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 329 was recorded on June 23, 2022. I'm Eric Townsend.

This episode of Macro Voices was made possible by respect energy, a leading European trader

of renewable energy and a one-stop shop for all green energy investors.

42 Macro Founder Darius Dale returns as this week's feature interview guest. Darius

says a US recession is the bull case and that the worst is yet to come for markets. And

he brought a 135 page slide deck full of data rich graphs and charts to back up that view.

We'll discuss what's ahead for inflation, commodity stocks, and much more. Then be sure

to stay tuned for our post game segment after the feature interview when Patrick's

chart deck will be titled Dead Cat Bounce. And I'm Patrick Sarresna. Eric, let's jump

into that S&P 500. It's flat on the day, but what an ugly week it was last week and really

has just been the market taking a little bit of breather. I want to talk about it in the

post game, but what's your take on this? Well, we're bouncing here, I guess, we'll

save for the post game, whether it's Dead Cat or otherwise, but the bounce that I see

is within the pattern still of an orderly sell-off into quantitative tightening and an

expiring fit put. So I think that there's still lower numbers to come with the caveat that my view

is a 100% dependent on my outlook for persistent inflation. If inflation somehow magically comes

under control and I got that call wrong, markets will recover and they'll recover quickly.

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