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 Sarresna.

Macro Voices Episode 276 was recorded on June 17, 2021. I'm Eric Townsend. This episode

is brought to you by Abbex Technologies, pioneering the design of smarter markets that better

meet the needs of both market participants and society as a whole. And by escrow.com,

the world's most secure online payment system from a counterparty risk perspective because

the funds sit in escrow. Energy economist Dr. Phil Verleger, debuts

is this week's feature interview guest. Our past crude oil specials have focused on

oil production, rig and fracks bread counts, and comparative inventory. Dr. Verleger is

a formerly trained economist, not an oil man. So he'll give us a completely different

perspective on the economics of the energy industry, including his views on the coming secular

inflation. Then be sure to stay tuned for our post-game segment after the feature interview

when Patrick and I will examine the sucker punch the reflation trade just took from

the Federal Reserve. So if you're wondering what the heck happened to that beautiful

gold rally that looks so promising just a few days ago, stay tuned for the post-game

segment when we will tackle that question in full detail.

And I'm Patrick Sarasna. Now as Eric said, we're dedicating the entire post-game segment

to the hawkish fed surprise. But for the sake of guiding the rest of the market wrap, let's

start with the high level summary before we even dive into the stock market. So Eric,

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