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 331 was recorded on July 7, 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.

Atlas Investments Chief Strategist Jeffrey Snyder returns as this week's Feature Interview

guest. Jeff says that monetary inflation is not the cause of out-of-control consumer

prices and he doesn't see stagflation as a big risk. We'll discuss all of that and

much more in this week's Feature Interview. Then be sure to stay tuned for our post-game

segment when Patrick's chart deck will be titled Summer Droll Drums.

I'm Patrick Sarresna, Eric. Let's get to that S&P 500. Just a couple of weeks ago,

we were watching that S&P just getting crushed to the downside. Everything was just rolling

right over. Things have really quieted down. I want to talk about it in the post-game,

but what's your thinking on what's happening in the equity markets here?

Well, if you say things have quieted down, it's clear that you're trading equities and

not commodities because what I find most fascinating, Patrick, is this was one hell of

a week in macro, not in equities. But I mean, commodities are crashing across the board.

You've got gold way down. You've got crude oil beyond way down, now bouncing pretty dramatically

back up. Dollar breakout, really, really big macro event week this week as far as I'm

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