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The Macro Courses
Macro investing is a never-ending learning journey: the TMC Macro Courses will help you step up your game and become a better macro investor!
Alf will use his multi-year experience as an institutional investor to break down complex macro concepts in understandable terms like nobody ever did before.
Monetary Mechanics Course
Fiscal deficits, QE, QT, Treasury General Account, Reverse Repo: mastering monetary mechanics will be a crucial skill for macro investors over the next decade!
Alf’s Monetary Mechanics Course unpacks the entire monetary plumbing universe in easy to follow, step-by-step explanations so that you can get a real understanding of how money really works!
What You’ll Learn In Monetary Mechanics Course
Lesson 1: ”Liquidity”, The First Tier of Money
You must have heard the word ”liquidity” thousands of time: but what is it?
In these two lessons we analyse Central Bank balance sheets, define liquidity, who prints it, how does it work, and its impact on markets and the economy!
Lesson 2: ”Real-Economy Money”, The Second Tier of Money
Money printing generates inflation, right? Yes – but who prints inflationary, real-economy money?
Lesson 2 will walk you through the process of real-economy money printing: who prints it, how, and what are the macro consequences and market impact of different forms of inflationary money printing.
Lesson 3: “Monetary Plumbing”
You know all these monetary plumbing operations you often hear about without never fully understanding their mechanics? Reverse Repo, Treasury General Account, Bank Term Funding Program?
This ends today with lesson 3, where we proceed with a deep dive into all monetary plumbing operations so that you never have to scratch your head again when you hear them.
Course Recap
A quick recap where Alf summarizes the most important concepts you learnt in the TMC Monetary Mechanics Course.
Course Overview
The combination of Alf’s macro and technical approach will turbo-boost your understanding of the mechanics behind bond yields.
It all starts at the front-end of the yield curve: Central Banks exert a strong influence on short-term yields but there are many nuances to understand together.
Government bonds, OIS, interbank rates, repo markets…are you ready for it?
Let’s shift our focus to the long-end of bond markets and study what drives the decision making of the biggest buyers in the world, the macro drivers behind long-end rates and how to get an edge in studying the macro cycle through bond yields!
Yes, here we are: Dr. Yield Curve! This lesson is a primer on studying the mechanics by which the yield curve shape affects the economic cycle. But not only that: we will study all yield curve regimes and their impact on other asset classes so that your portfolio is always prepared for the macro cycle!
Credit spreads are an important macro variable to keep track of as they determine how cheap/expensive leverage is for the private sector. In this lesson we unpack the macro and technical aspects of credit markets!
A quick recap tour of all you learnt.
Here you also find a super useful set of slide that guides you through all the (public) data sources where you can keep track of all these variables and apply everything you learnt in this Bond Market Course!
