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The U.S. dollar is signaling something important, explains Hedgeye CEO Keith McCullough.

In the clip above from The Macro Show, McCullough explains that the dollar is front-running the Fed’s future dovish moves it will need to make – especially if U.S. GDP is as low as Hedgeye’s Nowcast currently is at.

“The currency market and the bond market are telling you what [Fed Chair Jerome] Powell is going to…wake up to the GDP report and say, ‘Oh my God, I expected to miss, but I didn’t think I’d miss by that much,’” McCullough explains.

“We’re at 0.36% for GDP in the fourth quarter. People are literally going to be shocked if we’re right on GDP. It’s really not 2% and the consumer really is slowing.”

Watch the full clip above for more.

Here’s What The Falling U.S. Dollar Is Saying - the macro show