The Macro Voices podcast features an interview with Darius Dale, founder of 42 Macro, who discusses the potential for market turbulence in early 2026 due to crowded bullish positioning. Dale notes that while long-term fundamentals appear strong, short-to-medium term risks exist, particularly in monetary and fiscal policy. He points out that four of the six key macro cycles are headwinds for the market. Dale suggests that the Fed's response to tight repo market conditions and potential fiscal stimulus could shift these headwinds into tailwinds, supporting a positive market resolution later in the year. He also highlights the geopolitical factors influencing treasury bond supply and demand, favoring gold as a diversifier.
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