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 198 was recorded on December 19, 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. Bianco Research Founder and

regular Macro Voices listener Jim Bianco joins me as this week's feature interview guest.

We're going to take a deep dive into fixed income markets, including Jim's perspective

on Zoltan Pozer's thesis about a year-end dislocation in the repo market, potentially

forcing the Fed's hands and turning not QE into good old fashioned QE. Then stay tuned

for our post game segment. Patrick has prepared another of his fantastic chart books. This

time we're going to take a close look at skews in the option market and the opportunities

that they present both for protecting downside as well as speculating on upside. I'd also

like to announce our plans for the holidays. For the next two weeks, Macro Voices will

be released early on Tuesday mornings, December 24 and 31 to allow our listeners to enjoy

the podcast over the holidays. There won't be any post game segment for either of these

two holiday podcasts. Instead, we let our guests run long and we've got some really terrific

year-end interviews as a result. Petroleum geologist Art Berman kicks it off next Tuesday

with a Christmas crude oil special. And then Dr. Pipa Melmgren is on deck for New Year's

Eve with a fantastic interview exploring the ramifications and consequences of the

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