What macro regime are we in?

Over the last year, we have seen periods where data matters, then it doesn't then it matters again.

For us as macro focused traders, this can be a right ballache.

It can get frustrating when yield differentials matter, then the focus is on something else while you've got your head screwed onto another idea.

Like, take right now for example.

Where would you say that we are on the below diagram?

Now, my thinking is that we are at the risk on phase, but edging towards caution, and this is what I want to explain to you today.

Why do

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David Belle

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