MBCC TH 21st September'23 - "Equity investors need to wake da --- up, Powell is not giving in!"

We wrote a detailed commentary day before about what is being priced in Equities, Bonds, FX, Credit and Commodities. We discussed individual fundamentals but also our cross asset macro signals, which presented HUGE opportunities in the top down vs. bottom up.

Macro does not work…till it does….and that is what we are seeing in the Oil market, as physical dislocations allow for industry players to “arb” their way, but end of the day, inventories and spreads today DO NOT TELL YOU where price will go, just where it has come from. We look at loadings, future demand, and tell you what will happen!

Don’t focus just on inventories…

Powell FED FOMC…exactly as we had said…NOW comes the real test..are you positioned?