Market Depth

On today's edition of Boiler Room, Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "The Pension Funds Drama Explained". Leveraged bets, illiquid assets and pending liabilities have led to a UK pension fund crisis. How did pension funds end up in this tenuous state? Are US and European pensions next, and what does this mean for investment portfolios? Tune in to...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Frances Coppola to explain today's banking system and debunk the theory that money is "printed". Frances discusses the creation of money in the modern economy and how the money supply expands and contracts. We then explore the bank lending process, a bank's equity and what almost everyone gets wrong about bank reserves. Does gov...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled “Wait: Is It 2001 Again?!” This week, Alfonso draws parallels between the 2000 - 2001 period by looking at inflation, equities & bond market performance. As markets have caught many investors off guard this year, it’s important to look back throughout history to inform asset a...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Brent Johnson of Santiago Capital for a timely update on the US dollar milkshake. Throughout 2022 the US dollar has continued to climb higher against most currencies around the world, most notably the Japanese Yen, British Pound & the Euro. Many years ago, Brent outlined his dollar milkshake thesis stating that as long as the cu...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "FX Markets Are On Fire". In 2022, FX markets are back with a vengeance. For the last 20+ years, developed markets’ economic models were based on a two-tier system of globalization and credit creation. In 2022, as inflation continues to shock the global financial system, econo...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "Trust Me: It Will Be Enough". After this weeks FOMC meeting, as Powell reiterated his hawkish stance, markets struggled to price in Fed policy. With echoes of Mario Draghi's famous "whatever it takes" speech in July 2012, Powell highlighted to markets that "it will be enough"...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Brent Donnelly, President of Spectra Markets, for a discussion on FX markets. As the U.S Dollar wrecking ball keeps marching higher, just how is the currency landscape evolving in both emerging and developed markets. How important is energy in determining FX rates in 2022 with the backdrop of a global energy crisis affecting Eur...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by anonymous analyst Mr. Blonde for a discussion on the forces driving equity markets. Mr Blonde shares his thoughts on current financial conditions, the effect of a strong U.S Dollar on markets, the path forward for the Fed & what we would have to see to target 3200 on the S&P 500. But to hear that, you'll have to tune in! -- Foll...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "Putin vs Europe - The Long War". In June, Putin gave a speech on the global economy that began circulating social media over the weekend. In that speech Putin reiterated the point that ''The economy of imaginary wealth is being inevitably replaced by the economy of real and h...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "The Moment of Truth for Markets". Alf breaks down what is being priced in European & U.S bond markets after Jerome Powell's Jackson Hole speech and an upside inflation report out of Europe. After a clear market sell-off through the beginning of 2022, markets in recent months...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Jim Bianco of Bianco Research LLC. With global inflation rates at multi decade highs, Jim joins the show to discuss the “new era of inflation” we are entering. How will rising energy prices, secular de-globalization and a new work from home dynamic affect inflation in the future? Is the bond market incorrectly pricing lower infl...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "Fed Pivot My A*S”. We just heard Jerome Powell deliver a very decisive speech in Jackson Hole where he stressed that the Fed won’t be making another mistake: after underestimating inflation in 2021 and delaying the tightening cycle, they will not prematurely stop now. Alfonso...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Mark Dow author of behavioural macro, a former policy economist, prior hedge fund manager and self prescribed fiat enthusiast. Mark walks through the process of QE & QT and explains how most overestimate the effect they have on liquidity. Does QE actually have any effect on a banks appetite for risk? Alfonso & Mark then discuss...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "On The Art Of Macro Portfolio Construction". Many investors have a macro thesis, but how can you translate that into an actionable portfolio? Alfonso breaks down how he approaches portfolio construction by walking through his macro compass model and how these 4 quadrants can...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "Fading The Soft Landing Narrative". As CPI printed at 8.5%, market participants felt relief as many believe these are the early signs of inflation beginning to subside. On the back of a better than expected inflation report, markets began rallying as the market prices in a so...

On today's edition of "Boiler Room," Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "The Crazy Market Rally Explained". After a sharp decline in markets throughout 2022, many investors were caught off guard by the recent rally in equites. Is the bear market over? Should we expect a rally from here? "Hold your horses" says Alfonso. -- Follow Alfonso: https://t...

Rising star in the macro world, Srivatsan Prakash, joins Alfonso Peccatiello, to argue that the risk of a recession is elevated. Prakash looks at indicators such as the copper-to-gold ratio and the inversion of the yield curve to make the case that a prolonged economic slowdown might be in the cards. Alf and Sri discuss China, Canadian housing, why bonds might be an attractive way for investors to...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Imran Lakha for a discussion on Europe, the ECB and a deep dive into the options market.  With Nord Stream pipeline disruptions all throughout the week, Imran discusses the various mounting headwinds facing the European economy in 2022 from risk of recession, energy venerability and soaring inflation making the statement that "t...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Jeff Snider and Steve Van Metre of Atlas Financial. Jeff, Steve & Alfonso walk through some of the biggest misconceptions in our current monetary system. We discuss some of the emerging signs of a collateral shortage in the banking system, the current labor market, bank lending data and the inversion of the eurodollar curve. Jus...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Kris Sidial Co-CIO of the Ambrus Group, a volatility arbitrage focused firm founded in 2020.  With a significant equity drawdown throughout H1 2022, many investors expected a spike in volatility. However, the VIX remains suppressed at low levels suggesting a lack of fear in markets.  Kris joins the show to break down some of the...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Michael Kao, retired hedge fund manager and private investor, for a discussion on the many obstacles facing the Fed. Kao says "the genie is out the bottle" for inflation. As the Fed attempts to engineer a soft landing, will it be able to do so without causing a credit crisis? Historically, the Fed's track record of engineering a...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Warren Pies, founder of 3Fourteen Research. 2021 and 2022 saw commodity prices soar due to supply constraints — Warren walks through the supply and demand outlook throughout the back half of 2022. As China reopens, conflict in Ukraine continues, and commodity prices remain elevated, will a recession lead to a decline in commodit...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Brent Johnson of Santiago Capital for a discussion on the US dollar. Known for his popular dollar milkshake theory, Brent says the U.S dollar wrecking ball is wounding the global economy. Recession looms as markets continue their sell-off, financial conditions tighten, and emerging markets scramble to pay off dollar-denominated...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Michael Pettis for a discussion on China. Finance professor at Peking University’s School of Management and senior fellow at the Carnegie-Tsinghua Center for Global Policy, Michael Pettis worked on Wall Street from 1987 at notable firms such as JPMorgan, First Boston and Bear Stearns. With Pettis' expertise, he provides a deep d...

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Travis Kimmel for a wide ranging discussion from geopolitics to supply chains, the housing market and much more. If there is one thing to take away from this conversation, it would be that contrary to popular belief, cash is NOT trash. Travis walks listeners through the upcoming recessionary downturn we should expect to see thro...