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 Sarrezna.

Macro Voices episode 266 was recorded on April 8, 2021. I'm Eric Townsend. This episode

is brought to you by ABIC's technologies, pioneering the design of smarter markets that

better meet the needs of both market participants and society as a whole.

Jesse Felder returns as this week's feature interview guest, Jesse sees inflation on

the horizon, but don't worry, we really do have more deflationists booked in coming

weeks. And Jesse has quite a bit to say about macro risk factors and where the S&P 500

may be headed next. Then be sure to stay tuned for our post game segment when Patrick's

chart deck will be titled Time for Gold. And I'm Patrick Sarrezna and I'm Eric. Let's

jump to the S&P 500 continues to crawl higher. We almost got up to 4,100. What's your

take on where we're standing in the markets today?

Well, sure enough, another all time high day on podcast day, Thursday for two weeks in

a row feels like the new normal economy once again. No change to my outlook, Patrick. I

think all of the arguments for why valuations are overdone and overcooked and so forth

here all make perfect sense. But frankly, I think what we have in progress is a crack-up

boom and I think markets could move a whole heck of a lot higher from here. Straddles

are the way to play this. We've talked about that before in previous episodes.

All right. Well, let's move on to that US dollar index because we've been giving back

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