Equity Markets: Second Half Headwinds Are Building

Equity markets have shrugged off mounting risks for longer than most expected. That complacency may be about to be tested — hard. Elvis sits down with veteran macro trader Jonny Matthews — 25 years of institutional experience at Brevan Howard and Citigroup — to make the case that equity markets are facing a confluence of pressures that are not yet fully priced: persistently high inflation, a Federal Reserve with no room to cut, and a looming wave of equity supply that could overwhelm demand at exactly the wrong moment. In this episode: Why inflation remains structurally sticky — and what that means for the rates outlook How Kevin Warsh's plans to reform the Federal Reserve point to tighter monetary policy for longer The wall of equity supply that is building — and why markets are not yet paying attention Why bond yields may have further to rise — and the direct threat that poses to equity valuations What tighter financial conditions and rising supply mean for portfolio positioning right now Jonny has spent 25 years trading macro at the highest institutional level. This is not retail speculation or headline chasing. It is rigorous, independent analysis from someone who has sat at the table.