This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices Episode 178 was recorded August 1st, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on blog.com. The only podcast dedicated

to quant and rules-based investing, which I highly recommend. Bloomberg Markets Live

Blog Chief Mark Cudmore joins me as this week's feature interview guest. We'll discuss global

and US growth trends. Why markets turn bearish on the stock market, bond yield outlook,

commodities, and much more. Be sure to stay tuned though for our post-game segment after the feature

interview. When former Dallas Fed insider Danielle D. Martino Booth joins us for extended FOMC

coverage. And I'm Patrick Sarasna and Eric. Let's talk about this roller coaster ride in the

markets. Now before we even get to the S&P 500, let's start with the bigger picture of you

of the major events that happened this week. Well Patrick, we had two really big market events

this week. One widely anticipated, one not anticipated. So let's start with the widely anticipated

event. Obviously was the FOMC statement, which came out on Wednesday afternoon. Now it was already

widely expected that they would cut 25 basis points. That's exactly what they did. No surprise

there whatsoever. The thing is, most people were thinking of this is the beginning of a new

rate-cutting cycle. And Jay Powell went out of his way in the press conference to describe it as

a mid-cycle adjustment implying that it's not the beginning of a new cycle. It's an adjustment in

what perhaps is still a continuing rate hiking cycle. That's what spoke to the market. And we got a

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