Talking Data

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am your host Kristen Radosh of Arbor Research and Trading. Our presenters today are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Since our last podcast, the focus has been on Retail Investors and Hedge Funds, but what’s happening in U.S. Treasuries? · How does the Treasury’s diminished borrowing estimates ($850B!) for Q1 ’21 matter for yields? · Is the uptrend in yields still intact? · What bumps in the road do you see? Will the Fed or investors finally get antsy? Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am your host Kristen Radosh of Arbor Research and Trading. Our presenters today are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today Jim and Ben will discuss the role of Retail Investors and their impact on the market and their role going forward. · The Rise of the Retail Trader  - Retail performance vs. Hedge Fund gurus · Is this the biggest short-squeeze in market  history? · Goldman Sachs non-profitable Technology Index · Google Search topics: Bull vs Bear Bias Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am your host Kristen Radosh of Arbor Research and Trading. Our presenters today are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today we will discuss Janet Yellen’s testimony; what to expect with stimulus and Covid relief; and “Robinhood Investors.” · Thoughts on Janet Yellen’s testimony. 50 years? · What should we expect with continued stimulus and Covid relief? · Where will the “Robinhood Investors” invest? Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to Talking Data which is our weekly series of podcasts in which we highlight pertinent bond and equity market themes. I am your host Kristen Radosh of Arbor Research and Trading. Our presenters today are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today, we will be discussing Fiat and Crypto currencies. Going into the new year, there has been a lot of discussion about the strength of the dollar. · What is the state of the dollar against fiat currencies. What issues should investors be aware of? · How real are cryptos? What issues do we need to consider? Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host. Our presenter today is Ben Breitholtz of Arbor Data Science. In today’s installment, Ben outlines the next set of hurdles needed to signal a lasting rise in inflation expectations. · TIPS Breakevens Underperforming Where Risk Assets Suggest They Should Reside · Inflation or Liquidity Premiums Causing Rising TIPS Breakevens?! · Hopes for 2.5+% YOY Back on the Radar · Inflation Expectations Enter the Rare World of Inversion · Global Growth Near Sweet Spot for Inflation Expectations · Rent-Related Search Activity Nearing Bullish Shift for OER Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today we will be discussing real yields. • What is steering extremely low real yields? Federal Reserve? Economic growth? • Will rising nominal yields bite if real yields do not follow along? • Is demand for inflation-friendly asset and protection overdone? Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. 2020 was arguably the most unusual year in market history, highlighted by the shortest bear market and fastest recovery in market history. • What surprised and what went according to expectations? • How about risk adjusted returns? - How do you measure this and what surprised and what went according to expectations when viewed that way? • What should we look for in 2021? Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host. Our presenter is Jim Bianco of Bianco Research. Jim will be providing his update on the upcoming Georgia Senate race that’s now less than a week away. • Currently, Senate seats consist of 50 Republicans, 46 Democrats, and two independents that caucus with the Democrats. A 50/50 tie would be broken by vice president Kamala Harris. • The polls lean Democrat, but are within the margin of error • The betting markets lean Republican • Republicans outperformed pre-election polls in the initial election For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

• Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. • I am Kristen Radosh of Arbor Research & Trading and I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. • Today, Jim and Ben will give us an update on inflation, and look into the first half of 2021. Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm. Our two most prominent research offerings are Bianco Research & Arbor Data Science. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host. Today Ben Breitholtz of Arbor Data Science will be discussing TIPS, Inflation Expectations and how Owners’ Equivalent Rent may be a Game-Changer. Thank you for joining us today. As a reminder, Arbor Research & Trading is an institutional research and brokerage firm that produces innovative research across a broad range of global fixed-income, equity, currency, and commodity markets. Bianco Research & Arbor Data Science are our two most prominent research offerings. For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.