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What exactly is “macro” and how does it affect ordinary Americans?
In this episode I sit down with Eric Wallerstein, Chief Macro Strategist at Clocktower Group, to explore the machinery beneath the economy and financial markets.
Eric brings an unusually wide-ranging perspective. He began his career at the New York Fed, reported on markets for The Wall Street Journal, served as Chief Markets Strategist at Yardeni Research, and advised both the White House Council of Economic Advisers and the Federal Reserve Board.
We discuss:
What macro strategists actually do
How banks create money
What people mean when they say the Fed “prints money”
The Fed’s role beyond changing interest rates
Why financial stability depends on largely invisible market “plumbing”
How political bias and popular narratives distort economic analysis
What reindustrialization, tariffs, AI, and government debt could mean for the economy
Why developments in China and Japan affect Americans
Which economic indicators ordinary people should follow
Timestamps
(00:00) Show Mission Setup
(00:37) Meet Eric Wallerstein
(01:55) Macro Investing Basics
(02:47) Finding a Macro Lane
(03:42) New York Fed Money Plumbing
(05:28) Career Tour Across Institutions
(09:16) Why Communication Matters
(11:28) Fast Pace Crisis Work
(13:49) Inside the White House CEA
(16:45) How the Fed Really Works
(23:32) Money Creation Explained
(26:56) Limits of Monetary Policy
(31:38) Decoding Fed Speak
(33:10) Narratives Drive Volatility
(33:53) Fed Guidance Pullback
(34:33) Why Strategists Disagree
(34:59) Bull Case Then Slowdown
(37:31) Tuning Out Loud Voices
(38:18) Journalism As Edge
(39:33) Markets Versus Politics
(42:17) Rigor Versus Virality
(44:54) Underrated Smart Voices
(46:44) Becoming A Macro Pro
(49:07) Macro Makes A Comeback
(49:48) Creativity And Writing
(51:56) Big Themes Clients Ask
(55:54) Why China And Japan Matter
(59:24) What He Tracks Weekly
(01:01:12) Macro Basics And Resources
(01:05:08) Books And Where To Follow
Eric's recommended reading
Find Eric
Eric’s Substack
X: @EricWallerstein
Clocktower Group: clocktowergroup.com
This conversation is for educational purposes only and should not be considered financial or investment advice.
