Five Minute Macro
@fiveminutemacro.bsky.social
Macro trader. I used to be disgusted, now I try to be amused.
Hard to have to defend Sir Jim, but he has more experience than most of foreigners coming over here, refusing to integrate and living high on the hog.
February 12, 2026 at 2:45 PM
Hard to have to defend Sir Jim, but he has more experience than most of foreigners coming over here, refusing to integrate and living high on the hog.
Sam Altman was right - this unironically is PhD-level intelligence
February 12, 2026 at 9:14 AM
Sam Altman was right - this unironically is PhD-level intelligence
One baleful effect of the Liz Truss cameo is that the UK is now being run on the back of every bump and jostle in the bond market. The highest virtue is now stasis. Hardly needs saying that this is absolutely no way to run a country.
February 9, 2026 at 3:04 PM
One baleful effect of the Liz Truss cameo is that the UK is now being run on the back of every bump and jostle in the bond market. The highest virtue is now stasis. Hardly needs saying that this is absolutely no way to run a country.
China may well be the global hegemon in waiting, but they've finally met their match: the UK planning system.
www.ft.com/content/c5ca...
www.ft.com/content/c5ca...
Neighbours of proposed Chinese ‘mega’ embassy seek judicial review
Residents of properties with Beijing-owned freehold set out legal arguments
www.ft.com
February 8, 2026 at 8:49 PM
China may well be the global hegemon in waiting, but they've finally met their match: the UK planning system.
www.ft.com/content/c5ca...
www.ft.com/content/c5ca...
Absolutely glorious that the Labour leadership are now campaigning on the 'chaos with Ed Milliband' trope.
February 8, 2026 at 6:45 PM
Absolutely glorious that the Labour leadership are now campaigning on the 'chaos with Ed Milliband' trope.
FT: KPMG pressed its auditor to pass on AI cost savings
KPMG negotiating its annual audit fee
www.ft.com/content/c891...
KPMG negotiating its annual audit fee
www.ft.com/content/c891...
February 7, 2026 at 9:25 AM
FT: KPMG pressed its auditor to pass on AI cost savings
KPMG negotiating its annual audit fee
www.ft.com/content/c891...
KPMG negotiating its annual audit fee
www.ft.com/content/c891...
Yet another data point for AI = Abhijit in India theory.
Waymo exec says remote assistance operators are in US and also in Philippines. Markey says that's unacceptable, a national & cyber security risk. And it takes jobs away from American drivers to outsource overseas. "Transatlantic backseat driver is downright dangerous in our country" Markey says.
February 6, 2026 at 8:52 AM
Yet another data point for AI = Abhijit in India theory.
The Epstein files are going to bring down Keir Starmer before Donald Trump. Funny old world.
February 5, 2026 at 9:35 AM
The Epstein files are going to bring down Keir Starmer before Donald Trump. Funny old world.
Every Epstein email reads like he's jerking off with the other hand.
February 2, 2026 at 1:24 PM
Every Epstein email reads like he's jerking off with the other hand.
Things that make you go 🤔
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Tether Is Shaking Up the Gold Market With Massive Metal Hoard
There are roughly 370,000 nuclear bunkers in Switzerland, a legacy of the Cold War that are now rarely used. One of them, though, is a hive of activity.
www.bloomberg.com
January 28, 2026 at 1:12 PM
Things that make you go 🤔
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Trying to compile a list of countries where ragtag regime militias execute civilians in the street, and, while there may be one or two outside civil war situations, I have to say I'm struggling. American exceptionalism, indeed.
January 26, 2026 at 11:43 AM
Trying to compile a list of countries where ragtag regime militias execute civilians in the street, and, while there may be one or two outside civil war situations, I have to say I'm struggling. American exceptionalism, indeed.
When I started studying Comp Sci many moons ago, tech guys were sat in windowless rooms with problems slid under the door (metaphorically speaking, but not always). This system worked well, but alas the Internet decisively broke this dynamic, and we've been paying for it ever since.
January 26, 2026 at 11:01 AM
When I started studying Comp Sci many moons ago, tech guys were sat in windowless rooms with problems slid under the door (metaphorically speaking, but not always). This system worked well, but alas the Internet decisively broke this dynamic, and we've been paying for it ever since.
In errr, many years doing this, I've probably spent about five minutes total thinking about gold, and I'm not about to break the habit now.
January 26, 2026 at 9:53 AM
In errr, many years doing this, I've probably spent about five minutes total thinking about gold, and I'm not about to break the habit now.
The Powell contretemps was a mere two weeks ago. We're ageing like dogs here.
January 25, 2026 at 3:11 PM
The Powell contretemps was a mere two weeks ago. We're ageing like dogs here.
It's 2026 and people are still pointing out MAGA dissonance like this is some kind of decisive gotcha.
Orwell never anticipated that when it was announced that Africa had always been at war with East Asia, earnest posters would be pointing out that you didn't believe that last week, man, WTH?!
Orwell never anticipated that when it was announced that Africa had always been at war with East Asia, earnest posters would be pointing out that you didn't believe that last week, man, WTH?!
January 25, 2026 at 2:41 PM
It's 2026 and people are still pointing out MAGA dissonance like this is some kind of decisive gotcha.
Orwell never anticipated that when it was announced that Africa had always been at war with East Asia, earnest posters would be pointing out that you didn't believe that last week, man, WTH?!
Orwell never anticipated that when it was announced that Africa had always been at war with East Asia, earnest posters would be pointing out that you didn't believe that last week, man, WTH?!
I've seen some talk about the possibility of a new Plaza Accord following the Fed's drive-by in USD/JPY, and...just no:
For starters, this US administration doesn't do complex international diplomacy, and further any such accord requires a high degree of trust between parties, also notably absent.
For starters, this US administration doesn't do complex international diplomacy, and further any such accord requires a high degree of trust between parties, also notably absent.
January 24, 2026 at 9:02 AM
I've seen some talk about the possibility of a new Plaza Accord following the Fed's drive-by in USD/JPY, and...just no:
For starters, this US administration doesn't do complex international diplomacy, and further any such accord requires a high degree of trust between parties, also notably absent.
For starters, this US administration doesn't do complex international diplomacy, and further any such accord requires a high degree of trust between parties, also notably absent.
Trump looks totally cooked. Whoever sent him to Davos to make a speech that could have been a Truth Social post obviously hates him.
January 22, 2026 at 12:18 PM
Trump looks totally cooked. Whoever sent him to Davos to make a speech that could have been a Truth Social post obviously hates him.
Good outcome for Europe. Trump backs down, but they get a salutary jolt just when momentum towards decoupling seemed to be stalling.
January 21, 2026 at 7:52 PM
Good outcome for Europe. Trump backs down, but they get a salutary jolt just when momentum towards decoupling seemed to be stalling.
Sewing's catching flak for this, but it's not as if Deutsche's affairs in the US would stand up to scrutiny by even the most scrupulous and impartial regulators, and further they don't want Trump to default on them yet again, so honestly an understandable move.
January 21, 2026 at 12:08 PM
Sewing's catching flak for this, but it's not as if Deutsche's affairs in the US would stand up to scrutiny by even the most scrupulous and impartial regulators, and further they don't want Trump to default on them yet again, so honestly an understandable move.
It does feel like we're at the point where all of the 'geopolitical backdrop gives cause for concern, but we choose to focus on the potential for EPS growth' crowd may be in for a rude shock.
Works till it doesn't.
Works till it doesn't.
January 21, 2026 at 9:17 AM
It does feel like we're at the point where all of the 'geopolitical backdrop gives cause for concern, but we choose to focus on the potential for EPS growth' crowd may be in for a rude shock.
Works till it doesn't.
Works till it doesn't.
If I looked like Richie Rich's dad, I simply wouldn't say this.
Bessent: "Someone, maybe your parents for their retirement have bought 5, 10, 12 homes."
January 20, 2026 at 8:44 PM
If I looked like Richie Rich's dad, I simply wouldn't say this.
This is like catnip for Boomers.
January 19, 2026 at 1:56 PM
This is like catnip for Boomers.