Macro4Micro

Macro4Micro

Home
Market Commentary
Fed Funds & Inflation
GDP Cycles & Curve Histories
Industries & Companies
Economic Indicators
Archive
About
Credit Markets: Quality Spread Compression Continues 9-14-25
Another mild spread compression week and relative calm in a sea of domestic political bile.
 • 
Glenn Reynolds, CFA
The Curve: FOMC Balancing Act 9-14-25
Decision time for the FOMC, but the real action will be in the commentary on tariffs and mix of forecasts.
 • 
Glenn Reynolds, CFA
Footnotes & Flashbacks: Asset Returns 9-14-25
Constructive asset returns were once again unfazed by US political toxicity with the FOMC and SCOTUS (IEEPA) the major events near term.
 • 
Glenn Reynolds, CFA
Mini Market Lookback: Ugly Week in America, Mild in Markets
In a week where political violence took the headlines, CPI and PPI combined for a slight negative on the inflation story.
 • 
Glenn Reynolds, CFA
CPI August 2025: Slow Burn or Fleeting Adjustment?
CPI was slightly warmer following a benign PPI report, but a very bad weekly jobs claims number (27K higher) heightens FOMC tension.
 • 
Glenn Reynolds, CFA
PPI Aug 2025: For my next trick…
August PPI showed the opposite trend of what we saw in July, but we get the bigger test with CPI in the morning.
 • 
Glenn Reynolds, CFA
Credit Markets: Spread Risk Lurks, but the World Waits
The past week did not get wagged by job headlines with the FOMC and the SCOTUS decision as the main events ahead.
 • 
Glenn Reynolds, CFA
The Curve: The Road to Easing has been Long.
The home stretch to the FOMC meeting starts with CPI and PPI this week while the SCOTUS appeal on IEEPA lurks as a complicating variable.
 • 
Glenn Reynolds, CFA
1
Footnotes and Flashbacks: Asset Returns 9-6-25
A good week for major equity benchmarks came along with a UST curve rally driven by weaker economic signals.
 • 
Glenn Reynolds, CFA
Mini Market Lookback: Job Trends Worst Since COVID
The week saw more confirmation of job weakness and fallout from tariffs while Team Trump points at the Fed.
 • 
Glenn Reynolds, CFA
Payrolls Aug 2025: Into the Weeds
We look at the occupational details in the weak August payroll numbers with manufacturing deepening the slide in 2025.
 • 
Glenn Reynolds, CFA
Employment August 2025: Payroll Flight
Another bad month for payroll helps the FOMC see that the dual mandate is back on the front burner with the heat rising.
 • 
Glenn Reynolds, CFA
© 2025 Macro4Micro
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture