Macro Voices

Michael Every discusses Trump's geopolitical strategy including the Ukraine-Russia summit, arguing the US is implementing a grand macro plan involving stable coins, Fed policy changes, and strategic pivoting to Asia while forcing Europe into economic subordination.

Ole Hansen from Saxo Bank discusses commodity markets, highlighting strong precious metals performance, oil market uncertainty, and significant disruption in copper markets due to Trump's tariff policies. He argues the markets are positioning for a potential new commodity supercycle driven by electrification and energy transition demands.

Chief economist Daniel Lacalle discusses trade negotiations being 75% complete, predicts continued bull markets driven by global rate cuts and money supply growth, and analyzes energy, copper, and currency market dynamics from a European perspective.

Lynn Alden argues that fiscal policy now dominates monetary policy, making persistent deficits and a 'run it hot' investment approach essential for current market conditions. She expects continued large deficits regardless of political rhetoric and recommends positioning portfolios accordingly.

David Rosenberg argues that despite market optimism about resolved geopolitical tensions and economic strength, fundamental indicators suggest the U.S. is likely entering a recession. He advocates for bonds over equities, citing unsustainable valuations and an equity risk premium of zero.

Vincent Deluard argues that the MAGA movement has declared war on corporate America through targeted taxation policies while protecting personal income, predicting margin compression and a shift away from US markets by foreign investors. He also discusses the cancellation of recessions through structural fiscal stimulus and expects a market correction in July.

GAVCAL co-founder Louis-Vincent Gave discusses the recent Trump-China trade deal developments, arguing that the world is experiencing capital flight from the US to other markets amid policy uncertainty, with stealth bull markets emerging globally while the US underperforms.

Luke Gromen argues that Trump's tariff policies represent a fundamental shift away from the dollar-centric system, forcing countries to redirect dollar surpluses into real assets rather than financial markets, which will drive gold prices significantly higher as it becomes the neutral reserve asset replacing treasuries.

Daniel Lacalle discusses European perspectives on Trump's tariffs, warning of stagflation risks and unsustainable debt levels in both the US and Europe. He argues that the current monetary system faces three critical limits and predicts potential shifts in global reserve currency dynamics.

Hedge fund manager Mike Alkin argues that despite bearish uranium spot prices, the structural supply deficit remains intact with term prices at 17-year highs. He contends that spot markets (26% of trading) are dominated by traders while utilities contract in term markets (75% of trading) where real supply-demand fundamentals show chronic shortages requiring $90-120/pound uranium to incentivize new production.

Lynn Alden discusses the shift from liquidity-driven to headline-driven markets due to Trump's shock-and-awe approach, advocating for international diversification while remaining bullish on gold, Bitcoin, and nuclear energy renaissance under Chris Wright's leadership.

Tian Yang discusses how Trump's policies create a challenging macro environment with sticky inflation above target, trend-to-below-trend growth, and high volatility. He argues Trump is repeating Reagan's playbook using trade policy for reshoring, while the Monroe Doctrine is returning to geopolitics with localized spheres of influence.

Michael Every discusses Trump's recent diplomatic moves with Ukraine, trade policies including tariffs on China, Canada and Mexico, and four major executive orders reshaping US strategy. He argues this represents a coordinated 'grand macro strategy' focused on containing China while building a coalition of US allies.

Jeff Snider discusses the Mar-a-Lago Accord proposals to reform the global monetary system, arguing that while the willingness to pursue radical change is positive, the current approach misunderstands the root causes of dollar strength and would likely fail to achieve its goals.

Darius Dale discusses his systematic macro framework focusing on sticky inflation, fourth turning dynamics, and Trump's policy implications. He argues inflation will bottom around 2.6% and trend higher throughout 2025, challenging the Fed's 2% target, while analyzing the 'Triple S' risks from policy changes.

Rory Johnston discusses oil market fundamentals entering 2025, arguing that despite Trump's drill-baby-drill rhetoric, proposed tariffs on Canadian and Mexican crude would significantly disrupt U.S. refining operations since these heavy crudes are essential for blending with U.S. shale oil. He sees modest supply deficits continuing with gradually higher prices.

Rabobank strategist Michael Every discusses how Trump's return to presidency will bring massive volatility as he shifts from traditional economic policy to 'economic statecraft' - using economic tools to achieve foreign policy and national security goals rather than just economic targets.

Isabella Kaminska discusses her transition from financial to political journalism, arguing that markets are missing signals because information must reach mainstream acceptance before being priced in. She compares the current Western stagnation to the Soviet Union's decline and predicts a reform cycle requiring both transparency (glasnost) and structural changes (perestroika).

Luke Gromen discusses his 2025 outlook, warning of near-term market turbulence due to dollar strength and rising treasury yields, followed by eventual dollar weakening policies. He emphasizes critical risks from the incoming Trump administration's DOGE spending cuts if implemented before addressing debt-to-GDP ratios.

Copenhagen Atomics founder Thomas Jam Pedersen discusses why advanced Generation 4 nuclear reactor designs are necessary to replace fossil fuels, arguing that conventional 1950s nuclear technology cannot scale to meet energy transition needs. He explains how molten salt reactors using thorium fuel could enable mass production and dramatically reduce energy costs.