Pro Macro: In Focus – Q4 Road Map, Macro & Markets
Published on: September 15th, 2022
With the spread between nominal GDP and rates extreme in US & Europe, something has to give. Relative moves in the components in the two regions will inform policy and markets. Hyper-financialisation makes stocks the “tail” wagging the macro “dog”. Below, a (bearish) framework allowing room for countertrend oscillation and some observations on bonds and FX.