Comments
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DWCan anyone point me to a good resource on identifying the phases of the business cycle? She used the exact same terminology as Alex Gurevich, i.e. late cycle, inflation scare regime. It seemed like they were talking about the same cycle but came to different conclusions.
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JLCurious to know if most macro investors are in the late cycle band wagon. Is this already a crowded trade?
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DCGreat work as ever Juliette. Loving your work. I like the approach and that you are not nailed down to certainties or wedded to old market maxims or ideas. Finance evolves therefore stay nimble and watch for late cycle signs. Personally, I like ISM below 50 and US Civilian un Employment crossing above its 12m moving average. Give you a 3m plus signal of recession. Let’s also not forget that simplistically, rate hikes by the Fed are price increases in the cost of money. Yield up, price down just like any fixed income instrument. There will be no dollar shortage either like Raoul etc postulate. Under MMT, demand for Dollars is met with instant supply. Hiking and QT are inflationary so as long as central banks keep hiking then expect inflation rates to increase.
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DVAnyone else catch her wry smile she she said "Trump's fiscal package"? Love her brain, one of the best interviews posted yet and it's also really nice to see more female finance professionals on RealVision! highly recommend her JDI Research service, great job all around!
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FLiked her philosophy of combining a fundamental view with the charts to determine a trade,useful and practical.Not sure I agree with the view that the EU is not leveraged and I think she is a bit optimistic on how the Italy situation works out. Being more selective in EM makes a lot of sense and probably selectivity is a good manta for 2018-2019.
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FHI did not understand everything, but think her presentation was very good and clear. Have to read the transcript.
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AFReally deep insight, what to look for when things turn and why. Thanks RV and Juliette.
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fTher call, is that real yields go higher. Isn't this true by definition as fed hikes?
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fTwhat are the rates she mentions that affect the real economy?
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JMTop notch! Thank you RV for bringing Juliette on - massive value added! Thank you Juliette for sharing your views! Will check out your Website - really like your approach, since you trade your views, as well. That makes a huge difference to me, since my opinion is that once you have a real position, you get a real feel for the markets you are in.
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AHshe s brilliant..def bring her back..love her trade focused appraoch
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WEIgnore Juliette at your portfolio's risk. She loves trading and is wicked good. Macro Voices has had her on couple of time in past 6 months or so... most recently last week. Recommend you follow her on Twitter. Thanks Juliette.
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TE"Better a good chart than 10 page waffle" - true words everytime. Great presentation Juliette.
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BSStellar..bring her back on AIF.
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GBHigh value add. Really appreciate her insights. More like this. Thank you.
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TTMagnifique. A visible interviewer would only slow the torrent of data.
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JWExemplary content. Please let us have more like this.
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SPThnx Juliette for an excellent presentation. To our mate Milton - the short explanations flashed on screen for viewers not familiar with some of the financial jargon used was superb. Instead of having to stop the vid., chase up an explanation via other sources then come back to the vid (and often losing the thread somewhat), the note keeps the whole narrative evolving. Invaluable !
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VVAbsolutely love Juliette's thought process and her ability to link her macro view to tactical trading opportunities. Clear, concise and thoughtful analysis. It has been a privilege to have access to her - please make her a regular guest. Thank you RV and Juliette.
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DSIs financial stability a stable economy and monetary aggregate or an ever increasing stock market? Wall Street and Main Street are often at odds. I hope the financial stability refers to Main Street. DLS
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NIJuliette is awesome, however I don't agree with her US tight labor narrative. US labor participation is at a 40 year low. The average US employee hasn't had a raise in real terms (or maybe at all) in years and most fear more layoffs. If US employers ever stop the buybacks, layoffs, outsourcing and other financial machinations and start investing in people again, there will be no shortage of applicants. Sure, we can continue to proclaim there is a shortage of [slave] labor (well, duh), but that's all it is and the declining US standard of living strongly supports this.
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RMFrom the opinions of a range of experts recently, I don't see China growth bottoming soon. And reliance on the OECD CLI for China is impossible given it is revised on every issue. Secondly, I don't see DXY falling on a global growth cycle slowdown given ROW has a higher beta to US growth ie: ROW slows faster than US in downturns (and VV).
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JH...but that could prove a risky proposition.
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JH...in effect, what doesn’t show up this month may show up next month or the month after. The only issue I see with her approach is that tactical traders think they can unwind positions in time — but g
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JHExcellent presentation and commentary — her approach seems very wise to me. The credit impulse chart was very interesting, but the rates of change when you look at past events were so high that, in ef
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DSExcellent presentation. The elephant in the room for me is the total world debt, specially US debt. Like the Nixon era, Congress is doing everything in its power to make the economy as robust as possible for the next election. Most of the benefits of the tax cuts and federal budget spending occur in the 2018. The trillions of dollars of deficit spending added to the already monstrous debt will become important at some point. I would like to hear Ms. Declercq analysis of possible outcomes. At some point the market will dictate interest rates irrespective of CB actions around the world. DLS
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tWLate cycle like Alex Gurevich
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HOBig fan of her analytical process, and listening to her analysis always stimulates new ideas. Thanks RV.
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CDBig Juliette Declercq fan!!!!!!!
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HShe has gut and convictions backed by real data.
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KKI recall that the charts from the video used to be added to the transcripts as well, however, don't seem to see this anymore. Would be good to bring this back as I have found myself having to switch between the transcript and the video every time a chart was shown.
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AHsome amazing content. Second person to reference the flow of funds out of the US in the next "year". I think this may be one of the key macro events in the near term, and allow for some of the best (macro) trade set ups in a while.
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KSFINALLY
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PBThank you very much Juliette!
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ASreally enjoyed listening to her thoughts here
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SRHave to admit I'm a big JD fan, I very much like her thought process, and is more often right than not. Echo Williams E's points below - follower her on Twitter and from time to time on MacroVoices podcast. I would definitely like to see more from Juliette in the future.