MacroVoices #475 Simon White: The Dawn of A New Financial Order

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 10 April 2025

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

MacroVoices Erik Townsend & Patrick Ceresna welcome, Simon White. They’ll discuss, the Trump Tariff Tornado, treasuries, why the basis trade is blowing up, and much more. https://bit.ly/4jaxsAq 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/3YoXiIk ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://bit.ly/4cMmu0d 🔴 Subscribe to Erik's Substack: https://eriktownsend.substack.com/ 🔴 Check out Energy Transition Crisis on YouTube: https://www.youtube.com/@EnergyTransitionCrisis1 Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials

Transcript

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0:00.0	This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.
0:18.9	Macrovoices is all about the brightest minds in the world of finance
0:22.6	and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are your
0:29.2	hosts, Eric Townsend and Patrick Suresna. Macrovoices episode 475 was produced on April 10th, 2025.
0:40.1	I'm Eric Townsend.
0:41.9	Bloomberg macro strategist Simon White returns as this week's feature interview guest.
0:46.3	Simon and I will discuss the Trump tariff tornado, treasuries, why the basis trade is blowing up, and much, much more.
0:53.4	And I'm Patrick Seresna with the macro scoreboard week over week as of the close of Wednesday,
0:58.2	April 9th, 2025.
1:00.6	The SMP 500 indexed down 377 basis points trading at 54-57.
1:06.7	This poorly reflects the historic volatility experience throughout the week.
1:11.8	Peak to trough, we saw more than a 15% drop, followed by a strong Wednesday recovery
1:18.5	seeing the third largest single day since 1990.
1:23.2	We'll take a closer look at that chart and the key technical levels to watch in the postgame segment.
1:28.8	The US dollar index down 76 basis points, trading to 10290.
1:35.2	The May WTI crude oil contract down 1,305 basis points to 6235.
1:43.3	Peak to trough, we saw more than a 23% decline or $17 before Wednesday's recovery.
1:52.0	The May Arbob gasoline down 1,245 basis points trading at 204. The June gold contract down 275 basis points to 3,079.
2:04.7	The May copper contract down 1,703 basis points, trading to 419.
2:11.4	Peaked to trough more than a 20% drop before the short-term lows were established.
2:16.7	Uranium down 115 basis points, trading to 6440, and the U.S. 10-year treasury yield up 25 basis
2:24.5	points trading at 433.
	...

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