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Stocks go oops

Why does the S&P 500 suddenly look like an undesirable?

Nik Bhatia

Apr 16

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Dear readers,

We see your feedback. There is something of high value to those of you who read multiple macroeconomic researchers and use The Bitcoin Layer as a resource to either compare, contrast, or put us in our place. With each passing day, I personally take the role of researcher more seriously due to the constant realization that yet another component must be added to the framework.

The past four months have been spent within bank balance sheet mechanics, scribbling T-charts furiously in my notebook until I felt command over the changes. Since listening to Russell Napier wax poetic on the coming Chinese devaluation, I find myself in the trenches of capital accounts, current accounts, balance of payments, and foreign exchange drivers. Learning will never stop—my only frustration stems from difficult decisions of how to divide my reading time.

In today’s post, we’ll tour through each major asset class, and I’ll propose questions to both you and myself on the state of the economy and markets. While I don’t claim to have all the answers, I’m certain my questions are thoroughly relevant given recent trends in volatility. Behind the paywall today, my curiosity extends to how high US Treasury yields can go, the move in gold, what China is doing, how the Chinese yuan and Japanese yen moves are impacting the world, and of course, how low stocks can go. Additionally for paying subscribers, I will be sharing some hand-selected research papers from my USC students on big-picture topics such as the future of the dollar and central banking. Now, let’s dive into the markets with 16 beautiful Macrobond charts to help us tell the story.

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