The “TACO Trade”: How Markets Are Shaping Tariffs, Iran Policy and Financial Stability

Safe Havens in a Risk-On World: Gold, Yen, Treasuries, and the Search for Market Safety

In this episode of the Trading Global Macro Podcast, Matt Weller and John Kicklighter examine what makes an asset a “safe haven,” why the catalyst for market stress matters, and how different assets may respond as risk aversion intensifies. The discussion covers the spectrum of safe-haven behavior, from blue-chip stocks versus high-growth tech names, to the traditional stock-bond allocation shift, to gold’s evolving role, the Japanese yen and carry-trade unwinds, and why U.S. Treasuries remain a key benchmark for extreme risk aversion. Key topics include: 🔷How risk sentiment shapes capital flows 🔷Why safe havens are relative to the risk investors are trying to avoid 🔷Growth scares versus inflation scares 🔷Gold’s dual role as a speculative asset and long-term store of value 🔷The Japanese yen’s historical role in carry-trade unwinds 🔷Why U.S. Treasuries remain central to the concept of a “risk-free” asset Subscribe for weekly analysis of the macroeconomic trends and geopolitical events shaping currencies, equities, commodities, interest rates, and global markets.

AI Concentration Echoes Dot-Com Boom-Bust But the Ending May Differ

Trading Global Macro Podcast – Ep. 25 In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller examine one of the strongest currents underlying the markets today: market concentration. The discussion explores how concentration develops through stock indices, earnings and broader investor risk appetite. They compare today's AI-driven leadership with historical examples including railroads in the 1800s, the Nifty Fifty peak in the 1970s, and the early 2000s dot-com boom/bust. With the Nasdaq 100 once again a focal point of many traders' attention, they discuss whether concentration is a warning sign or a rational reflection of earnings growth and market opportunity. Topics covered: 🔷 What is market concentration 🔷 Lessons from the Dot-Com boom and bust 🔷 Risk concentration versus opportunity concentration 🔷 The Magnificent Seven and AI-related leadership 🔷 Market breadth and investor sentiment 🔷 When concentration becomes a market risk Subscribe for more global macro insights covering equities, forex, commodities, interest rates, and geopolitical developments shaping financial markets.

Correlations Can Give Great Market Insights, But Beware

Trading Global Macro Podcast – Ep. 24 In this episode of the StoneX Trading Global Macro Podcast, John Kicklighter and Matt Weller discuss how traders can use correlation across forex, equities, commodities, interest rates and crypto without mistaking the alignment for causation. They cover how correlations can support hedging, confirm breakouts, identify systemic influences like ‘risk-on/risk-off’ conditions and reveal shifting macro narratives. The discussion also examines why relationships such as stocks and bonds, dollar-yen and Japanese yields, Bitcoin and gold, or Bitcoin and the S&P 500 can change over time. They discuss among other correlations: 🔷 The relationship between stocks and bonds for the traditional portfolio 🔷 Attempts at undermining USD/JPY’s relationship to yield differentials 🔷 Leveraging different correlations against the Dollar to assess core macro trends 🔷 How Bitcoin was billed as a market participant and what correlations actually reveal Be sure to like, subscribe, and follow for weekly insights into the global forces driving FX, equities, commodities, interest rates, and more.

Wall Street vs Main Street: Record Highs in Stocks vs Record Low Consumer Sentiment

Trading Global Macro Podcast – Ep. 23 In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller examine the growing divergence between Wall Street and Main Street. With the S&P 500 hitting record highs while consumer sentiment falls to historic lows, they break down the drivers behind this disconnect, including corporate profitability, pricing power, and consumer pressures. The discussion explores whether this gap is sustainable, what factors could force convergence, and how traders and investors should interpret conflicting signals in today’s macro environment. Other general topics include: 🔷 S&P 500 at record highs vs. University of Michigan consumer sentiment at record lows 🔷 Why corporate earnings remain strong despite macro uncertainty 🔷 How companies are passing costs (tariffs, fuel) onto consumers 🔷 The role of AI in boosting efficiency while increasing consumer anxiety 🔷 Limitations and distortions in consumer sentiment surveys 🔷 Why Wall Street and Main Street must eventually converge Be sure to like, subscribe, and follow for weekly insights into the global forces driving FX, equities, commodities, interest rates, and more.

What to Expect From the Fed in 2026 Amid The Warsh Transition

Trading Global Macro Podcast – Ep. 22 In this episode of the Trading Global Macro Podcast from StoneX, Matt Weller and John Kicklighter are joined by Vincent Deluard, Director of Global Macro Strategy at StoneX, for a deep dive into the evolving Federal Reserve backdrop. The conversation explores the likely transition from Jerome Powell, the implications of a more politically charged Fed, and whether markets are underestimating the risks tied to weakening institutional credibility. Vincent also examines why inflation may remain structurally above the Fed’s stated 2% target, how shifting inflation measures can shape policy narratives, and why a divided central bank could create more uncertainty across rates, equities, and broader risk assets. The discussion also touches on the Fed’s balance sheet, the tension between optics and economic reality, and why “higher for longer” may still be the default path into 2026. In this episode: 🔷 The likely transition from Jerome Powell to Kevin Warsh and what it could mean for Fed policy 🔷 Whether political pressure on the Fed is changing the institution 🔷 Why inflation may remain closer to 3–4% in practice 🔷 The debate around the Fed’s balance sheet and market distortion 🔷 What a less credible or more divided Fed could mean for equities and rates 🔷 Vincent’s view on where policy may be headed by the end of 2026 Be sure to like, subscribe, and follow for weekly insights into the global forces driving FX, equities, commodities, interest rates, and more.