Market Depth

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Hugh Hendry host of the "Acid Capitalist" podcast. Hugh spent 15 years, from 2002 - 2017, as CIO of his macro hedge fund Eclectica Asset Management. Since closing the fund in 2017, Hugh now resides in Saint Barthélemy investing in luxury hotels, surfing & thinking about markets.

Providing his outlook for markets throughout 2022, Hugh predicts smart money will soon wake up and price in the "mother of all economic recessions". Hugh goes on to explain how the U.S dollar system is broken in it's current state but to hear that, you'll have to tune in!

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Timestamps:

(00:00) Introduction

(00:47) Drawing Historical Parallels To Todays Market

(04:16) Is There More Pain To Come In Markets?

(06:51) Are We Facing A De-Leveraging

(13:24) Money & Inflation

(20:10) The Fed Does NOT Create Money 

(26:23) Central Banks Are Trapped

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Disclaimer: Nothing discussed on Boiler Room should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Patrick Perret-Green otherwise known as PPG Macro. With decades of experience as an analyst, strategist & trader, Patrick describes the most important metrics he uses to follow market projections.

With more than $25 Trillion being wiped out from markets already as the Fed embarks on it's tightening cycle, Patrick walks listeners through his "one chart to rule them all", sharing his outlook for markets in this environment. To hear his outlook, you'll have to tune in.

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Follow PPG Macro: https://twitter.com/PPGMacro

Follow Alfonso: https://twitter.com/MacroAlf 

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Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Referenced In The Show: 

Carvana Lays Off 2,500 Jobs; Informs Workers Through Zoom Call: https://bit.ly/3MFRsud

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Timestamps:

(00:00) Introduction 

(00:44) Reserves At Federal Reserve Banks

(02:25) How Do Reserves Drop If QT Hasn't Started

(07:50) Stress In Collateral Markets

(15:23) Outlook For Growth & Inflation

(21:55) Risk/Reward In Todays Markets

(31:29) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's edition of “Boiler Room,” Alfonso Peccatiello is joined by Maroon Macro, global macro hedge fund analyst and author of the "Monetary Mechanics" substack. With a speciality in financial plumbing and economic history, Maroon Macro offers listeners a true masterclass in money.

Walking us through how our monetary system actually works, Maroon covers banking, bank reserves, the limitations of the Federal Reserve, quantitative easing, and the use of collateral.

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Follow Maroon: https://twitter.com/Maroon_Macro

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Subscribe To Monetary Mechanics: https://maroonmacro.substack.com/

Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Referenced In The Show:

Basel III: international regulatory framework for banks: https://www.bis.org/bcbs/basel3.htm

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT: https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf

Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System - Zoltan Pozsar: https://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdf

Timestamps:

(00:00) Introduction 

(00:51) What Is Money?

(05:49) The Limitation of The Federal Reserve

(11:26) What Are Banks Doing With Bank Reserves?

(12:49) Is QE Inflationary?

(17:16) Bank Reserves Effect On Asset Prices

(22:17) The Hierarchy of Collateral

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Disclaimer: Nothing discussed on Boiler Room should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today's edition of “Boiler Room,” Alfonso Peccatiello is joined by Mr Blonde, anonymous analyst and writer of the "Stuck In The Middle" substack. Taking a break from diamond heists and bank robberies, Mr Blonde joins Alf to discuss the cyclical forces driving the 2022 bear market.

Drawing comparisons between previous Fed hiking cycles, Mr Blonde correctly predicted the current bear market. He then walks listeners through all the indicators he uses to predict market action, focusing on the business cycle.

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Referenced In The Show:

Don't Fight the Fed: https://stuckinthemiddle.substack.com/p/dont-fight-the-fed?s=r

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Follow Mr Blonde: https://twitter.com/MrBlonde_macro

Follow Alfonso: https://twitter.com/MacroAlf

Follow Blockworks: https://twitter.com/Blockworks_

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Subscribe To Stuck In The Middle: https://stuckinthemiddle.substack.com/

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

00:00 Introduction

00:35 Powell's Recent Comments

02:16 Tightening Financial Conditions

19:41 Fed's Reaction To A Strong Dollar

22:57 The Housing Market

On today's edition of “Boiler Room,” Alfonso Peccatiello is joined by Eric Basmajian, founder of EPB Macro Research. With a focus on cyclical and secular cycles in the economy, Eric joins the show for a deep dive into the housing market. He shares with listeners the indicators that allowed him to foresee the slowdown in economic growth that most investors are just now beginning to price into markets.

Eric also looks in depth at over indebtedness, collapsing birth rates and an aging population — what could these issues spell for the Fed's response, markets, and specifically risk assets? You’ll have to listen to find out.

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Referenced In The Show:

Read Housing IS The Business Cycle: https://www.nber.org/papers/w13428 

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Follow Eric: https://twitter.com/EPBResearch

Follow Alfonso: https://twitter.com/MacroAlf

Follow Blockworks: https://twitter.com/Blockworks_

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Subscribe To EPB Macro Research: https://www.epbmacroresearch.com/

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(00:00) Introduction

(00:37) What's Happening In The Housing Market?

(05:07) Effect of Demographics On Housing

(12:10) Consequences of Quantitative Tightening

(22:47) The Economy Is Over Indebted

(24:58) Trouble For Risk Assets?

On this Tuesday's edition of “Boiler Room,” Alfonso Peccatiello is joined by Viktor Shvets, head of global and Asia-Pacific strategy and managing director at Macquarie Group. With an investment banking career almost four decades long, Viktor shares his insights at the nexus of finance, technology, politics and history.

Will the Fed will be able to carefully navigate its current rate hike and tightening cycle, or will it have to reverse its policy? Viktor walks us through his perspective on the situation. He also speculates on what the Fed's actions throughout 2022 spell for markets and other areas of the economy. To find out more, you'll have to tune in!

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Follow Viktor: https://twitter.com/ViktorShvets

Follow Alfonso: https://twitter.com/MacroAlf

Follow Blockworks: https://twitter.com/Blockworks_

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Read The Great Rupture: https://rb.gy/i66gyh

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(00:00) Introduction

(00:55) Viktor's Market Outlook

(05:19) Will The Fed Get Their Soft Landing?

(10:28) Trouble In Forex Markets: Japanese Yen

(15:48) Unpacking The R-Star

(24:11) Will Central Banks Have To Reverse Their Policy?

(29:09) Regime Change Is Overhyped

On this Friday's edition of Boiler Room, Alfonso Peccatiello is joined by Andy Constan CEO/CIO at Damped Spring Advisors. With over 30+ years of experience working at some of the largest funds in the world such as Bridgewater, Brevan Howard & Salomon Brothers; Andy provides a deep dive into the often misunderstood financial plumbing to help investors navigate the Fed's quantitative tightening program. 

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Follow Andy: https://twitter.com/dampedspring

Follow Alfonso: https://twitter.com/MacroAlf

Follow Blockworks: https://twitter.com/Blockworks_

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Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Subscribe To Damped Spring: https://dampedspring.com/

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

00:00 Introduction

00:32 Quantitative Tightening

04:32 What Happens When The Fed Stops Buying Bonds?

08:30 Risks vs Rewards Between Bills & Bonds

14:06 The Reverse Repo Facility

21:22 Quantitative Tightening Could Spell Danger For Markets

24:33 Is Quantitative Tightening Priced In?

27:44 Fiscal Handout's Throughout 2022

30:19 Risk Management

Blockworks is proud to present a new podcast with Alfonso Peccatiello, co-host of “The Macro Trading Floor.” Each week on “Boiler Room,” Alf interviews the top names in finance to help you maneuver markets.

In the debut episode, Alfonso is joined by Brent Donnelly, president of Spectra Markets and author of “Alpha Trader” and the AM/FX newsletter. They discuss the recent weaponization of the US dollar and whether this trend will accelerate de-dollarization. Brent also shares some of his medium-term outlooks for FX markets and explains how to position trades around uncertain outcomes. But to hear about that, you'll have to tune in!

Read Brent's piece "Death of the dollar" - https://www.macrodesiac.com/death-of-the-dollar/

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Follow Brent: https://twitter.com/donnelly_brent

Follow Alfonso: https://twitter.com/MacroAlf

Follow Blockworks: https://twitter.com/Blockworks_

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

Subscribe To Spectra Markets: https://www.spectramarkets.com/

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(00:00) Introduction

(00:32) Weaponization of The U.S Dollar

(07:29) Why Is The Dollar The Reserve Currency

(13:50) FX Market Outlook

(23:01) Positioning A Short vs Long Term Trade

(28:11) Final Thoughts: Trading Tips