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 502 was produced on October 16th, 2025.

I'm Eric Townsend.

Variant Perception CEO, Tian Yang returns as this week's feature interview guest.

We'll discuss the leading indicators variant perception uses to guide their macro strategy,

what they say about growth and inflation, and how that translates to

trades in today's market. And be sure to stay tuned for our postgame segment after the feature

interview, because during that feature interview, Tian will explain why he sees a risk for a squeeze

higher in the dollar index. Patrick will then translate that to specific actionable trading instructions in our new

trade of the week segment right after the feature interview with Tian Yang. And I'm Patrick

Sarasna with the macro scoreboard week over week as of the close of Wednesday, October 15th,

2025. The SMP 500 index down 121 basis points, trading at 6671.

The trade war-driven volatility is back, but still has not cracked the market for a bigger correction.

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

The U.S. dollar index down 16 basis points trading to 9866, consolidating the

recent strength. The November WTI crude oil contract down 684 basis points trading at 5827. A decline is

underway begging the question if the April lows near 50 are in play for the next support line.

The November R-Bob gasoline down 681 basis points to 178.

The December gold contract up 322 basis points to 4201.

Gold is in full parabolic mode right now.

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