Andy Constan joins Financial Issues to clarify why he thinks monetary markets are irregular. With credit score spreads extraordinarily tight, the yield curve flat, and an costly inventory market, Andy estimates that each one property are costly to money and that monetary markets are required to return to regular to ensure that inflation to return to regular. Recorded on November 26, 2024.
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Timestamps:
00:00 Intro
01:03 The Monetary Markets Are Extraordinarily Irregular
04:11 Lengthy-Time period Bond Yields, Not Brief-Time period Curiosity Charges, Are What’s Driving The Financial system
10:51: The Yield Curve Is Nonetheless Abnormally Flat
12:34 Andy’s Views On What “Regular” Is For Shares And Bonds
19:49 A Return To Regular Does not Require A Steep Promote-Off In Equities
22:59 Correlation Between Shares And Bonds
28:12 However Is not Cash Nonetheless Costly??
29:49 Andy’s Pushback: Traditionally Tight Does not Imply Tight
42:24: Inventory Market
52:35 MicroStrategy ($MSTR)
01:01:36 Why Arbitrage Funds Are Shopping for MSTR Convertible Bonds
1:18:02 Andy Summarizes His Macro Views
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