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 314 was recorded on March 10, 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.

Economic cycles grew, Lakshmana Chuthan returns as this week's feature interview guest.

Locke will explain why a Fed policy error is now an almost certainty, and what equities

indicators pretend for economic cycles in the year ahead. Then be sure to stay tuned

for our post game segment when I'll be talking charts with Patrick.

And I'm Patrick Sarrezna, Eric. This S&P 500, it's just monstrous volatility on a day

and day basis. You know, 100 S&P points, swing seemed to be just a par for the course. But

the prevailing trend still seems pretty much down. What do you think is in store here for

the S&P? Well, you know, I'm actually surprised that it's holding up as well as it is.

The market is continuing to trade on the war is bad logic. And I think eventually that

will give way to war being bullish for the stock market. At least that's what usually

happens. But for now, it's not trading that way. And I don't think this is anywhere

close to over. Some people seem to be acting like, oh, it's all winding down now. It's

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