The FED Is No Longer Your Friend with Vincent Deluard

Interview recorded - 24th of April, 2023

On todays episode of the WTFinance podcast I have the pleasure of speaking with Vincent Deluard, Director of Global Macro Strategy at StoneX Group.

During our conversation we spoke about why inflation could be structurally higher for the long term, the impact on cheap capital, cheap goods and cheap labour and how this will effect asset prices moving forward. I hope you enjoy!

0:00 - Introduction
0:50 - What has been happening in markets?
2:35 - What is the path of monetary policy?
5:15 - Will we see inflation in the future?
11:20 - What caused lower inflation over the past 40 years and why did it shift?
17:20 - Cheap capital, cheap goods & cheap labour
20:40 - Increase of product prices?
23:05 - Can the US continue with current deficit?
26:40 - Will Europe have a different inflation target?
29:45 - What impact will the new trend have on assets?
32:45 - Commodity Supercycle to re-emerge?
35:55 - Tech to struggle, government back industries to rise?
38:00 - One message to take away

Vincent is the global macro strategist for StoneX, where he authors weekly research reports on global macro trends, flows, European capital markets and quantitative topics. Vincent advises large pension funds and other institutional investors on asset allocation and risk management.

Prior to joining StoneX., Vincent served as the Europe Strategist for Ned Davis Research Group. In November 2013, Vincent was awarded the Euromoney Padraic Fallon Editorial Prize for his in-depth study of the investment opportunities offered by the European debt crisis. Prior to joining Ned Davis Research, Vincent was the Executive Vice President of TrimTabs Investment Research, where he headed the firm’s quantitative research. Vincent designed and traded large and profitable strategies based on supply and demand indicators for top-tier hedge funds. Vincent is frequently quoted in the Financial Times, Wall Street Journal, Bloomberg, and Barron’s. Vincent taught Ethical and Professional Standards and Private Wealth Management for the CFA Society of San Francisco.

Vincent is an adjunct professor of finance for Saint Mary’s College Master’s in Finance and taught at Golden Gate University’s Executive MBA program. Vincent is a CFA charterholder. He completed a dual master’s degree at Sciences-Po Paris (Cum Laude) and Columbia University and speaks English, French, Italian, and Indonesian.

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