{"product_id":"trading-global-macro-markets-hardback-9781394273751","title":"Trading Global Macro Markets (Hardback) 9781394273751","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eTrading Global Macro Markets\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eDirk Willer (Author), Alex Saunders (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781394273751, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 30 April 2026\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e400 pages\u003cbr\u003e24.6 x 17.5 x 2.8 cm, 0.68 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e ‘At a time when global macro has rarely been more relevant, this book captures what drives macro trading: the interaction of policy, markets, and human behavior. It combines analytical depth with real world insight, making it essential reading for traders, investors and anyone with an interest in global markets.’\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAndrew Morton, \u003c\/b\u003eGlobal Head of Markets, Citi\u003c\/p\u003e \u003cp\u003e‘History remains our most reliable guide to markets. Dirk and Alex examine the most durable macro relationships with empirical rigor—a must-read for any macro investor.’\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePaul Tudor Jones II, \u003c\/b\u003eCIO and Founder, Tudor Investment Corp\u003c\/p\u003e \u003cp\u003e‘Even seasoned professionals will find this book valuable. A rigorous, well researched work from one of the industry’s thought leaders. An excellent and practical contribution, firmly grounded in data.’\u003c\/p\u003e \u003cp\u003e\u003cb\u003eBen Melkman, \u003c\/b\u003eManaging Deputy CIO at Bridgewater Associates\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDiscover opportunities in macro trading as global market volatility increases\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eTrading Global Macro Markets,\u003c\/i\u003e accomplished global macro veterans Dirk Willer and Alex Saunders deliver a complete and incisive guide to navigating global macroeconomic trends as the low volatility world of quantitative easing gives way to the post-pandemic world of increased interest rates and macro volatility. The authors offer coverage of every major asset class, from government debt and credit to equity, commodity, and foreign exchange markets, along with back-tested frameworks going back over two decades and more that illustrate how to trade each class and how to make cross-asset trading decisions.\u003c\/p\u003e \u003cp\u003eThis fully validated roadmap to global macro trading is a thoroughly researched handbook filled with use-cases, charts, examples, and tools. It avoids overly complex mathematics in favor of concise explanations and case studies wherever possible, ensuring it remains accessible to practitioners and traders from a wide variety of backgrounds.\u003c\/p\u003e \u003cp\u003eYou'll also find:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eStrategies for trading the business cycle and macroeconomic events, like economic data releases, monetary policy meetings, elections, and geopolitical flashpoints\u003c\/li\u003e \u003cli\u003eTechniques for tactical asset allocation\u003c\/li\u003e \u003cli\u003eWays to choose between asset classes and discussions of trades that illustrate the concepts explored in the book\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIdeal for global macro buy-side and sell-side professionals, asset allocators, market researchers, academics, regulators, and policymakers, \u003ci\u003eTrading Global Macro Markets\u003c\/i\u003e will prove invaluable to all finance practitioners interested in the interplay between macroeconomics and the markets.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003eCHAPTER 1 Introduction 1\u003c\/b\u003e\u003cbr\u003e1.1 Acknowledgments 4\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Global Macro Rules 7\u003c\/b\u003e\u003cbr\u003e2.1 Long-Term Performance of Macro Funds is Strong 7\u003cbr\u003e2.2 How Do Macro Funds Make Money? 8\u003cbr\u003e2.3 A Bright Future 1: Equities are Expensive 9\u003cbr\u003e2.4 A Bright Future 2: Volatility Rises During QT 10\u003cbr\u003e2.5 A Bright Future 3: Rates Bets with Highest Sharpe Ratio and More Profitable with Rates Substantially Above Zero 11\u003cbr\u003e2.6 A Bright Future 4: Performance Cushion from Non-zero SOFR 11\u003cbr\u003e2.7 A Note on Process and Does History Really Rhyme? 13\u003cbr\u003e2.8 What is Good Performance? 14\u003cbr\u003e2.9 Summary 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 It's the Business Cycle, Stupid 17\u003c\/b\u003e\u003cbr\u003e3.1 From Boom to Bust and Back 17\u003cbr\u003e3.2 What is Leading—Fundamentally? 19\u003cbr\u003e3.3 But Who is Really in Front? 21\u003cbr\u003e3.4 Crystal Balls or False Prophets: How Useful are the Leading Indicators? 26\u003cbr\u003e3.5 Trading in the Rearview Mirror 29\u003cbr\u003e3.6 How to Trade a US Recession 33\u003cbr\u003e3.7 Pricing Price Changes 40\u003cbr\u003e3.8 The Third Mandate 41\u003cbr\u003e3.9 Rhyming it Does, but not Repeating 45\u003cbr\u003e3.10 Born in the USA 47\u003cbr\u003e3.11 From China with Love 48\u003cbr\u003e3.12 Trailing the Tide: Europe usually a Follower 49\u003cbr\u003e3.13 India as the Next China? 53\u003cbr\u003e3.14 Summary 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Temporary Turmoil: Markets and (Geo) Politics 57\u003c\/b\u003e\u003cbr\u003e4.1 Geopolitical Risk the Bad Old Days 57\u003cbr\u003e4.2 From Conflict to Barrel 60\u003cbr\u003e4.2.1 Hedging Conflict 65\u003cbr\u003e4.3 Warfare by Tariff 66\u003cbr\u003e4.4 Volatility at the Ballot Box 67\u003cbr\u003e4.5 Summary 77\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 How to Trade Rates: A Framework 79\u003c\/b\u003e\u003cbr\u003e5.1 A Treasure to Behold 79\u003cbr\u003e5.2 It's the Fed, Stupid 82\u003cbr\u003e5.3 How to Trade a Hiking Cycle 87\u003cbr\u003e5.4 Hikes are Oily 91\u003cbr\u003e5.5 The Wisdom of Equity Markets 93\u003cbr\u003e5.6 How to Trade an Easing Cycle 94\u003cbr\u003e5.7 Trading the Curve 104\u003cbr\u003e5.8 The Weight of Supply 107\u003cbr\u003e5.9 Valuation—Use Sparingly 111\u003cbr\u003e5.10 Trend Following—Only in the Short Term 112\u003cbr\u003e5.11 TIPS—The True Treasure 113\u003cbr\u003e5.12 When Rates Markets Roar 117\u003cbr\u003e5.13 Summary 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 How to Trade Rates: The Tactics 121\u003c\/b\u003e\u003cbr\u003e6.1 The Anatomy of a Rates Sell-off 121\u003cbr\u003e6.2 The Wisdom of the FOMC 126\u003cbr\u003e6.3 Trading the Nonfarm Catalyst (NFC) 128\u003cbr\u003e6.4 CESI—a Busy Man's Guide to the Economy 130\u003cbr\u003e6.5 When Safety Backfires 132\u003cbr\u003e6.6 A Season for Bonds? 133\u003cbr\u003e6.7 Summary 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 How to Trade Rates: Globalizing 135\u003c\/b\u003e\u003cbr\u003e7.1 Can Global Fixed-Income Markets Diverge from the Fed? 135\u003cbr\u003e7.2 Bonding with Bunds 140\u003cbr\u003e7.3 Gilded Gilts? 142\u003cbr\u003e7.4 At the Periphery 146\u003cbr\u003e7.5 Is Japan Different? 149\u003cbr\u003e7.6 Is China Different? 152\u003cbr\u003e7.7 EM Rates—Wagged by the Global Macro Dog 153\u003cbr\u003e7.8 One-way or Two-way Traffic? 154\u003cbr\u003e7.9 Summary 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 How to Trade Equities: A Framework 159\u003c\/b\u003e\u003cbr\u003e8.1 Equities in the Big Picture: The Only Way is Up 159\u003cbr\u003e8.2 Equities and the Business Cycle 161\u003cbr\u003e8.3 Equities and the Fed 163\u003cbr\u003e8.4 Equities and Earnings 171\u003cbr\u003e8.5 Equities and Liquidity 179\u003cbr\u003e8.6 Equities and Bubbles 180\u003cbr\u003e8.7 Valuation Not Very Valuable 189\u003cbr\u003e8.8 Winners Keep Winning 191\u003cbr\u003e8.9 Small, Not Often Beautiful 193\u003cbr\u003e8.10 Summary 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 How to Trade Equities: The Tactics 197\u003c\/b\u003e\u003cbr\u003e9.1 Spotting the Peaks 197\u003cbr\u003e9.2 Bottom Watching 198\u003cbr\u003e9.3 Positioning Pain Trades 205\u003cbr\u003e9.4 Insiders have Insight 205\u003cbr\u003e9.5 Buybacks—Don't Have Your Back 208\u003cbr\u003e9.6 There is a Season for it 209\u003cbr\u003e9.7 Of Good News Bears—and Vice Versa 213\u003cbr\u003e9.8 The FOMC Effect 217\u003cbr\u003e9.9 Summary 218\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 How to Trade Equities: Globalizing 221\u003c\/b\u003e\u003cbr\u003e10.1 The Cycle goes Global 221\u003cbr\u003e10.2 Global Equities meet FX 225\u003cbr\u003e10.3 Trading Tokyo 226\u003cbr\u003e10.4 Trading Frankfurt 228\u003cbr\u003e10.5 Trading London 229\u003cbr\u003e10.6 Trading Shanghai 232\u003cbr\u003e10.7 Trading the Rest of EM 240\u003cbr\u003e10.8 Tactical Considerations 243\u003cbr\u003e10.9 Summary 245\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 How to Trade Credit 247\u003c\/b\u003e\u003cbr\u003e11.1 Credit in the Big Picture 247\u003cbr\u003e11.2 Defaults in Motion 250\u003cbr\u003e11.3 No Credit to the Fed 252\u003cbr\u003e11.4 (Dis)crediting Value 254\u003cbr\u003e11.5 Carrying Credit 256\u003cbr\u003e11.6 Junk or Quality? 257\u003cbr\u003e11.7 Rising Angels and Falling Stars 257\u003cbr\u003e11.8 The Supply Fallacy 259\u003cbr\u003e11.9 The Credit Canary 260\u003cbr\u003e11.10 The Loans Logic 265\u003cbr\u003e11.11 Choosing Sides in Credit: EM Versus US 266\u003cbr\u003e11.12 Limited Foreign Supply, Unlimited Demand? 267\u003cbr\u003e11.13 Summary 268\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 How to Trade FX: The Framework 269\u003c\/b\u003e\u003cbr\u003e12.1 USD Smile, Smirk, or Cloud? 269\u003cbr\u003e12.2 The USD and the Business Cycle 272\u003cbr\u003e12.3 A Composite Model 276\u003cbr\u003e12.4 The USD in Bubbly Times 277\u003cbr\u003e12.5 JPY is Special 278\u003cbr\u003e12.6 Factors for FX 282\u003cbr\u003e12.7 Living Off Carry 283\u003cbr\u003e12.8 Value Works Too 288\u003cbr\u003e12.9 Riding the Trend 289\u003cbr\u003e12.10 Hide in Surprise 291\u003cbr\u003e12.11 Summary 292\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 How to Trade FX: The Tactics 293\u003c\/b\u003e\u003cbr\u003e13.1 The Fed and the USD 293\u003cbr\u003e13.2 Intervention—Burning Reserves, Buying Time 295\u003cbr\u003e13.3 Go with the Flow or Against? Do Both! 299\u003cbr\u003e13.4 Technicals: Intraday Reversals 300\u003cbr\u003e13.5 No Basis for the Basis 301\u003cbr\u003e13.6 Summary 302\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 How to Trade Commodities 303\u003c\/b\u003e\u003cbr\u003e14.1 Commodities: They Have Their Moments 303\u003cbr\u003e14.2 Commodities and the Business Cycle 310\u003cbr\u003e14.3 Riding Commodity Trends 313\u003cbr\u003e14.4 Carry in the Ground 313\u003cbr\u003e14.5 Bottom's Up 315\u003cbr\u003e14.6 Ace of Base 318\u003cbr\u003e14.7 Gold: A 3,000-year-old Bubble that Refuses to Burst? 323\u003cbr\u003e14.8 How to Trade with Energy 329\u003cbr\u003e14.9 How to Trade OPEC Meetings 332\u003cbr\u003e14.10 Positioned for Failure 335\u003cbr\u003e14.11 Summary 335\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 How to Allocate 337\u003c\/b\u003e\u003cbr\u003e15.1 A Regime Investing Approach 337\u003cbr\u003e15.2 How to Protect Against Stagflation 342\u003cbr\u003e15.3 Strategic Asset Allocation for Regime Agnostics 346\u003cbr\u003e15.4 The Choice of Equity Versus Credit Risk 347\u003cbr\u003e15.5 The Choice of Government Bonds Versus Equities 348\u003cbr\u003e15.6 Don't Risk Your Budget, Budget Your Risk 352\u003cbr\u003e15.7 Tactical, Tactical, Asset Allocation 354\u003cbr\u003e15.8 Summary 356\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Non Traditional Assets: Private Assets and Crypto 357\u003c\/b\u003e\u003cbr\u003e16.1 Macro and Crypto—A Match Made in Heaven 357\u003cbr\u003e16.2 How Much to Allocate to Bitcoin? 360\u003cbr\u003e16.3 Following the Crypto Trend 361\u003cbr\u003e16.4 Publicizing Private Assets 362\u003cbr\u003e16.5 A smooth ride? 363\u003cbr\u003e16.6 Infrastructure (and Real Estate) for Stagflation 365\u003cbr\u003e16.7 All Managers are Not Created Equal 366\u003cbr\u003e16.8 Summary 368\u003c\/p\u003e \u003cp\u003eBibliography 369\u003cbr\u003eIndex 375\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52278019424536,"sku":"9781394273751","price":62.36,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781394273751.jpg?v=1781455787","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/trading-global-macro-markets-hardback-9781394273751","provider":"Freshly Printed Books","version":"1.0","type":"link"}