Five Minute Macro

@fiveminutemacro.bsky.social

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Macro trader. I used to be disgusted, now I try to be amused.

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Southgate inherited a team that had just been knocked out of the Euros by Iceland, and then had their next manager sacked after one game for excessive spivviness. This is like inheriting a credit book with all your CDOs marked down to zero. There's only one way to go from there.

Biden's bleeding out, death by a thousand cuts now. Painful to watch.

'Why should Biden withdraw?! Why shouldn't Trump withdraw?' Oh honey...

This celebratory piece manages to portray Guinness drinkers as absolutely insufferable. Which...fair enough; it's an industrial beverage brewed by the billions of hectoliters which some people treat like the nectar of the gods and make a core part of their personalities. www.ft.com/content/248e...

Hearing Sunak is currently organising a Stop the Steal mob to march on Westminster and hang whoever the Deputy Leader of the Tories is this week. Seriously, sometimes you just have to step back and marvel at how absolutely cooked the US is.

So...I just discovered that these symbols I freely sprinkle all over my communication are called boomer ellipses...how's your day going?

This story is deliciously droll: Activists: 'Our festival sponsor has a tenuous connection to fossil fuels and Israel; this is completely unacceptable.' Sponsor: withdraws from funding festival. Activists: 'Wait, what?!' www.ft.com/content/f17a...

After Baillie Gifford, who is ‘clean’ enough to fund the arts?www.ft.com The campaign against the asset manager has left festivals struggling to adapt to a new age of protest

Daron Acemoglu is unimpressed by the 'AI as macroeconomic driver' hype, via the rather good Klement on Investing Substack. www.nber.org/papers/w32487

Every time I'm provoked into reading a Janan Ganesh column, it's just this meme.

Incredible scenes, via @katie0martin.bsky.social

www.bbc.com/news/article...

On the one hand: I don't know; seems bad. On the other hand, this is just the logical apotheosis of the American condition. If not being annexed was more valuable, they could just bid more etc.

Life imitates art.

That Hello Kitty guy isn't making his money off Ken Griffin; he's making it off the rubes that cheer him on and want to stick it to The Man. It's all very Trumpian, and, like Trump, involves doing actual crimes.

Boomers voting for Sunak's National Service plan: www.youtube.com/watch?v=GRC4...

How boomers will "hand over the reins" to the younger genswww.youtube.com Saved the rainforest... invented language..._____________________________________________________Contact, links: https://beacons.ai/andrewrousso

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What are some numbers in your field that anyone else in it would identify without even thinking about it, but folk outside may have no idea. Just the numbers, no explanations. Yet. 105 148 210 297 420 594 841 1189

We've been working on this story for eight years, and he just...treeted it out.

"The far-right Alternative for Germany’s lead candidate in EU elections has stopped campaigning and stepped down from the party’s board after a controversial interview with the Financial Times in which he said not all people who served in the SS were criminals."

Today I learned these little bits in toothpaste are (were?) pieces of plastic, and we collectively decided this was a good idea?!

Apropos nothing in particular

In a just world, that Hello Kitty guy would be in prison. He's going to agitate the rubes once again and sell to them at the highs, again.

Risk Management 101: If you hire risk-takers who look like this guy, you are going to have a bad time.

Lot of talk abt El-Erian repeatedly and inexplicably landing in the hot seat, a sort of financial Forrest Gump. Today I learned that Minouche Shafik, latterly and forgettably Deputy Governor of the BOE, then LSE Prez and now embattled President of Columbia University, used to be married to the guy.

I've been somewhat surprised by how little salience the US fiscal deficit has had in economic debate. Perhaps Yellen's comments yesterday will help nudge the narrative, but at the same time, certainly have a droll 'we're all trying to find the guy who did this' energy.

We've been here before with JPY...price action drives a crescendo of 'no way out / BOJ is trapped' takes. Trees don't grow to the sky, not in G7 FX at any rate.

Lot of 'how come the reactions to Meta and Tesla earnings were so diametrically opposite?' this week. (a) mkts are capricious, but (b) the investor base is totally different - Meta is mostly owned by Serious People, and Tesla, well...the median investor is basically Dennis Hopper in Apocalypse Now.

Ladies and gentlemen, the weekend.

Enough Liz Truss spam.

Trump and dump scheme

Mood.