Global Macro Update

You may remember the acronym MBS from the ’07–’08 financial crisis. Michael Lewis's book and then movie, The Big Short, taught us all about how the mortgage-backed securities (MBS) market almost blew up the global financial system. Well, today, mortgage-backed securities are back in the news… In this week’s episode of Global Macro Update, Barry Habib, founder and CEO of MBS Highway, joins Ed D’Agostino to discuss the role of mortgage-backed securities in Silicon Valley Bank’s failure—and if the other shoe will drop for the rest of the banking sector. To hear more from Barry Habib, along with about 50 other financial and economic experts, click here for info on Mauldin Economics’ premier event, the Strategic Investment Conference.

The economy, as any investor knows or will quickly learn, is not the same as the stock market. What’s happening today resembles the Great Inflation of the 1970s. Talk of stagflation, recession, and hard and soft landings—it can make your head spin to see how quickly things have unfolded. In this week’s episode of Global Macro Update, Dr. Ed Yardeni, president of Yardeni Research, joins Ed D’Agostino to discuss today’s urgent storylines, as well as the two sectors Dr. Yardeni favors for long-term investors and how turbulent times can lead to a future led by productivity. To learn more about Dr. Ed Yardeni, you can read his bio here. It includes links to his book publications, a complimentary trial of his research service, and his LinkedIn newsletter.

Inflation in the system is much stickier than people anticipated, with corporations passing on prices to the everyday consumer. It begs the question: How high can prices go before there’s a breaking point when consumers begin to push back? In this week’s episode of Global Macro Update, Samuel Rines, managing director of Corbu LLC, joins Ed D’Agostino to discuss how today’s inflationary environment boils down to the acronym POV and factors into the Fed’s next moves. They also cover the craziness of “revenge travel,” widespread tech layoffs, low unemployment, rising wages due to the “Walmart Effect,” and how Middle America continues to play catch-up. For even more of his insights, make sure to follow Sam on Twitter.

“The world is out of balance. The disruptive changes that were already rewiring the economy, geopolitics and US culture accelerated over the past 3 years, and a predictable backlash began. But we are nowhere close to a ‘new normal.’” In this week’s episode of Global Macro Update, Bruce, who is the head of Mehlman Consulting, a bipartisan Washington, DC lobbying firm, talks with Ed D’Agostino about the current political and geopolitical landscape... the effects of partisan division... and what to watch for in the next years. Don’t miss it. Click here to view Bruce’s fascinating infographic, “Disequilibrium.”

High interest rates have a silver lining: Savers are making money again. What opportunities are currently out there for fixed-income investors? Talking to show host Ed D’Agostino, Jason Brady, president and CEO of Thornburg Asset Management, gives Global Macro Update listeners the inside scoop. Have the markets returned to normal? Is now the time to invest in municipal bonds or distressed debt? Why the Fed’s thinking that 2020 was like 2008 was a grave error... and the number-one mistake investors make when they see an inverted yield curve like we have now. Don’t miss this week’s episode of Global Macro Update—listen now!

What will 2023 bring? Will it be a banner year for stocks, or will the economy crash and burn? Peter Boockvar, CIO of Bleakley Financial Group and editor of The Boock Report, gives Global Macro Update listeners his take on what’s in store. Will inflation drop to pre-pandemic levels? What are the investment implications now that the $16 trillion Chinese economy is reopening? Why we’re in a “death by a thousand cuts” environment... Why a “mild and shallow recession” isn’t necessarily a good thing... And are tech stocks a buy yet? For more of Peter’s keen insights on the economy and markets, click here to subscribe to The Boock Report. Don’t miss this week’s episode of Global Macro Update—listen now!

In 2014, a Russian piece of malware targeting Ukraine spread across the world and nearly wiped out the databases of container shipping giant Maersk, FedEx, Merck, and many hospitals in the US. Senior writer at WIRED and author Andy Greenberg talks to Ed D’Agostino about the realities of cyberwarfare. They also discuss cryptocurrencies and their role in cybercrime—including the riveting story of the dark-web kingpin who was taken down thanks to crypto’s formerly unknown traceability. Get Andy’s page-turners, Sandworm: A New Era of Cyberwar and the Hunt for the Kremlin’s Most Dangerous Hackers, and Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency on Amazon. Don’t miss this episode of Global Macro Update—listen now!

According to a recent NBC News poll, 74% of Americans now think that the country is moving in the wrong direction. Show host Ed D’Agostino and Andrew Yang, former presidential primary candidate and co-founder of the Forward Party, discuss why our political system is so broken... and the common-sense solutions that could turn the ship around. No matter where you are on the political spectrum, you’ll be appalled to hear what career politics is really like—and amazed how much of this content you’ll agree on. For more of Andrew Yang’s bold ideas on how to rewire American democracy, read his book, Forward: Notes on the Future of Our Democracy. Don’t miss this episode of Global Macro Update—listen now!

Many investors wonder, how long until the whole house of cards comes crashing down? There are bright spots in the near term, says top global macro investor Felix Zulauf, but in a few years’ time, we might face a true calamity in our financial and economic systems. Felix and host Ed D’Agostino talk about the coming decade of roller coaster markets... what may replace the US dollar as the world’s reserve currency (and when)... and why we need to brace ourselves for the difficult years of 2024–25. Learn more about Felix’s spot-on analysis at https://www.felixzulauf.com. Don’t miss this episode of Global Macro Update—listen now!

What to do, at a time when bonds, cryptocurrencies, and many other investments look less safe than ever before? Everyone should have some allocation to gold, says Milton Berg, CEO, CFO, and chief investment strategist at MB Advisors. Even if you don’t see explosive upside, it will preserve its value over the long term. Show host Ed D’Agostino and his guest discuss whether the bear market in stocks is over... the potential for a 1930s-style economic crash and what can be done to prevent it... what drives a stock’s price on any given day (hint: it is not momentum)... and more, in this episode of Global Macro Update. Don’t miss it—listen now!