This is MacroVoices, the free weekly financial podcast targeting professional finance, high

net worth individuals, family offices, and other sophisticated investors. MacroVoices

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 Ceresna.

MacroVoices episode 388 was produced on August 10, 2023. I'm Eric Townsend.

Ekri co-founder Lakshmana Chuthan returns as this week's feature interview guest will discuss

the business cycle and why the expected recession is taking longer than expected to arrive before

moving on to discuss whether a new secular inflation trend underlies the transitory inflation

from pandemic supply chain effects, which is now receding.

And I'm Patrick Ceresna with the macro scoreboard week over week as of the close of Wednesday,

August 9, 2023. The S&P 500 futures were down 115 points closing at 4485. We'll take

a closer look at that chart and the key technical levels to watch in the postgame. The US dollar

index down 13 basis points to a 10247, pausing last week's advance just prior to the release

of these inflation numbers. The September WTII crude oil contract up 618 points to 8440,

broken now to a new 2023 high. We'll look at that chart and the postgame and Eric will have the

EIA inventory data. Gold is down 127 basis points in 1950. The advance has stalled.

We'll be important to see if the bulls can defend the price action here. Copper down 156

basis points to 378. Dr. Copper continuing to struggle and uranium unchanged at 5640.

That US 10 year treasury yield down seven basis points closing at 401 points. Retracing

its advance after hitting a 420 high last week, the key news to watch this week is Friday's

PPI inflation numbers and the University of Michigan consumer sentiment numbers. Next week,

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