Trading Global Macro Podcast
Join veteran analysts John Kicklighter and Matt Weller as they discuss key currents across the financial markets in Trading Global Macro from StoneX. Each episode cuts through the noise to deliver big picture but actionable insights on how macroeconomic themes and geopolitical events impact the forex, indices, commodities, interest rates and other key markets. Whether you’re tracking developing market trends, disruptive technologies, or central bank decisions, Trading Global Macro looks to break down the critical forces driving capital around the world to help you plan your next move.
Episodes
Risk Appetite Explained: Measuring Risk-On / Risk-Off or Market Sentiment
Trading Global Macro Podcast – Ep. 27In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller discuss what 'risk appetite' truly is, its influence on financial markets, why it can override traditional fundamental and technical signals, and how traders can determine whether sentiment is driving price action.The discussion covers the spectrum of risk-on and risk-off beha
Safe Havens in a Risk-On World: Gold, Yen, Treasuries, and the Search for Market Safety
In this episode of the Trading Global Macro Podcast, Matt Weller and John Kicklighter examine what makes an asset a “safe haven,” why the catalyst for market stress matters, and how different assets may respond as risk aversion intensifies.The discussion covers the spectrum of safe-haven behavior, from blue-chip stocks versus high-growth tech names, to the traditional stock-bond allocation shift,
AI Concentration Echoes Dot-Com Boom-Bust But the Ending May Differ
Trading Global Macro Podcast – Ep. 25In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller examine one of the strongest currents underlying the markets today: market concentration.The discussion explores how concentration develops through stock indices, earnings and broader investor risk appetite. They compare today's AI-driven leadership with historical examples in
Correlations Can Give Great Market Insights, But Beware
Trading Global Macro Podcast – Ep. 24In this episode of the StoneX Trading Global Macro Podcast, John Kicklighter and Matt Weller discuss how traders can use correlation across forex, equities, commodities, interest rates and crypto without mistaking the alignment for causation.They cover how correlations can support hedging, confirm breakouts, identify systemic influences like ‘risk-on/risk-off’
Wall Street vs Main Street: Record Highs in Stocks vs Record Low Consumer Sentiment
Trading Global Macro Podcast – Ep. 23In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller examine the growing divergence between Wall Street and Main Street. With the S&P 500 hitting record highs while consumer sentiment falls to historic lows, they break down the drivers behind this disconnect, including corporate profitability, pricing power, and consumer pre
What to Expect From the Fed in 2026 Amid The Warsh Transition
Trading Global Macro Podcast – Ep. 22In this episode of the Trading Global Macro Podcast from StoneX, Matt Weller and John Kicklighter are joined by Vincent Deluard, Director of Global Macro Strategy at StoneX, for a deep dive into the evolving Federal Reserve backdrop. The conversation explores the likely transition from Jerome Powell, the implications of a more politically charged Fed, and wheth
The “TACO Trade”: How Markets Are Shaping Tariffs, Iran Policy and Financial Stability
Trading Global Macro Podcast – Ep. 20In this episode of the Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller examine the so-called “TACO trade” associated to US President Donald Trump, which describes the idea that controversial policies are reversed when markets push back.While the acronym may be associated to the controversial US President, it may not be all that unusua
Recession Signals and the Limits of Leading Indicators
Trading Global Macro Podcast – Ep. 18In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller take a deep dive into one of the most persistent market questions of recent years: when is the next recession, and how can markets actually see it coming?The discussion explores the strengths and shortcomings of commonly cited recession indicators, including leading economic i
Fear, Greed, and Positioning: A Practical Guide to Sentiment
Trading Global Macro Podcast – Ep. 19In this episode of the Trading Global Macro Podcast, Matt Weller and John Kicklighter break down sentiment as the “third leg of the stool” alongside fundamentals and technicals, and explore how emotions, expectations, and positioning can amplify trends, reversals, and volatility.They walk through a practical framework for evaluating sentiment indicators, includ
When Markets Turn on Countries: How Economies Become Global Pariahs
Trading Global Macro Podcast – Ep. 17 In this episode of the Trading Global Macro Podcast, Matt Weller and John Kicklighter explore what it means for an economy to become a “pariah” in global markets. From extreme cases like Iran, Venezuela, and Argentina to more nuanced historical examples such as Italy, the UK in the 1970s, and modern-day China, the discussion examines how credibility, policy st
Trading in Extreme Market Conditions: Strategies to Manage Volatility, Liquidity & Uncertainty
Trading Global Macro Podcast – Ep. 15Welcome to the Trading Global Macro Podcast from StoneX! In this episode, John Kicklighter and Matt Weller dive deep into extreme market conditions: what they are, how to identify them, and strategies to navigate volatility, liquidity challenges, and major event risks.They explore:🔷Price Extremes vs. Price Movement: Why context matters🔷Liquidity Distortions: Se
Central Bank Independence: Why It Matters, Who Lacks It, and Why the Fed Is Under Pressure
Trading Global Macro Podcast – Ep. 16In this episode of the Trading Global Macro Podcast, John Kicklighter and Matt Weller break down the concept of central bank independence and why it has become such a critical issue for global markets. With renewed political pressure on the U.S. Federal Reserve, they explore why independence exists, what happens when it is lost, and how different central banks
The Biggest Market Surprises of 2025: Learnings for Adaptation into 2026
Trading Global Macro Podcast – Ep. 14In this episode of the Trading Global Macro podcast, John Kicklighter and Matt Weller take a look back at the biggest market surprises of 2025. From the waning influence of policy to a dramatic decline in the impact of top event risk to the perspective of deteriorating quality of data, they touch upon systemic changes. They each touch upon the single market tha
Are Markets Truly Efficient? A Practical Examination of the EMH
Trading Global Macro Podcast – Ep. 13In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller unpack one of finance’s most foundational and contentious ideas: the Efficient Market Hypothesis (EMH).The discussion explores:🔷The three forms of EMH (weak, semi-strong, and strong) and the assumptions behind them🔷Why the strongest form is widely rejected, and what real-w
Prediction Markets: A Useful Supplement to Macro Analysis and Trading
Trading Global Macro Podcast - Ep. 10Prediction markets are quickly gaining traction as a new frontier for traders and analysts — where real money meets real-world forecasts. In this week's episode of the Trading Global Macro Podcast, hosts John Kicklighter and Matt Weller explore how prediction markets, like Kalshi and Polymarket, offer unique insights into economic trends, policy decisions, and
The Information Illusion: How Financial Media Filters Shape Market Perception
StoneX Trading Global Macro Podcast - Ep.9In this week’s episode of the Trading Global Macro Podcast from StoneX, hosts John Kicklighter and Matt Weller explore a topic that impacts every trader and investor: how we consume market information.From sensational financial headlines to social media speculation, the duo breaks down how incentives, bias, and interpretation can distort the true meaning o
Trading Event Risk: How Markets React to Economic Surprises
StoneX Trading Global Macro Podcast – Ep. 7This week on The Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller unpack one of the most powerful, and misunderstood, forces in financial markets: event risk. From central bank meetings to jobs and inflation reports, scheduled releases are moments when new information floods into the market all at once, often sparking sharp volat
How Global Macro Shapes Every Market: Risk, Themes & Event Drivers
StoneX Trading Global Macro Podcast – Ep. 6In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller break down one of the core principles of market analysis — the global macro framework — and explain why understanding it is essential for every trader and investor.They explore:🔹 The difference between top-down and bottom-up market analysis🔹 Why risk appetite drives
Gold at Record Highs: Inflation Hedge, Safe Haven, or Anti-Fiat Play?
StoneX Trading Global Macro Podcast – Ep. 5In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller break down gold’s historic rally to record highs — its longest winning streak in over a decade — and what’s really driving the move.They explore:🔹 Why central banks are buying gold at the fastest pace in years🔹 How geopolitics and reserve diversification are reshapin
Is the AI Boom a Bubble or the Next Industrial Revolution?
StoneX Trading Global Macro Podcast – Ep. 4In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller take a discuss on of the market’s most frequently referenced benefactors, AI, and whether it is revolution that keeps driving markets and the economy higher or on the cusp of a bubble.They explore:🔹 How AI investment is seen boosting traditional GDP and market sentim
Where Is U.S. Monetary Policy Headed? Fed, Markets & the 2026 Outlook
StoneX Trading Global Macro Podcast – Ep. 3In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller dive into the hotly debated course of U.S. monetary policy and interest rate expectations into 2026 and beyond.They explore:🔹 The disconnect between Fed forecasts and market pricing🔹 Immigration’s surprising role in shaping employment trends🔹 Why data revisions and p
Government Shutdowns and the Dollar’s Resilience: Is US Exceptionalism Fading?
In this week’s Trading Global Macro Podcast from StoneX, John Kicklighter and Matt Weller unpack the looming U.S. government shutdown and its potential implications for global markets.They explore:- Lessons from past shutdowns and their economic fallout- How political gridlock affects investor confidence in US assets- The resilience, and vulnerabilities, of the US dollar and Treasury market- Wheth
Global Macro Podcast Trailer
Whether you're a trader looking for signals or an investor watching macro themes unfold, this episode offers grounded, practical insight into the forces shaping global risk sentiment today.Subscribe for weekly macro breakdowns and market insight.#RiskAppetite #TradingStrategy #MarketSentiment #GlobalMarkets #FinancePodcast
From Hormuz to Washington DC: Recalibrating the 2026 Rate Outlook
Trading Global Macro Podcast – Ep. 21In this episode of the Trading Global Macro Podcast from StoneX, Matt Weller and John Kicklighter examine how the escalating US-Iran conflict and the closure of the Strait of Hormuz are reshaping the global macro outlook for 2026.The conversation focuses on one of the biggest questions facing markets right now: are central banks done cutting rates, and could so
Risk Appetite, Conviction, and the Search for Market Balance
Welcome to the first episode of the Trading Global Macro Podcast from StoneX, hosted by John Kicklighter (Global Head of Content) and Matt Weller (Global Head of Market Research, Self-Directed Brands).In this episode, John and Matt tackle one of the most overused yet misunderstood concepts in financial markets: risk appetite. What does “risk on” or “risk off” really mean in the context of the broa
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