This is Macro Voices, 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 or bearish, no holds barred.

Now here are your hosts, Eric Townsend and Patrick Sarrezna.

Macro Voices Episode 362 was produced on February 9, 2023. 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.

Euro Dollar University founder Jeff Snyder returns as this week's feature interview guest.

As usual, Jeff brought us another great chart deck you won't want to miss. We'll examine

whether the Fed has really achieved the soft landing they've been crediting themselves

for. We'll talk about credit markets, Euro Dollar Curves, Recession Outlook and more.

And I'm Patrick Sarrezna. Listeners, be sure to stay tuned for our post-game segment after

Eric's feature interview with Jeff when Eric, Nick and I discuss the charts on the S&P 500,

Nasdaq, Vicks, Gold, Oil and more. Now Eric, before we move on to the feature interview

with Jeff, let's cover crude oil starting with that EIA inventory.

EIA inventory came in with a build of 2.4 million barrels and this was the second week in

a row that there was no drawdown from the Strategic Petroleum Reserve. Cushing Oklahoma building

1 million barrels, the big build on the board was gasoline, 5 million barrels and then distill

it's 2.9 million barrels. So the big builds were on the products but still a pretty good

build on crude. Builds across the board, US production up 100,000 barrels to a post-pandemic

high of 12.3 million barrels. Tape action, the market had headed down a head of inventory,

...