It’s no longer fun to be a Wall Street macro strategist.

On one hand you have to divine the future for risk assets, looking at corporate and economic fundamentals and data, and recommend “big picture” trades based on your assessment of corporate profits and interest rates which have traditionally been the two key drivers to any macro asset allocation decision.

On the other, none of that matters in a time of central planning when central banks have taken over price discovery, making your job meaningless as asset prices are now a direct consequence of nothing but central bank liquidity and explicit asset backstops.



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