Marlowe Macro:
Sometimes Macro Matters!

The interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. It is the central bank's primary tool for influencing the economy.

The yield on the 10-year US Treasury note, widely considered the benchmark for global borrowing costs and a key indicator of investor sentiment regarding future economic growth and inflation.

The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The YoY rate shows the percentage change from the same month a year ago.

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

A measure of the money supply that includes cash, checking deposits, and easily convertible near-money. YoY growth indicates the expansion or contraction of liquidity in the system.

The ratio of copper prices to gold prices. Copper is an industrial metal sensitive to economic growth, while gold is a safe-haven asset. The ratio is a barometer for global economic health vs. fear.

The difference in yield between high-yield (junk) corporate bonds and comparable US Treasury bonds. It measures the risk premium investors demand for holding riskier corporate debt.

A measure of the value of the US dollar relative to a basket of foreign currencies (Euro, Yen, Pound, etc.). It indicates the global strength or weakness of the USD.

The price of West Texas Intermediate crude oil, a benchmark for oil pricing. It is a key input cost for the global economy and a major driver of headline inflation.

The price of Bitcoin in US Dollars. Often viewed as a high-beta liquidity proxy and, increasingly, as a potential hedge against monetary debasement.