To listen to the Q2 2013 Macro Themes Conference Call hosted yesterday afternoon by the Hedgeye Macro Team, led by CEO Keith McCullough, please CLICK HERE (in order to access the replay you will need your hedgeye.com login information.) To view the presentation that accompanied the call CLICK HERE.
Q2 THEMES INCLUDE:
#GrowthAccelerating: After a positive growth inflection in the U.S. macro data to start the year, the key risk management consideration from here is whether domestic growth can accelerate in the face of seasonal and fiscal policy headwinds. Alongside strong dollar benefits to discretionary demand, labor market, housing, and birth trends should remain supportive of consumption over the intermediate term.
#StrongDollar: It all starts and ends with the Buck. We see a stronger U.S. dollar deflating Bernanke's commodity bubbles which should boost U.S. consumption. In particular, we highlight a bullish set-up for the USD versus the EUR and JPY.
#EmergingOutflows: Consistent with our call for continued U.S. dollar strength and commodity deflation, we think the very early innings of the next round of emerging market crises is upon us. Sustained USD appreciation exposes EMEs to a variety of economic risks that asset allocators have not had to appropriately discount for over a decade.