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 316 was recorded on March 24th, 2022. I'm Eric Townsend. This episode

is brought to you by Abics 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. Tresses Chief Economist Daniel LeCai returns

as this week's feature interview guest will discuss everything from inflation to bond

yields to the dollar's role as reserve currency. Then be sure to stay tuned for our post-game

segment when Patrick's chart deck is titled What's Next for the Markets?

And I'm Patrick Sarresna, Eric. Let's jump to that S&P 500. It really looks like in the

post-fed period a short-term stock market low is in. But what's next here? I mean, we're

already at the 4500 level. Was this just a short-term bounce or do you think this has legs

and we are heading right back to the previous highs?

I don't think we're headed back to the previous highs, but I will also acknowledge I really

don't have strong conviction here. As I've been saying for the last few weeks, I don't

understand why the market has held up as well as it has. We had Charlie McGelligat tell

us in a tightening cycle like this, we should expect the market to sell off and don't expect

to see a bottom until May or so. So I'm not sure why it's been as strong as it's been.

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