Micro to Macro Podcast

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If you are a recent subscriber and would like a 30 day trial, please email me at bcknapp@ironsidesmacro.comWhat we learned from the first week of 2Q earnings seasonDespite it being early in 2Q19 earnings season, we have seen evidence supporting three of our secular and one our key cyclical macroeconomic trends.  The secular themes are bank deregulation, a software investment boom and disruption of the disrupters.  Our cyclical theme that the stock market has correct, but bond market and central bank have wrong, is the developing recovery in US manufacturing as the inventory destocking process runs its course.  Meanwhile Bob Gordon disciples were grabbing headlines claiming it is different this time, productivity is not recovering and the US Treasury curve will join Europe and Japan into negative rates and a liquidity trap.  Before we get to a discussion on the ‘natural rate’ of interest that central bankers have renamed r*, earnings season is providing plenty of micro data points consistent with our macro views. Barry C. KnappManaging PartnerIronsides Macroeconomics LLC908-821-7584https://www.linkedin.com/in/barry-c-knapp/@barryknappThis institutional communication has been prepared by Ironsides Macroeconomics LLC (“Ironsides Macroeconomics”) for your informational purposes only. 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