This is Macro Voices, 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 or bearish, no holds barred. Now, here are

your hosts, Eric Townsend and Patrick Suresna. Macrovoices episode 483 was produced on June 5th,

2025. I'm Eric Townsend. Stonex Global Macrovoices, episode 483 was produced on June 5th, 2025. I'm Eric Townsend.

Stonex Global Macro Director Vincent Deliard returns as this week's feature interview guest.

Vincent says the MAGA movement has declared war on corporate America, which Vincent says

the Trump administration will tax even as it reduces everyone else's taxes.

We'll also discuss why Vincent says recessions have been canceled by monetary policy

and what Vincent sees on the horizon for asset markets.

And I'm Patrick Sireznan with the macro scoreboard week over week as of the close of Wednesday, June 4th,

2025. The S&P 500 index up 139 basis points trading at 59 70.

Markets continue a slow grind higher toward a retest of all-time highs.

We'll take a closer look at that chart and the key technical levels to watch in the postgame segment.

The US dollar index down 107 basis points trading at 9881, trading back to April lows, but will support hold, or is there a new leg down coming?

The July WTI crude oil contract, up 163 basis points trading at 6285.

Sentiment remains decisively bearish. But quietly, oil is trying to break out of a two-month

trade range. We'll talk about that chart in the post game. The July R. Bob gasoline,

down 146 basis points, trading at 203. The August

Gold contract up 232 basis points trading at 3399, still near old time highs, but do the bulls have

the gas in the tank for a breakout to all-time highs. The July copper contract up 450 basis

points, trading up 488, uranium down 98 basis points, trading at $71 even, and the U.S.

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