Inflation, Repression, and the TACO Trade: What Markets Are Telling Us
In the latest episode of Shard Capital’s Investment Brief series, host Neil Williams is joined by Ernst Knacke and Stewart Abrahart to unpack the macro forces shaping markets this month
From the so-called “TACO trade” to the implications of Liberation Day, financial repression, a weakening US dollar, and why gold is flashing all the right signals.
We also discuss our latest asset allocation views and what we’re doing (and not doing), in response to current volatility.
📊Bonds, inflation, term premiums
📉 Risks of recession vs market optimism
🟡 The role of gold (and why most investors don’t own enough of it)
📈 Financial repression: what it is, why it matters
Listen in on the conversation below 👇🏼
Recorded on the 10th of May 2025
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