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 312 was recorded on February 24th, 2022. I'm Eric Townsend. 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. Nomura's head of cross asset macro

strategy, Charlie McKennaugget returns as this week's feature interview guest. We'll

look at some data showing how prior tightening cycles have played out in markets and Charlie's

prognostications for what present Federal Reserve policy will mean for markets. Then be

sure to stay tuned for our post-game segment when Patrick's chart deck is titled, Did the

Market Capitulate. Obviously the big news of the day is military escalation between Russia

and Ukraine overnight last night. We've already got a geopolitics focused feature interview

planned for next week's show. And I'm Patrick Sarresna. Eric, let's get to that S&P 500.

Obviously the Russia-Ukraine news overnight caused the market to gap down over 100 points.

But we had an intraday reversal and from bottom to top we had a 200 S&P almost a 200 point

S&P point swing from its lows back up. Wow, what volatility. What does it mean to you?

Well, we've seen a complete reversal day in just about everything. I mean the stock market

was down hard before it opened this morning, closed up on the day. Gold had one of its

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