Jon is the author of the widely followed Cheap Convexity blog and always has excellent insights on Fed policy, rates markets and the dollar. In this podcast, we discuss:
- How to think about the Fed’s new framework.
- The rates trade that captures this shift – the Brainard steepener!
- Why a taper tantrum is less likely this time.
- Why the ECB could be more comfortable with euro strength.
- How the Georgia senate elections complicated the weak dollar trade.
- Why precious metals may struggle even with low rates.
- Why technical issues around the Fed balance sheet are overstated.
- Are equities expensive?
- Will US/Euro rates divergence trades work?
- Books that influenced Jon: Trade Wars Are Class Wars (Klein, Pettis), Market Wizards (Schwager) and More Money Than God (Mallaby).
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You can access the full transcript 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.)