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Macro Is Dead

Peter Farac

A detailed obituary to macro trading. A deep-dive into when, why and how it died.

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Latest Issues

Recent posts by this newsletter. Browse the email archive.

Tariffs that reshore must create inflation

Will tariffs push up costs for US consumers and drive inflation higher? This seems to be the only question markets seem to care about, despite being entirely unrelated to whether the implementation of tariffs is a success or a failure.

2 months ago
37
1

Low unemployment is a European mirage

Mario Draghi’s report on European competitiveness won’t contain anything of substance for those who are students of the European economy. It could have been written 10 years ago, with the only meaningful changes being the lamenting over Eur...

4 months ago
39
11

Why equities love the death of the business cycle

The levers and tools that are meant to rescue economies from the depth of recession are currently being used to smooth and extend expansionary business cycles. Emergency tools and their pre-emptive use have been normalised to avoid any poss...

6 months ago
49
11

As a portfolio allocation, bonds really suck right now

To put it bluntly, it is costing you money to be long bonds. This may not be immediately obvious looking at a chart of the 2-year or 10-year bond yield, but I can guarantee you it is.

8 months ago
52
6

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Authors

The writers behind this newsletter.

  • Peter Farac

    Macro trader, teaching and thinking differently about macro-economics.

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