Below is a brief excerpt transcribed from Thursday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

McCullough: The Reopening Risk - 7 9 2020 11 44 40 AM

Lets talk about the dollar.

We had immediate-term trade oversold. Take a quick peak at the chart.

McCullough: The Reopening Risk - 7 9 2020 11 45 32 AM

You can see the signal. In our Risk Range product, the low end of the range is pretty much where the US Dollar Index is at. That’s why we’re getting paid out so well on commodities.

The Fed is 100% committed to debauching the U.S. Dollar. Obviously, Mnuchin on the fiscal side is on board too. They got to have the “big checks” because they have 50 million people with jobless claims.

4 months in and we have 50 million.

This is why the PPT (Plunge Protection Team) buy the futures. This is why they try to manipulate the pre-market.

But this is just a devastating reality for the U.S. economy and as we go further out in time, it’s just not going to go away.

Some people thought that the “reopening of the economy” was going to be the solution to this. Instead, what happened was the reopening of risk associated with that.

McCullough: The Reopening Risk - jobless