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 197 was recorded on December 12, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on plug.com, which happens to be my favorite

podcast when it comes to quant and rules based investing. It's FOMC Week and JDI Research

Founder Juliet Toclerk is back as our feature interview guest. Juliet will help us decode

the FOMC statement and then we'll move on to Juliet's macro outlook and finally we'll

translate that view into actionable trading strategies. Then stay tuned for our post-game

segment. When Alhambra investment CIO Jeffrey Snyder will join us for a discussion about

Wave's credit-sweets analyst Zoltan Pozar made this week in his piece predicting more

trouble in the repo market before years end. And I'm Patrick Sarasna and now Eric let's

jump to the S&P 500 all-time new highs. What's your take on all of this? Well you know

as you say more all-time highs and the all-time highs of course today were reached as a direct

result of flipping from trade deal off again to trade deal on again for about the 163rd time.

I don't know I've lost track. If I look at the surface of the ocean here what I see here

Patrick is the melt-up is still continuing on. I don't see just looking at the price action

that there's any reason that we should be concerned. Now if you want something to be concerned

about the piece that's been getting all kinds of attention this week I've lost count of

how many emails we got from listeners asking us to cover it is Zoltan Pozar that's the

...