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 305 was recorded on January 6, 2022. I'm Eric Townsend, happy new year.

This episode is brought to you by Abbex Technologies, pioneering the design of smarter markets

that better serve the needs of both market participants and society as a whole. And

by Masterworks, the billion dollar alternative investment platform that lets you invest

in art by legends like Warhol and Picasso for a fraction of the cost.

Grant Williams returns as the first feature interview guest of the new year. We'll

step way back and talk about the big picture. Starting with the predictions we both made

after the great financial crisis and how history took a different path, along with what

lays ahead and what we're going to discover as we find out whether inflation is really

set to be transitory or secular. Then be sure to stay tuned for our post game segment

when Patrick's Chart Deck is titled Talking Charts.

And I'm Patrick Sarresna, Eric. Let's just jump straight into this. The S&P 500 was looking

very bullish, new fresh highs, holding up along all the gains and then the FOMC comes

out and we have a pretty decisive drop yesterday on the downside. Do you think this is a meaningful

trend reversal or buy undead? Well, for now it seems like they're buying the dip. The

thing that I find interesting Patrick is what really brought this about so far as I can

tell is just changes and expectations that maybe what the Fed is signaling is a slightly

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