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 225 was recorded on June 25, 2020. I'm Eric Townsend. This episode

of Macro Voices is dedicated to health care workers all around the world, the true heroes

of the COVID-19 pandemic crisis and is brought to you by toptradersonplugged.com, a podcast

dedicated to quant and rules-based investing, helping investors overcome behavioral biases.

Harley Basman, inventor of the Move Index, returns as this week's feature interview guest.

Harley and I will discuss everything from the recession outlook to the coming shift

from deflation to inflation and what it means for fixed income markets, Harley specialty.

Be sure to stay tuned for our post-game segment. When Patrick and I will play a game of breakout

or fake out, looking at gold, the euro, US dollar, stocks, corn futures, and a bunch of other

key financial instruments to discuss which ones are breaking out versus which ones or maybe

just showing some fake signs of a breakout. And I'm Patrick Sarasna. Now, Eric, before we get to

the markets, the coronavirus has moved back into the headline, what's going on here?

Well, indisputably, there's been a big surge in new infections. There's new cases

soaring across the United States and globally. The Houston intensive care capacity has been breached

causing the Houston hospital system to have to activate their overflow plan. Some people are

saying second wave is really not the right phrase to describe this because it's really not like

a second wave that came with the fall weather or something. It's really the first wave never

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