‘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.’ Andrew Morton, Global Head of Markets, Citi ‘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.’ Paul Tudor Jones II, CIO and Founder, Tudor Investment Corp ‘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.’ Ben Melkman, Managing Deputy CIO at Bridgewater Associates Discover opportunities in macro trading as global market volatility increases In Trading Global Macro Markets, 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. This 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. You'll also find: Strategies for trading the business cycle and macroeconomic events, like economic data releases, monetary policy meetings, elections, and geopolitical flashpoints - Techniques for tactical asset allocation - Ways to choose between asset classes and discussions of trades that illustrate the concepts explored in the book Ideal for global macro buy-side and sell-side professionals, asset allocators, market researchers, academics, regulators, and policymakers, Trading Global Macro Markets will prove invaluable to all finance practitioners interested in the interplay between macroeconomics and the markets. In Trading Global Macro Markets, global macro veterans Dirk Willer and Alex Saunders deliver a comprehensive and insightful discussion of every major asset class―including government debt, credit, top-down equity markets, foreign exchange markets, and commodities―around the world. They cover frameworks back-tested over more than 20 years, illustrating not only how to best trade each individual asset class, but how to best choose between those asset classes and how to utilize cross-asset class trading strategies. The authors includes practical case studies and descriptions of actual trades throughout the book to better illustrate the concepts discussed within. They explain how to trade the business cycle and how to trade the most common macro events, like data releases, OPEC meetings, wars, and more. Willer and Saunders also write about tactical asset allocation, showing how to navigate a post-quantitative easing world in which volatility and higher interest rates create opportunities in global rates trading. Trading Global Macro Markets is a fully validated guide on how to trade every relevant part of the global macro markets. It’s a thorough―and thoroughly researched―roadmap filled with charts, case studies, examples, and tools that avoid complex mathematics and formulas wherever possible to remain highly accessible to readers from a wide variety of backgrounds. Perfect for global buy and sell-side professionals, market and academic researchers, regulators, and policymakers, this book will earn a prominent place in the libraries of any finance practitioner and trader with an interest in the interplay between macroeconomics and successful portfolio management. It’s bound to become a popular favorite as synchronized monetary policy and low interest rates give way to more frequent economic upheavals and increased global volatility. Praise for TRADING GLOBAL MACRO MARKETS ‘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.’ Andrew Morton, Global Head of Markets, Citi ‘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.’ Paul Tudor Jones II, CIO and Founder