Macrocast by FTP & Markets Policy Partners

Hosted by FTP & Markets Policy Partners

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Episodes

128

Latest episode

Oct 2026

Language

EN-US

About the show

A pod at the intersection of financial markets and government policy

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60 recent

October 16, 202630 min

Hot Prices, Cooling Demand, and the Midterms

This week on the Macrocast , the team breaks down a hotter-than-expected inflation report, driven largely by gasoline. They look at how higher costs are reaching consumers, why retail sales outside of gas are softening, and what it means for the Fed's October decision. The conversation also covers market volatility, a Treasury rally, and how high capital costs are weighing on AI. The team reviews mixed bank earnings, considers midterm regulatory risks for AI and data centers, and touches on Tesla's Roadster reveal before looking ahead to a quieter week for data. For more about the hosts, please see below: FTP Markets Policy Partners

October 9, 202636 min

Economic Anxiety and the Midterm Countdown ft. John Dick

This week on the Macrocast , CivicScience’s John Dick joins the team to discuss economic sentiment, declining optimism about personal finances, and why holiday spending plans remain strong despite consumer concerns. They also explore consumer credit trends, buy now, pay later options, and how rising interest rates are affecting major purchases. With the midterms approaching, the conversation turns to Americans’ political mood, with Ed Hill weighing in on campaign fundraising and turnout expectations. The team also covers Treasury market volatility, expectations for the Fed’s next rate hike, and recent developments in AI stocks. For more about the hosts, please see below: FTP Markets Policy Partners CivicScience

October 2, 202634 min

The Road to the Midterms: Jobs, Inflation, and Energy

This week on the Macrocast , the team breaks down a weaker-than-expected September jobs report, with just 29,000 jobs added and the unemployment rate ticking up as the labor force expanded. They also discuss softer wage growth, the latest PCE inflation data, and why markets have pulled back expectations for an October Federal Reserve rate hike. With the midterms approaching, the conversation turns to the policy issues likely to shape the months ahead. The team covers energy-market uncertainty and the potential consequences of a U.S. crude oil export ban, pressure in European debt markets, and recent movement on Capitol Hill around permitting reform and college sports legislation. For more about the hosts, please see below: FTP Markets Policy Partners

September 25, 202637 min

Treasury Turbulence, Trump-Xi, and the AI Trade

This week, the Macrocast team examines renewed turbulence in the Treasury market as longer-term yields climb amid stronger economic data, persistent inflation concerns, weak auction demand, and a more hawkish tone from the Federal Reserve. John, Brendan, and Ed Hill unpack what is driving the latest move in rates and what it could mean for markets. The team also turns to the Trump-Xi summit, the outlook for energy markets, and growing geopolitical risks. They discuss the latest developments in U.S.-China relations, the continued momentum behind AI-related stocks, and the economic and policy developments to watch in the weeks ahead. For more about the hosts, please see below: FTP Markets Policy Partners

September 18, 202638 min

Rate Hikes, Trade Fights, and a Nervous Market with Trevor Hanger

The Fed raised rates again, but the bigger story may be what comes next. Trevor from FTP fills in for Ed this week to break down the latest data, the pressure building around the October meeting, and why markets are watching every signal from Washington. The team also looks at the economic trouble brewing overseas, from China’s slowdown and property-market struggles to trade tensions with China and Canada. It is a fast-moving week for the global economy, and the Macrocast has the context behind the headlines. For more about the hosts, please see below: FTP Markets Policy Partners

September 11, 202639 min

Fall Outlook for the U.S. Consumer ft. John Dick

This week, the Macrocast team is joined by frequent contributor John Dick of CivicScience to take the pulse of the U.S. consumer heading into the fall. The latest Economic Sentiment Index showed only a slight improvement, reflecting a consumer who is still unsettled. Americans feel conflicted about their own finances and the job market but remain downbeat on the broader economy. With inflation still weighing on household budgets, caution is creeping into decisions around major purchases, investments, and financial security. The team also breaks down the latest inflation data and what it could mean for the Federal Reserve’s next move. They dig into the Treasury’s proposed bond buyback program and what it could signal for Washington’s fiscal posture and the national debt. The episode closes with a look at central-bank developments in Europe and Japan. For more about the hosts, please see below: FTP Markets Policy Partners CivicScience

September 4, 202632 min

Labor Day Edition: Jobs, Fed, and What's Next

This week's episode covers August's jobs report, which beat expectations with solid job growth and upward revisions to prior months. The strong data pushed up the odds of a September rate hike, though dovish comments from Governor Christopher Waller left the team divided on the Fed's next move. They also previewed upcoming PPI and CPI data, plus global pressures like elevated EU inflation and continued supply chain strain. On geopolitics, the team discussed rising China tensions ahead of the Trump-Xi summit. Ed Hill wrapped up with a Capitol Hill update: the House's continuing resolution avoiding a shutdown, prospects for the Clarity Act, and early betting market odds on the midterms. For more about the hosts, please see below: FTP

August 28, 202636 min

Jackson Hole and the Fed's Tell

This week, the Macrocast team breaks down Fed Chair Warsh's Jackson Hole speech, where he flagged persistent above-target inflation even as he acknowledged a resilient economy, a clearer signal than the Fed has sent in months. Markets responded by pricing in higher odds of a September rate hike, though the long end of the Treasury curve moved more than policymakers would like, complicating the picture. They cover Treasury Secretary Bessent's intervention in the long end Treasury market, new sanctions on Iranian financial networks, and close with what's ahead: next week's jobs report, which could be the deciding factor on whether the September hike actually happens. For more about the hosts, please see below: FT P Markets Policy Partners

August 21, 202637 min

Back-to-School Spending and Market Signals ft. John Dick

This week, the Macrocast team is joined by frequent contributor John Dick of CivicScience for a read on the U.S. consumer heading into the fall. Sentiment bounced back after a steep prior decline and household financial health improved again, but the retail picture remains uneven: Walmart guided to its slowest same-store sales growth in years while Target surprised to the upside. The team discusses strong back-to-school spending, early holiday intentions, rising credit card balances among younger consumers, and how retailers may deploy tariff refunds into lower prices. The team closes with progress toward a U.S.-Canada tariff agreement and the week ahead: payroll revisions, GDP, core PCE, and NVIDIA earnings. For more about the hosts, please see below: Forbes Tate Partners Markets Policy Partners CivicScience

August 14, 202623 min

Summer Inflation, Earnings, and the AI Heatwave

This week on the Macrocast , John Fagan is out, so Ed Hill and Brendan Walsh hold down the fort, breaking down the latest inflation data and what it could mean for the Fed's next move. They also dig into a weaker-than-expected retail sales report and recent earnings from Tapestry and Cisco, with Cisco's numbers pointing to continued strength in AI-driven demand. The conversation turns to a major financing push tied to AI infrastructure that's drawing attention across markets, along with a look at a relatively quiet week on the geopolitical front. For more about the hosts, please see below: Forbes Tate Partners Markets Policy Partners