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 186 was recorded on September 26th, 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. Harley Basman, the convexity maven,

joins me as this week's feature interview guest. We'll discuss the fixed income market in detail,

and then we'll review some more advanced trades that Harley just published on his website this week.

Be sure to stay tuned for our post-game segment after the feature interview when Patrick will have

yet another of his famous chart books for extended equity market analysis. And I'm Patrick Sarasna,

now Eric, the S&P 500 has at least after the option exploration, the quadwitching, started to kind

of roll over a little bit, but I wouldn't call this any heavy selling whatsoever. What's your thinking

on what the S&P 500 is doing here? Well Patrick, considering everything that's wrong in the world,

which is a long list, the president perhaps being impeached, although frankly I think that's political

theater, but a lot of people are taking it seriously. The repo crisis continuing to escalate,

there's lots of reasons to be concerned here, yet still we're just a stones throw away from

all-time highs. As you will hear on Macrovoises All Stars on Friday, Juliet DeClerk will make the prediction

that the Fed will announce QE4, another round of quantitative easing in the fourth quarter of this year.

Now if Juliet's right about that, of course she could be wrong, but if she's right, what have we

seen historically, always when the Fed announces more QE, the stock market rips higher, and I think that

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