Veteran hedge fund PM with 25 years’ experience of trading and macro investment. Ex-Brevan Howard partner and PM for 12 years, former Citigroup MDsuper-macro.comJoined February 2023
super-macro.com
Sidestepping Drawdowns: Gold vs. the S&P 500
Central banks remain steady buyers of gold, largely indifferent to price swings, and are accumulating it as part of a broader push to diversify reserves away from the dollar. While gold underperformed the S&P…
super-macro.com
Japan’s Wage–Price Cycle Takes Shape
Real GDP has risen for 5 straight qtrs, pointing to a durable expansion despite U.S. tariff headwinds. Corporate profits are at record highs, the labour market is tight, and wages are accelerating - July cash earnings…
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Hot CPI, Cooler PCE
Tariffs will continue lifting goods prices, while services inflation has been stable for 5 straight months. Core goods inflation climbed to 1.5%, the highest in 2+ years. The August .3% increase in the core was hotter than it…
super-macro.com
Cut Locked In, Path Unclear
A cut at the FOMC is a done deal — the question is if Powell signals 3x25bps by year-end and extended easing into 2026.
With the Fed’s Inflation/unemployment forecasts from Jun still valid, and, GDP likely revised up (Q3…
super-macro.com
Italy is turning into a source of stability
Meloni is now the longest-serving PM since Berlusconi’s 2011 exit, with her govt among the 4th-longest in post-1946 history.
According to Bloomberg : lower borrowing costs give up to €13bn extra fiscal space…
super-macro.com
Labor Market Noise, Not Material Weakness
Hiring has cooled, but layoffs remain low. Last week’s spike in jobless claims was likely holiday distortion and a one-off surge in Texas filings. Expect reversal in next week’s data - no sign yet of a broad…
super-macro.com
Americans Are Richer Than Ever - Fed Ready to Pour Gasoline on the Fire
US household wealth hit $176.3Tin Q2 - a record high. Stocks soared and home equity climbed further, while debt growth stayed modest. Treasuries, equities & gold all climbed last…
super-macro.com
UK housing market downturn deepened in August.
The RICS survey a long-standing lead indicator of UK house price inflation slid to -18.5 from -13.4
The net balance of new buyer enquiries fell to -17% from -7%, highlighting weaker demand, while the balance…
super-macro.com
Legarde: the Eurozone labour market is a 'source of strength'
The number of people out of work declined by a massive 170K in August – the steepest monthly drop since January 2022 – helping lower the unemployment rate for a third straight month, back to…
super-macro.com
Pipeline Pressures: ISM Hints at Inflation Ahead
US Labour market signals remain mixed, but the ISM price indices point to rising cost pressures. The big question: will firms absorb the hit, or pass it on? Historically, ISM prices have been a reliable…
super-macro.com
UK Retail Sales: Illusion of Growth
July ex-fuel sales +0.6% (vs +0.2% exp), but deep downward revisions to prior erased any net gain. In fact over the 3 months to July, sales were -0.6%, while volumes are barely above early 2023 levels.
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