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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(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)