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 524 was produced on March 19th,

2026. I'm Eric Townsend.

It was a sea of red in markets on Wednesday as the Iran conflict has dragged on longer than most analysts expected.

And the Fed, standing pat with no rate cut, accelerated the selling.

The S&P, gold, copper, and just about everything else other than the dollar index

in crude oil, were down and down hard, closing on or near their lows of the day, and then

selling off even more in futures trading after the 4 p.m. cash close. These are all ominous

signs that more downside is likely in coming days, absent a major bullish news

event. So we've got plenty to talk about this week. Bloomberg macro strategist Simon White

kicks it all off as this week's feature interview guest. Simon and I will discuss the

prospects for secular inflation and why the oil price surge might be the catalyst needed to bring it about.

We'll also discuss the risk-off playbook, food price inflation, the breakdown in private

credit, and much more. We had a huge positive response to Dr. Anas al-Haji's cameo appearance

updating us on the oil market disruption on last week's podcast. So this week,

Commodity Context founder Rory Johnston will join us for another perspective on what the

Iran conflict means to energy markets. That's coming up right after the feature interview with

Simon White. Then be sure to stay tuned for our postgame segment, when Patrick's

trade of the week will take a look at the inflation surge event that hasn't happened yet. Not the one

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