26 episodes

Every week, one of the best worldwide macro investors joins this unique show to talk about the economy, markets and elaborate the next big actionable macro trade! The show is hosted by two young and institutionally successful European macro stars: Alfonso Peccatiello (former Head of a $20bn Investment Portfolio at ING) and Andreas Steno Larsen (former Chief Strategist at Nordea).

The Macro Trading Floor Alfonso Peccatiello & Andreas Steno Larsen | Blockworks

    • Business
    • 4.5 • 31 Ratings

Every week, one of the best worldwide macro investors joins this unique show to talk about the economy, markets and elaborate the next big actionable macro trade! The show is hosted by two young and institutionally successful European macro stars: Alfonso Peccatiello (former Head of a $20bn Investment Portfolio at ING) and Andreas Steno Larsen (former Chief Strategist at Nordea).

    The Good, The Bad & The Safe Haven

    The Good, The Bad & The Safe Haven

    On today’s episode of “The Macro Trading Floor,” Andreas and Alfonso discuss the top stories of the week from the Bank of England announcing emergency gilt market operations, recent volatility in currency markets & the Nord Stream gas leak.

    With so much happening in currencies as the US dollar continues marching higher, Alfonso & Andreas take the time to highlight the key indicators to look at in FX markets. Just how are indicators such as inflation, energy & interest rates effecting currencies around the world? Finally, Andreas and Alfonso highlight the good, bad & safe haven currencies with an actionable trade idea, but to hear that, you'll have to tune in!
    --
    This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, they provide free currency subaccounts and competitive interest rates on deposits in local currencies. Learn more at https://goto.saxo/macrofx
    --
    Digital Asset Summit is crypto's most institutional conference. DAS is the only conference that truly combines the worlds of macro finance and crypto, with speakers like Stani Kulechov, Andrew Peel, Lisa Cameron, Jon Cheesman and Thomas Uhm. Visit https://blockworks.co/events/ and sign up for 20% off with code "MACRO."
    --
    Follow Andreas: https://twitter.com/AndreasSteno 
    Follow Alf: https://twitter.com/MacroAlf
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 
    Subscribe To Stenos Signals: https://andreassteno.substack.com/ 
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Referenced In The Show:

    Bank of England announces gilt market operation https://www.bankofengland.co.uk/news/2022/september/bank-of-england-announces-gilt-market-operation 

    Bank of England launches £65bn move to calm markets https://www.ft.com/content/756e81d1-b2a6-4580-9054-206386353c4e 

    Nord Stream gas leak continues to bubble in the Baltic Sea as EU diplomat suspects sabotage https://news.sky.com/video/nord-stream-gas-leak-continues-to-bubble-in-the-baltic-sea-as-eu-diplomat-suspects-sabotage-12706871
    --
    (00:00) Introduction
    (01:18) Bank of England Announces Gilt Market Operation
    (05:09) Risks In European Bond Markets
    (09:12) What Does This Mean For Markets?
    (12:15) Feature Interview With Andreas
    (13:22) The Bull Case For Risk Assets
    (19:31) What Options Do Central Banks Have?
    (24:38) Andreas' Actionable Trade Idea
    (29:17) Feature Interview With Alfonso
    (31:44) Geopolitical Risk In The Baltic Sea
    (37:01) The Strongest & Weakest Global Currencies
    (40:56) Alfonso’s Actionable Trade Ideas
    (43:13) Post Interview Final Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 49 min
    Investors Are "Totally Unprepared", And This Is Why | Bob Elliott

    Investors Are "Totally Unprepared", And This Is Why | Bob Elliott

    On today’s episode of “The Macro Trading Floor,” Andreas and Alfonso welcome Bob Elliott Co-Founder, CEO & CIO of Unlimited Funds to the show.

    With U.S inflation still above 8%, Bob walks through previous periods of inflation and describes what kind of portfolios are best suited to periods of high inflation. How does the traditional 60/40, risk parity and often deemed commodity inflation hedges such as gold perform in inflationary periods? Finally, Bob shares his actionable trade idea, but to hear that, you'll have to tune in!
    --
    This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, they provide free currency subaccounts and competitive interest rates on deposits in local currencies. Learn more at https://goto.saxo/macrofx
    --
    Digital Asset Summit is crypto's most institutional conference. DAS is the only conference that truly combines the worlds of macro finance and crypto, with speakers like Stani Kulechov, Andrew Peel, Lisa Cameron, Jon Cheesman and Thomas Uhm. Visit https://blockworks.co/events/ and sign up for 20% off with code "MACRO."
    --
    Follow Bob: https://twitter.com/BobEUnlimited
    Follow Andreas: https://twitter.com/AndreasSteno 
    Follow Alf: https://twitter.com/MacroAlf
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 
    Subscribe To Stenos Signals: https://andreassteno.substack.com/ 
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    (00:00) Introduction
    (00:33) The FOMC Meeting
    (07:16) An Update On The European Energy Crisis
    (11:56) Feature Interview With Bob Elliot
    (13:48) Central Banks Reaction To Inflation
    (16:05) Powell Doesn't Wan't To Repeat The Mistake of The 1970's
    (19:22) Asset Allocation During Inflationary Periods
    (22:16) Gold
    (25:35) Commodities In This Environment
    (28:10) The Role of The 60/40 Portfolio
    (34:32) Bob's Actionable Trade Idea
    (43:28) Post Interview: Final Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 54 min
    The Oil Bull Market Is NOT Over | Andrew Simon

    The Oil Bull Market Is NOT Over | Andrew Simon

    On today’s episode of “The Macro Trading Floor,” Alfonso takes a week out and substitutes in Jack Farley Host of another Blockworks podcast titled "Forward Guidance".

    Andreas and Jack welcome Andrew Simon, Chief Operating Officer of Macro Hive to the show for a discussion on one of the most widely discussed topics in markets, energy. Seeing no sings of a reversal in the bullish trend for energy, particularly oil & natural gas, Andrew makes the case for why politicians around the world are actually contributing to the higher prices.

    Finally, Andrew shares his actionable trade idea, but to hear that, you'll have to tune in!
    --
    This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, they provide free currency subaccounts and competitive interest rates on deposits in local currencies. Learn more at https://goto.saxo/macrofx
    -- 
    Follow Andrew: https://twitter.com/Asimoan28
    Follow Andreas: https://twitter.com/AndreasSteno 
    Follow Jack: https://twitter.com/JackFarley96
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 
    Subscribe To Stenos Signals: https://andreassteno.substack.com/ 
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    -- 
    Timestamps: 
    (00:00) Introduction 
    (04:19) Inflation Surprised To The Upside
    (06:36) Energy's Effect On Inflation
    (11:06) Feature Interview With Andrew Simon
    (12:27) What Is Happening In Energy?
    (19:32) Why Andrew Is Bullish On Oil
    (28:28) Political Risk of Being Long Energy
    (30:32 )The Strategic Petroleum Reserve
    (36:51) Andrew's Actionable Trade Idea
    (44:09) The Oil Price vs 2008
    (48:16) Post Interview: Final Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 1 hr 2 min
    Don't Bet Against The Swiss National Bank | Vincent Deluard

    Don't Bet Against The Swiss National Bank | Vincent Deluard

    On today’s episode of “The Macro Trading Floor,” Andreas and Alfonso welcome Vincent Deluard Director of global macro at StoneX.

    Vincent outlines the new regime for inflation before taking a deep dive into the labor market and how structural shifts such as demographics & de-globalization are beginning to cause tectonic shifts for global markets. Finally, despite all the headwinds Europe faces, Vincent shares the bull case for a certain sector of the European economy by outlining his actionable trade idea, but to hear that, you'll have to tune in!
    --
    This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, they provide free currency subaccounts and competitive interest rates on deposits in local currencies. Learn more at https://goto.saxo/macrofx
    --
    DAS
    Digital Asset Summit is crypto's most institutional conference. DAS is the only conference that truly combines the worlds of macro finance and crypto, with speakers like Danielle DiMartino Booth, Mike Green, Jurrien Timmer, Brent Johnson. Visit digitalassetsummit.io and sign up
    --
    Follow Andreas: https://twitter.com/AndreasSteno
    Follow Alfonso: https://twitter.com/MacroAlf
    Follow Blockworks: https://twitter.com/Blockworks_

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/
    Subscribe To Stenos Signals: https://andreassteno.substack.com/
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Referenced In The Show:

    Truss Drafts £130 Billion Plan to Freeze UK Energy Bills: https://www.bloomberg.com/news/articles/2022-09-05/truss-earmarks-130-billion-to-keep-uk-energy-bills-below-2-000

    Asset Purchase Facility: Gilt Sales – Market Notice 1 September 2022: https://www.bankofengland.co.uk/markets/market-notices/2022/september/apf-gilt-sales-market-notice-1-september-2022 

    Putin vs Europe - The Long War: https://themacrocompass.substack.com/p/the-long-war#details
    --
    Timestamps:
    (00:00) Introduction
    (00:36) Europe's Reaction to the Energy Crisis
    (05:17) European Banks Excess Liquidity
    (06:26) Pricing A Systemic Risk In Europe
    (09:02) The BoE Secretly Announces Yield Curve Control
    (11:32) Feature Interview: Vincent Deluard
    (12:46) The Inflation Regime Shift
    (15:32) The Labor Market
    (21:00) Deglobalization Marks A Shift In The Labor Market
    (31:07) Long Duration in US Markets
    (35:01) The US Dollar Wrecking Ball
    (38:09) Vincent's Actionable Trade Idea
    (43:29) Post Interview: Final Thoughts
    (45:50) A "Techtonic" Shifts in Global Markets
    (51:41) Vincent's Actionable Trade Idea Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 54 min
    Ben Melkman: Expecting A U.S Dollar Decline

    Ben Melkman: Expecting A U.S Dollar Decline

    On today’s episode of “The Macro Trading Floor,” Andreas and Alfonso welcome Ben Melkman Founder & CIO of Light Sky Macro.

    Expecting a secular shift in inflation, Ben shares his thoughts on the current state of markets as the Fed continues their fight to slay the inflation dragon. Could the Fed be out of ammo? Are markets mispriced for a secular shift in inflation? Ben walks through the biggest opportunities he sees today in markets before sharing his actionable trade idea, but to hear that, you'll have to tune in!
    --
    This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, you can trade Gold your way, using either Futures, Options, Forwards or ETCs. Discover more opportunities at https://goto.saxo/macrofx
    --
    DAS
    Digital Asset Summit is crypto's most institutional conference. DAS is the only conference that truly combines the worlds of macro finance and crypto, with speakers like Danielle DiMartino Booth, Mike Green, Jurrien Timmer, Brent Johnson. Visit digitalassetsummit.io and sign up
    --
    Follow Andreas: https://twitter.com/AndreasSteno
    Follow Alfonso: https://twitter.com/MacroAlf
    Follow Blockworks: https://twitter.com/Blockworks_

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/
    Subscribe To Stenos Signals: https://andreassteno.substack.com/
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Referenced In The Show: 

    Stenos Signals #13 - No, Germany is probably not running out of gas: https://andreassteno.substack.com/p/stenos-signals-13-no-germany-is-probably 

    UK's Liz Truss will probe extent of Bank of England independence, supporter says: https://www.reuters.com/world/uk/uks-liz-truss-will-probe-extent-bank-england-independence-supporter-says-2022-08-04/
    --
    Timestamps:
    (00:00) Introduction
    (01:01) Natural Gas In Europe
    (03:40) Inflation In Europe
    (06:26) Pricing A Systemic Risk In Europe
    (10:55) Feature Interview: Ben Melkman
    (11:31) A Secular Shift For Inflation
    (21:00) Jerome Powell's Comments At Jackson Hole
    (28:49) Will The Fed Accept Above 2% Inflation?
    (31:09) The U.S Dollar
    (37:41) Ben's Actionable Trade Idea
    (47:55) Post Interview: Final Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 57 min
    This Is What The Fed Will Do | David Woo

    This Is What The Fed Will Do | David Woo

    On today’s episode of “The Macro Trading Floor,” Andreas and Alfonso welcome David Woo CEO of David Woo Unbound to the show.

    Recording ahead of Jackson Hole, David shares his outlook on a US recession, Fed policy vs economic growth, whether or not the Fed will be able to slay the inflation dragon and the importance of understanding politics as well as economics in this market regime. Finally, David shares his actionable trade idea, but to hear that, you'll have to tune in!
    --
    “This episode is sponsored by Saxo Bank. Saxo Bank offers unparalleled market coverage across fiat, crypto and metals. Moreover, you can trade Gold your way, using either Futures, Options, Forwards or ETCs and gain access to a wide range of government and corporate bonds. Discover more opportunities at https://goto.saxo/macrofx
    --
    DAS
    Digital Asset Summit is crypto's most institutional conference. DAS is the only conference that truly combines the worlds of macro finance and crypto, with speakers like Danielle DiMartino Booth, Mike Green, Jurrien Timmer, Brent Johnson. Visit digitalassetsummit.io and sign up
    --
    Follow David: https://twitter.com/davidwoounbound
    Follow Andreas: https://twitter.com/AndreasSteno
    Follow Alfonso: https://twitter.com/MacroAlf
    Follow Blockworks: https://twitter.com/Blockworks_

    Subscribe To The Macro Compass: https://themacrocompass.substack.com/
    Subscribe To Stenos Signals: https://andreassteno.substack.com/
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Referenced In The Show: 
    Bridgewater Doubles Short Wagers in Europe to $10.5 Billion https://www.bloomberg.com/news/articles/2022-06-23/bridgewater-doubles-bet-against-european-stocks-to-10-5-billion 

    Biden Unveils Plan to Free Students from ‘Unsustainable Debt https://www.bloomberg.com/news/articles/2022-08-24/biden-set-to-freeze-student-loan-repayments-for-four-more-months 

    Kansas City Fed's George on rate hikes: 'We have more work to do' https://uk.news.yahoo.com/kansas-city-feds-george-rate-133641402.html
    --
    Timestamps:
    (00:00) Intro
    (00:34) Is Europe's Energy Crisis As Bad As Reported?
    (01:00) Top Stories Of The Week
    (07:43) Biden Unveils Plan to Cancel Student Debt
    (12:35) Feature Interview With David Woo
    (17:20) Fed Policy vs Economic Growth
    (21:55) The Path Ahead For Midterms
    (26:55) Can The Fed Slay The Inflation Dragon?
    (29:42) Quantitative Tightening
    (35:05) David's Actionable Trade Idea
    (44:26) Post Interview: Final Thoughts
    --
    Disclaimer: Nothing discussed on The Macro Trading Floor should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 56 min

Customer Reviews

4.5 out of 5
31 Ratings

31 Ratings

DanielM-copenhagen ,

Simply one of the best macro shows You can find

Well spoken and easy to understand in lay man terms. Not to much yaddi yaddi talk. It's a direct to the point kind of show and the two gentlemen are excellent hosts. Just a blessing to listen to.

Mads Frank ,

Covers the whole lot

Good podcast that covers many angles of the world, which is nice as there generally is US preference when it comes to tradable financial instruments.

Goethe007 ,

Keep it up!

Great start guys and I really like the fact that you add ACTIONABLE ideas, not least also from a non-institutional investor perspective. I would suggest you do not need a guest every time - people are also interested in YOUR views alone. Keep it up!

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