Our guest this week was Vincent Deluard, Director of Global Macro Strategy at Stonex. StoneX (formerly known as INTL FCStone) is an institutional-grade financial services network that connects companies, organizations, traders and investors to the global markets ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. Our conversation covered:

• Comparing the narratives from other allocators
• Is the Fed Pivot here now and will there be a soft landing
• The rise of structural inflation since before COVID and where will it settle
• Why the Fed is attempting to show that it “tried”
• Underestimating the strength of the economy
• Accepting that Growth, Austerity or Inflation are the solutions
• How China saved the Fed
• Bubbles of Bubbles and Ponzi schemes vs fundamentally driven growth
• Shifting from monetary to fiscal dominance
• The effects of automation on labor requirements
• Irrational American optimism vs European pessimism
• Political influences on monetary policy and the challenges of “onshoring”
• Adjusting the price, not the quantity
• The effects of the rates of change
• The possibility of equities and bonds returning to normal correlations
• Pension funds, interest rates, central banks and commodities
• The importance of diversified portfolios with sophisticated hedges
• And much more

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.

*ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.