Interview: "Forward Marginal Guidance" with Mike Ippolito and Jack Farley.

What a treat to talk to two of my favorite podcasters on today's FOMC, the Yield Curve and past Bear Steepenings, Inflation, USD Wrecking Ball, implications of H4L on broader Risk Assets, etc.

In this far-ranging discussion with two of my favorite podcasters we cover:

• Powell's FOMC press conference

• The recent Bear Steepening and its impacts on other sectors

• Relative US Economic Resilience and why that leads to a resurgence of the USD Wrecking Ball

• Long/Short Duration Strategies

YouTube:

Apple Podcast:

Spotify:

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Show Notes:

Here are the relevant posts I referenced in order of our conversation:

Why US Economic Resilience will force the Fed to break RoW:

Here is an updated 2s10s comparison between the US and RoW that I referenced:

Revisiting Bear Steepening:

This is the comparison of the current Bear Steepener with the 1979-1982 Bear to Bull Steepener:

This is the original Bear Steepener Thread I wrote last summer:

With respect to how I am positioning for the transfer of wealth from Long Duration Assets to Short Duration Assets:

Here is an old Thread that explains the concept of DURATION across the Capital Structure and why it’s important to focus on Assets with higher weighting to CURRENT CASH FLOWS vs. TERMINAL VALUES:

The ingredients of the Wage Price Spiral are already HERE:

I remain perplexed and skeptical that this Risk Rally can hold in light of what we heard from Powell:

We covered a ton of ground and ended with an interesting Macro look at broad Asset Classes across the Capital Structure.