Mind the Macro

Highs that Haunt: Margin and Markets


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In this episode, we unpack the latest FOMC meeting, the shifting dynamics in housing, Dow Theory signals, and the surge in margin borrowing. The Fed appears poised to cut rates three times in 2025, and for now, fears about its independence remain overblown. Yet the market backdrop is uneasy: margin debt and equity indices have both reached record highs, a pairing that has historically preceded sharp sell-offs.

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Mind the MacroBy Michael Roberts and Jeff Baldwin