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 185 was recorded on September 19, 2019. I'm Eric Townsend. This

episode of Macro Voices is brought to you by top traders on plug.com, the only podcast

dedicated to quant and rules based investing, which I highly recommend.

Glusskin Chef Chief Economist David Rosenberg, author of the Breakfast with Dave Newsletter,

is back as this week's featured interview guest. David and I will discuss the equity

market including this week's blow up and overnight repo rates, the economic outlook,

bond yields, precious metals, and much more. And be sure to stay tuned for our post-game

segment after the feature interview when Kevin Muir will join us for a discussion about

recent disturbances in the market including both this week's repo rate blow up and

last week's massive dislocation between value and growth.

And I'm Patrick Sarasna. Now, Eric, the S&P 500 seems to be working its way back to

its 52 week highs in the post-FOMC. What's your thinking? Are we going in new highs here?

Oh, I think so. I mean, look at it this way. Powell has finally admitted what was already

obvious, but it's significant that he admitted it, which is the Fed is going to return to QE

as needed to support markets if there's a problem. So it's no surprise, but it's still instructive,

I think, nonetheless, that it's all about the Fed put. If it's clear that the Fed is going

to support the markets, then a lot of people think, well, why worry, the Fed's got our backs.

...