Topics in this course
Understand how growth, inflation, labor data, policy expectations, rates, and market pricing connect. Use the course to connect a release with the economic mechanisms that can influence asset prices.
How economic data reaches asset prices
Interpret growth, inflation, labor, consumption, earnings, and financial conditions by connecting each data point with cash flows, rates, credit, currencies, and risk appetite.
- The transmission chain
- Read macro news through the transmission channel to assets
- Key economic indicators
- Build a macro data map instead of collecting random headlines
- + 1 more section
Policy, rates, inflation, and market pricing
Connect monetary and fiscal policy, inflation, interest rates, yield curves, discount rates, currencies, and valuation through the expectations already embedded in market prices.
- The Federal Reserve
- Rates travel through the economy in more than one channel
- The economy reaches stocks through company earnings
- Rates and valuation
- + 1 more section
A weekly market review that separates signal from noise
Review the market each week using an event calendar, actual-versus-consensus data, revisions, rates, breadth, credit, currencies, commodities, and a dated review note.
- Read a market release in four passes
- Actual, consensus, prior, and revision are four different numbers
- Use an event calendar to separate planned risk from surprise risk
- Use separate calendars for economic and corporate event risk
- + 4 more sections
Read the guides in order for a complete path.
All 3 guides in this category are listed here in the recommended learning order. You can still open any guide directly from the navigation or search.
Use past market moves as context, not a forecast
Rate cycles, inflation shocks, recessions, earnings reactions, and recoveries occur under different starting valuations, policies, liquidity, and positioning. Review historical and hypothetical-information limitations →