MACROTOURIST ON VACATION - BACK MARCH 27th

It’s that time of year again. The kids are out of school, and the MacroTourist is off to spend a couple of weeks with the family in a sunnier climate. Back to regular posting on March 27th. Thanks for reading,...

CROWDED TRADES NEVER END WELL

Remember a week ago when all the crude oil bulls told us how the massive net speculative position was nothing to worry about? And to be fair, for the longest time they seemed to be right. Crude oil prices were...

DRAGHI DOES NOTHING... AND EVERYTHING

Draghi and his merry crew at the ECB met today, and to no one’s surprise, policy was left unchanged. Although Super Mario seemed to have an off day (he fumbled with his words at the press conference and did not...

MARCH IS ALL BAKED IN

Today’s post will be short and sweet (much like Frank’s recipe). Last week’s hawkish Federal Reserve guidance sent the front end of the yield curve for a tailspin. In the process, the odds of a March hike went from less...

THE END OF CALM BOND MARKETS

Although the market is convinced the Federal Reserve will get aggressive with their rate hikes, I am not sure market participants have thought this through. Let’s not forget the Federal Reserve is sitting on the largest balance sheet in history....