RenMac Off-Script: Memorandum of Misunderstanding
About this episode
The episode discusses the unwind in the momentum trade and various economic factors influencing the market.
RenMac breaks down the vicious unwind in the momentum trade, why a low headline VIX is masking the highest single-stock dispersion the team has ever measured, and how a cooler CPI print does little to stop the Fed conversation from tilting toward a September hike, with inflation, not growth, now owning the reaction function. The team also discusses rising Strait of Hormuz tensions and elevated oil, a looming 25% Brazil tariff, Korea's AI-driven rate hike, yen intervention risk, and the Washington theater around Fed leadership and congressional stock-trading rules.
More episodes of RenMac
- RenMac Off-Script: Redistributing the Oxygen*
- RenMac Off-Script: State of the Fed Disunion
- RenMac Off-Script: Flying Blind
- RenMac Off-Script: Warsh Lets the Hawks Fly
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