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 315 was recorded on March 17, 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.

Former Federal Reserve open market operations trader Joseph Wang joins me as this week's

feature interview guest. We'll discuss all things Federal Reserve from this week's

rate hike to the question of whether confiscation of Russia's FX reserves will lead other central

banks to cast out on the US dollar status as global reserve currency. Then be sure to

stay tuned for our post game segment when Patrick's chart deck is titled Retracements

or Nutrients.

And I'm Patrick Sarrezna, Eric. Let's jump straight to that S&P 500. I mean, we started

the week. Very weak. We were retesting the support lines of the lows throughout March.

And in the last few trading sessions, definitely the reaction after the Fed rate hike. We have

a market that's bouncing pretty strong. When we're 4380 at the time of recording and

definitely a fresh week high, what's your take on this as a meaningful turn?

Well, we'll see what happens, but we've got to keep in mind that the whole war is bad

...