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Latest Issues

2025 Costanza Trades – LAST MIDDAY MACRO

This will be our last Midday Macro newsletter for the foreseeable future. I will be joining Bloomberg as a macro strategist at the beginning of January.

It’s been an interesting experience writing this newsletter (of which we have publishe...

a year ago
3

The Melt Up Continues: Falling Volatility Keeps Equities and Rates Well Bid

  • Falling market volatility due to more balanced data, a still dovish leaning Fed, and reduced headline noise keeps the melt-up in equities and rates alive and well

    • Next week’s inflation data will be less impactful to the Fed’s Decembe...
a year ago
3

The Trump Trade Resumes as Markets Navigate Increased Headline Volatility

  • Trades that did well into and immediately following the election resumed their outperformance this week as the initial uncertainty from Trump’s cabinet picks fade

    • However, increased geopolitical worries will continue during the trans...
a year ago
3

You Reap What You Sow: Is Trump 2.0 Stagflationary?

  • The people have spoken, and Trump 2.0 may usher in a more stagflationary America versus the RoW if the majority of campaign-promised policies come to light

    • Risk sentiment has cooled this week as the growing level of policy uncertaint...
2 years ago
6

The Unlikely Resilience of Risk Appetite

  • The melt-up in U.S. equities continues as growth and inflation trends support risk sentiment

    • “Trump Trades” may be stretched with the election still too close to call, and as a result, it is unclear how much of the expected year-end...
2 years ago
4

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  • Michael Ball, CFA, FRM

    My name is Michael Ball and I’m a macro analyst/consultant focused on markets, policy, and geopolitics. Previously a macro analyst for a boutique research shop, asset allocator, and member of the Markets Group at the NY Fed during the GFC.

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