No Country For Old Macro Men

After an episode of extreme, headline-driven volatility in April, financial markets have shifted to docility in May. Position risks in equity and FX markets are now much reduced and, absent further clarity on US trade and fiscal policies, a wait-and-see approach is the order of the day. Fatigue has set in and, as our guest this week, Lee Ferridge, Head of Macro Strategy for the Americas at State Street Markets, notes, high conviction views are in short supply. This week, we think about how to navigate the onset of summer and whether the ennui of recent weeks makes it a time to 'sell in May and go away', as the old trading adage goes. Or, if just the 'go away' part will suffice.

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