1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Bond Market as Primary Equity Threat: Higher bond yields and potential further rate hikes present the #1 clear and present risk to the stock market rally [00:01:52].
• Monetary Policy Pivot: The interest rate market flipped from expecting multiple rate cuts to pricing in up to four interest…

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Fed Policy & Market Overpricing: The Federal Reserve's September rate hike was justified due to annualized month-over-month inflation running near ~3%, well above the ~2.5% target. However, money markets are currently overpricing the ultimate extent of rate hikes due to embedded risk premia around new leadership and persistent geopolitical energy…

Note: Recorded on August 13, 2026

Summary of Discussion on the Economic Impact of AI

Sharmin Mossavar-Rahmani and Jan Hatzius discuss the economic impact of artificial intelligence in the United States, emphasizing that the transition is a gradual, long-term structural shift rather than an immediate revolution 00:00.

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Market volatility is structurally shifting due to changing fiscal dynamics and liquidity constraints in fixed income markets [00:00:15].
• Federal Reserve rate cuts may prove less accommodative than historically expected as terminal rate expectations re-anchor higher…

Note: Filmed on August 26, 2026

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Six-Month Strait of Hormuz Closure & Market Resilience: Despite six consecutive months of the Strait of Hormuz being closed, global energy markets have remained unexpectedly resilient due to adaptive supply rerouting and protective measures, holding prices in a tolerable range…

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Strong Earnings Certainty Drives S&P to All-Time Highs: Q2 S&P 500 earnings beat expectations with 64% of companies exceeding estimates by >1 standard deviation, lifting 2027 consensus EPS expectations to $390–$400 [00:01:06].
• Skepticism and Discernment in AI Trades: AI-related beaters…

Note: This episode was recorded on Monday, August 3, 2026.

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• AI Debt Supercycle: AI infrastructure CapEx is driving a structural regime shift in corporate credit, with hyperscaler debt issuance expanding from $108B in 2025 to $194B YTD in 2026 [03:05].
• Macro Index Shift: AI-driven issuance…

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Coordinated FX intervention by the US and Japan hits a market positioned with near-record speculative short JPY contracts (~180,000 contracts), mirroring the positioning vulnerable setup of July/August 2024 [00:00:16].
• Fundamentally, JPY is unlikely to appreciate to the degree seen in 2024 due…

Here is a detailed, structured synthesis of the discussion between Tony Pasquariello, Dominic Wilson, and Joshua Schiffrin from Goldman Sachs:

Executive Summary

Despite strong macro headlines (S&P 500 up double digits, robust GDP, low unemployment), market participants face significant under-the-surface churn, severe momentum factor reversals, and rising single-stock volatility…

Note: Recorded on July 20, 2026.

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Labor Market Resilience Overpowers Oil Shocks: Despite Middle East conflict and rising oil prices, US job growth abruptly accelerated over the past 4 months, moving above the ~50k–60k/month breakeven threshold required in a low-immigration environment…

Note: Recorded on July 8th, 2026.

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Emerging Market (EM) equities delivered standout outperformance over the past 18 months, more than doubling the returns of the S&P 500 [00:00:03].
• Corporate earnings growth across EM is projected to reach 55% in 2026, more than double the 24% forecast for…

1. Executive Briefing (TL;DR)

• The Core Thesis: The US equity market is facing an exceptionally high fundamental and pricing hurdle heading into the earnings season, characterized by low index correlation and elevated single-stock volatility. Meanwhile, the massive capital expenditure required for the multi-year AI buildout is causing noticeable shifts in the corporate credit markets, widening spreads for…

This edition of The Macro Call, hosted by Mark Wilson, Head of EMEA Equities Hedge Fund Coverage and Equities Franchise Sales, features a deep dive into the current state of equity markets with , Head of EMEA Equites Flow Intermediation. The discussion centers on the massive, ongoing buildout of AI infrastructure and the critical need for market participants to see tangible returns on investment (ROI).

**Key…

Date of recording: June 29, 2026## 1. Executive Briefing (TL;DR)

• The Core Thesis: US macroeconomic growth remains highly resilient to recent geopolitical and financial shocks, driven by structural momentum in manufacturing, AI infrastructure build-outs, and a steady labor market. Concurrently, persistent sticky core inflation is projected to keep the Federal Reserve's target interest rates higher for…

1. Executive Briefing (TL;DR)

• The Core Thesis: The US dollar's strength is sustained by strong corporate earnings, structural dynamics like the "AI trade," and widening real rate differentials as foreign central banks lean more dovish relative to a data-dependent Federal Reserve. While structural shifts toward global reserve diversification exist, the dollar's supremacy remains unchallenged in the near…