Ep. 217: Mustafa Chowdhury on Surging Wealth, Hidden Bond Buyers and Fed Mistakes

Mustafa is a rates guru and member of the research team at Macro Hive. Before this, Mustafa was the Head of Rates, FX, and Derivatives at Voya Investments, where he helped manage $40 billion of assets. Prior to that, he was a Managing Director and Head of US Rates and MBS Strategy at Deutsche Bank. And in the 1990s, he was Co-Head of Asset-Liability Management at Freddie Mac, where he was responsible for managing one of the world’s largest fixed income derivatives portfolios and trading desks. In this podcast we discuss:

Misunderstandings around current rates regime
The rise in household wealth
Why levels matter more than changes
Curve inversion and bond demand
Real money flows into bonds
Why Fed easing does not make sense
Shelter price resilience
Bank credit is easier than you think
Futures-cash basis trades
How to trade these markets
Government underwriting of risk and bubbles
Books mentioned: The Great Game (Hopkirk)

You can follow Mustafa here.

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