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Macro & Cross-Market

Readers who want to understand macro releases, rates, currencies and how asset classes relate.

Read major releases and the yield curve, describe cross-asset relationships with dated evidence, and avoid hindsight in macro charts.

New to markets? Start with Start Here first.

Foundations

  1. 1

    Macro in five minutes: growth, inflation, rates

    Growth, inflation and rates as one system.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  2. 2

    The economic calendar: what is released and when

    When and how data are released.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  3. 3

    Inflation reports decoded: CPI and PCE

    Inflation reports decoded.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  4. 4

    Jobs reports decoded

    Jobs reports and their revisions.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  5. 5

    GDP and PMIs: two growth snapshots

    Output measures versus surveys.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  6. 6

    Central banks and interest rates

    Central bank mandates and policy rates.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  7. 7

    Macro release cheat sheet

    Release cheat sheet to keep beside the calendar.

    • Beginner
    • Cheat sheet
    • 2 min
    • Coming soon
  8. 8

    Currency pairs decoded: base, quote and pips

    Currency pair basics for FX steps.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  9. 9

    Crypto market basics: pairs, venues and stablecoins

    Crypto basics for the crypto-macro step.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  10. 10

    Returns: simple, log and percentage points

    Returns for every cross-asset comparison.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  11. 11

    Standard deviation: volatility as a number

    Volatility as a number.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  12. 12

    Distributions and fat tails, in pictures

    Tails needed for risk measures later.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  13. 13

    Correlation without the confusion

    Correlation before cross-asset moods.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon

Core

  1. 14

    Bonds and yields in one picture

    Bond prices and yields.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  2. 15

    The yield curve: shapes and what they describe

    The yield curve as a dated snapshot.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  3. 16

    The dollar and currency strength measures

    Currency strength measures.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  4. 17

    The FX market: a decentralised dealer network

    How the FX market is structured.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  5. 18

    Currency fundamentals: rates, inflation and flows

    Rates and inflation as currency fundamentals.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  6. 19

    Risk-on, risk-off: reading cross-asset moods

    Cross-asset co-movement and its instability.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  7. 20

    Surprise vs expectation: why good news can fall

    Reactions to surprises, not levels.

    • Intermediate
    • Myth vs measurement
    • 4 min
    • Coming soon
  8. 21

    Do stocks and bonds always move opposite?

    Myth check on stock-bond correlation.

    • Intermediate
    • Myth vs measurement
    • 4 min
    • Coming soon
  9. 22

    Crypto and macro: rates, liquidity and correlation

    Crypto against rates and liquidity.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  10. 23

    Diversification and correlation

    Diversification depends on correlation.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon

Advanced

  1. 24

    Business cycles are labelled with hindsight

    Cycles are dated with hindsight.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  2. 25

    Data vintages: when the numbers get revised

    Real-time versus revised data.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  3. 26

    Correlation explorer: relationships across regimes

    Interactive correlation explorer across regimes.

    • Advanced
    • Interactive tool
    • 3 min
    • Coming soon
  4. 27

    Value at Risk and expected shortfall

    Tail risk measures for a portfolio.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  5. 28

    Currency effects on measured performance

    Currency effects on measured results.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  6. 29
    Capstone

    A macro chart can use numbers nobody had then

    Capstone field note: charts using numbers nobody had.

    • Intermediate
    • Field note or build note
    • 5 min
    • Coming soon
Optional reading: 7
  • Nominal vs real: adjusting for inflation
  • Commodities as macro information
  • Sentiment surveys vs positioning data
  • Event study: measuring reactions to a release
  • Risk contributions and weighting schemes
  • Autocorrelation: does today echo yesterday?
  • Volatility clustering and calm-storm regimes

In the app

The Analess features these lessons use most. Availability is shown on each feature’s page.