So... why are we bearish on U.S. equities?
The brief videos below lay out much of our case. For starters, we believe this recent reflation rally will prove short-lived, due to the fact corporate profits have fallen two consecutive quarters (a rather bearish historical harbinger) and we don't think central bankers can successfully arrest economic gravity.
1. Game Over. Central Bankers Can’t Do Anymore
In this brief exchange on The Macro Show, Hedgeye Demography Sector Head Neil Howe and CEO Keith McCullough discuss how global markets are closing in on a critical monetary policy exhaustion end point. “Why don’t people accept that?” Howe asks. “[Central bankers] can’t do anymore!”
2. McCullough: S&P Earnings Confront ‘Toughest Comps In U.S. History’
Hedgeye CEO Keith McCullough crystalizes an enormous risk facing the U.S. stock market right now in this brief excerpt from The Macro Show today.
3. Dale: 'What Are You Buying'
In this excerpt from The Macro Show, Hedgeye Senior Macro analyst Darius Dale discusses the recent reflation rally and provides critical context about why we remain bearish.
4. Beware the Reflation Trade Risk
In this brief excerpt of The Macro Show earlier today, Hedgeye CEO Keith McCullough discusses this week’s Fed meeting, the recent reflation trade bounce and takes a deep dive into commodities markets.