Welcome back to The Macro Weekly. Each week, I curate the best investment insights of the past week. Thank you for being a subscriber.
Read
John Micklethwait and Adrian Wooldridge on the new form of financial capitalism evolving. Banks are becoming arms of the state as governments embrace industrial policy.
Mohamed El-Erian highlights how the migration of deposits from small and regional banks to large, systemically-important banks has long-term implications for the flow of credit to the broader economy.
Blackstone’s Byron Wein and Joe Zidle dissect the components of inflation and why it will be hard for the Fed to get it down to 2%. They also write about greater volatility in inflation and rates—similar to the 1970s—and its impact on investment returns.
Listen
Jeff Snider joined the Hidden Forces podcast to describe the issues in the monetary system and why the regional banking crisis is only the start of broader problems.
On the Odd Lots podcast, Rich Hill provides an overview of the commercial real estate market and potential points of weakness.
Watch
Ray Dalio on what happened to Silicon Valley Bank and the broader implications of interest rate rises and debt on the economy.
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