and Alfonso explore whether a very unusual kind of recession occurred in 2022 that is already over. Lastly, they share their actionable trade ideas. Filmed on January 26th, 2023. -- Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_mac..., you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- Timestamps: (00:00) Introduction (06:02) The Market Is Already Expecting Central Banks To Cut Interest Rates (12:05) The U.S. Dollar (21:11) Did The Recession Already Happen In 2022? (25:54) Actionable Trade Ideas -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of The Macro Trading Floor, Andreas and Alfonso welcome John Normand Cross-Asset Strategist, JPM alum for a global macro tour of the world. John walks through the most anticipated recession in history by looking at the current market pricing in FX, rates and credit. Has the forecasted slowdown in 2023 really started to rear its head under the headlines in financial media? John then goes on to discuss the Chinese reopening and what implications the second largest economy coming back online will have for the rest of the global economy as inflation continues on it's current downtrend. Finally, John shares his actionable trade idea, but to hear that, you'll have to tune in! -- Follow John: https://www.linkedin.com/in/john-normand-4b902b55/ Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://www.themacrocompass.com/ Subscribe To Steno Research: https://stenoresearch.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- WisdomTree is a global ETF and ETP sponsor and asset manager founded in 2006 and with a track record of innovation and creating better ways to invest. Today, we offer a broad range of differentiated ETFs and ETPs across equities, thematics, commodities, fixed income, currencies, short and leveraged, and cryptocurrencies with over $80 billion in assets under management. For more information, please visit https://bit.ly/3VXYPkx -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_mac..., you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- Timestamps: (00:00) Introduction (00:55) What Is Happening With The BoJ? (05:55) The ECB Is Going Against The Tide (09:23) What Is The Trade? (12:15) Feature Interview With John Normand (18:41) Curve Ad (20:08) A 2023 Global Macro Outlook (24:00) The Most Anticipated Recession In History (30:31) Structural Shifts In The Economy (34:29) Wisdom Tree Ad (35:03) Asset Allocation In 2023 (38:13) John's Actionable Trade Idea (40:55) Post Interview: Final Thoughts (45:28) Preparing For A Global Slowdown -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of "The Macro Trading Floor," Andreas and Alfonso welcome Steve Drobny Founder and CEO at Clocktower Group for an inside look into the hedge fund industry. With the past two years spurring the return of macro volatility, many macro hedge funds have arisen, posting high returns in the timeframe. Steve, with his extensive connections in the hedge fund industry, walks through the past two years of higher inflation and how this changed the investing landscape compared to the 12 years prior. He then goes on to discuss what the coming decade could look like. Have we entered a new regime, which could see the rise of more macro hedge funds as "macro is back with a vengeance?" To hear all this and more, you'll have to tune in! -- Follow Clocktower Group: https://www.linkedin.com/company/clocktower-group/ Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://themacrocompass.substack.com/ Subscribe To Stenos Signals: https://andreassteno.substack.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- WisdomTree is a global ETF and ETP sponsor and asset manager founded in 2006 and with a track record of innovation and creating better ways to invest. Today, we offer a broad range of differentiated ETFs and ETPs across equities, thematics, commodities, fixed income, currencies, short and leveraged, and cryptocurrencies with over $80 billion in assets under management. For more information, please visit https://bit.ly/3VXYPkx -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_macro_trading, you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- Referenced In The Show: Blackstone’s BREIT Gets $4 Billion California Injection: https://www.bloomberg.com/news/articles/2023-01-03/blackstone-s-breit-gets-4-billion-from-university-of-california -- Timestamps: (00:00) Introduction (01:08) The U.S Inflation Report (04:38) What Is Happening With The BoJ? (07:49) The ECB Is... Raising Rates?! (08:48) The China Reopening (10:33) Feature Interview With Steve Drobny (13:38) What Makes A Successful Macro Fund Manager? (21:57) “Curve Ad” (23:07) Macro Is Back With A Vengeance (29:14) Launching A Hedge Fund (33:54) “Wisdom Tree Ad” (34:27) The Growth Of Hedge Fund's In The Coming Decade (38:05) Post Interview (40:40) Trades For The China Reopening (45:19) Final Thoughts -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's episode of "The Macro Trading Floor," Andreas and Alfonso welcome Nitesh Shah Head of Commodity and Macroeconomic Research at WisdomTree for a discussion on the China reopening, how it will effect commodity markets and it's impact on broader markets. Energy was the strongest performing sector in 2022, but should we expect the same in 2023? Nitesh walks through the commodity supercycle thesis, as it conflicts with a business cycle downturn in 2023 and what this could mean for commodities, specifically oil, heading into 2023 and beyond. Finally, Nitesh shares his actionable trade idea, but to hear that, you'll have to tune in! -- Follow Nitesh: https://twitter.com/NiteshShahWT Follow Andreas: https://twitter.com/AndreasSteno Follow Alf: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://themacrocompass.substack.com/ Subscribe To Stenos Signals: https://andreassteno.substack.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- WisdomTree is a global ETF and ETP sponsor and asset manager founded in 2006 and with a track record of innovation and creating better ways to invest. Today, we offer a broad range of differentiated ETFs and ETPs across equities, thematics, commodities, fixed income, currencies, short and leveraged, and cryptocurrencies with over $80 billion in assets under management. For more information, please visit https://bit.ly/3VXYPkx -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/blockworks_macro_trading, you’ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- Referenced In The Show: Minutes of the Federal Open Market Committee December 13–14, 2022: https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20221214.pdf OPEC slashes oil demand outlook on global economic uncertainty after earlier predictions of supply shortfalls: https://markets.businessinsider.com/news/commodities/oil-outlook-opec-cuts-2023-demand-over-global-uncertainty-flows-2022-12?op=1  Inflation Will Fall off A Cliff In 2023 | Warren Pies: https://podcasts.apple.com/us/podcast/inflation-will-fall-off-a-cliff-in-2023-warren-pies/id1618502265?i=1000591241444  WisdomTree Insights: https://www.wisdomtree.com/investments/blog -- Timestamps: (00:00) Introduction & "WisdomTree Ad" (01:19) Breaking Down The Fed Minutes (07:12) Europe Is Showing Signs of Disinflation (10:41) The China Reopening (13:32) Feature Interview: Nitesh Shah (17:07) How A Chinese Reopening Will Impact Commodities (20:09) The Divergence Between Gold & Oil (23:33) Oil Supply & Demand In A 2023 Recession (26:46) “Curve Ad” (27:56) The Commodity Supercycle (32:39) How Russia & Ukraine Is Effecting Global Commodity Markets (35:05) Nitesh's Actionable Trade Idea (41:16) Closing Thoughts (42:56) Post Interview: Final Thoughts -- Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.