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Five Minute Macro @fiveminutemacro.bsky.social · 15/09/2026

You know things are really, really bad when the Saudis balk.

Five Minute Macro @fiveminutemacro.bsky.social · 10/09/2026

The discourse that truly makes my teeth itch is when people earnestly engage with 'Anthropic researchers estimate a 10% chance that AI will lead to human extinction' or similar nonsense. How exactly do you think they arrived at that conclusion?! I'll tell you: big sloppy fan chart cross x-axis.

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Five Minute Macro @fiveminutemacro.bsky.social · 26/08/2026

Is Bessent likely to get his way on bond yields. Doubt it. But the belief that governments can never get their way strongarming markets seems surprisingly consensus given its clear lack of empirical support. That one time in 1992 that people lazily trot out hardly trumps hundreds of counterexamples.

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Five Minute Macro @fiveminutemacro.bsky.social · 25/08/2026

Lutnick is giving Canada the same treatment he used to give his employees at Cantors. Deeply psychotic individual; think Ben Kingsley in Sexy Beast.

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Five Minute Macro @fiveminutemacro.bsky.social · 24/08/2026

The FT gave Scotty Bessent an outlet for some dreadful sophomoric rambling. I read it so you don't have to.

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Five Minute Macro @fiveminutemacro.bsky.social · 19/08/2026

Bessent wants to run Treasury like a trader. That this is a terrible idea is immediately evident to anyone who's ever met any traders.

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Five Minute Macro @fiveminutemacro.bsky.social · 10/08/2026

Since it's a slow day, a bit of fun I saw on xxxx: most NSEW places you have been. N: Ivalo 🇫🇮 S: Hermanus 🇿🇦 E: Yasawa Islands 🇫🇯 W: Tofino 🇨🇦

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Five Minute Macro @fiveminutemacro.bsky.social · 07/08/2026

Via Reddit, a modern history of the Argentine football league. Now imagine investing in this country #macrotourist

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Five Minute Macro @fiveminutemacro.bsky.social · 04/08/2026

I don't think the yen story is complicated. Japan don't want the yen to slip slide away, but they don't want it to cascade thirty big figures either on a biblical stop hunt, so perhaps 'ineffectual' intervention is the desired outcome here?

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Five Minute Macro @fiveminutemacro.bsky.social · 31/07/2026

The most diabolical part of this whole lurid story.

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Five Minute Macro @fiveminutemacro.bsky.social · 21/07/2026

This or about a dozen strong alternatives. Elmore Leonard is criminally underfilmed.

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Five Minute Macro @fiveminutemacro.bsky.social · 21/07/2026

I continue to not understand why anyone cares about auditing this guy's fairly fantastical claims. After a while, it just seems a bit weird. www.ft.com/content/5c48...

ft.com

Gary Stevenson may have been Citi’s most profitable trader… in developed market foreign exchange

My testy exchange outside a London pub with a self-proclaimed currency trading legend

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Five Minute Macro @fiveminutemacro.bsky.social · 16/07/2026

Mystified how anyone buys this crap. If you want to convince yourself to buy the equity because of totally made up scifi scenarios, fine, it's a moonshot, you do you, but the bonds?! www.ft.com/content/3a02...

ft.com

SpaceX bond yields rocket towards junk

Won’t someone think of the bondholders?

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Five Minute Macro @fiveminutemacro.bsky.social · 06/07/2026

Went for a sea swim first thing this morning, and I regret to inform you all the insufferable dickheads were right. (no Dryrobe, thanks for asking...)

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Five Minute Macro @fiveminutemacro.bsky.social · 26/06/2026

This piece is pissing me off. Real 'man proposes, but Pimco disposes (of their Gilt holdings)' vibes. Pull your necks in.

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Five Minute Macro @fiveminutemacro.bsky.social · 25/06/2026

There are so many inadvertent gems in this Softbank presentation, it's difficult to pick favourites. group.softbank/media/Projec...

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Five Minute Macro @fiveminutemacro.bsky.social · 24/06/2026

Can we point to a single time in history where this has worked out well for all concerned?

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Five Minute Macro @fiveminutemacro.bsky.social · 17/06/2026

Bill is getting dragged for this, but, as Elon has amply demonstrated, having stockholders who are complete morons is truly the largest moat there is in business.

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Five Minute Macro @fiveminutemacro.bsky.social · 05/06/2026

The way to think about the SpaceX IPO is that it's like the 1990's Russian privatisations, but in reverse.

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Five Minute Macro @fiveminutemacro.bsky.social · 04/06/2026

Henry Blodget was thrown in prison for far less than this.

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Five Minute Macro @fiveminutemacro.bsky.social · 04/06/2026

Chinese stocks tend to trade on low valuations cos everyone in Chinese markets is either a sharp or a mark. It's pure dog eat dog and the dogs know what they're getting into. Trump and Elon ripping out the wiring from the US system of market infrastructure is...not a long-term positive development.

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Five Minute Macro @fiveminutemacro.bsky.social · 02/06/2026

Everyone agrees that Osborne-era austerity was a disaster, but we're now sagely ushering in Austerity 2.0, which is just like Austerity 1.0 with the added bonus that every burp and flutter in the bond market will catalyse an orgy of handwringing. Cheers, Liz; gilt market's crying.

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Five Minute Macro @fiveminutemacro.bsky.social · 01/06/2026

Of all the things that won't happen, this isn't going to happen the most, but credit for getting an FT write-up, I guess. Say what you like about Neom; at least MBS controls vast resources and, more importantly, doesn't have to deal with the English planning system. www.ft.com/content/e50f...

ft.com

‘Bonkers’: the audacious plan for a 1mn-person city near Cambridge

Shiv Malik, a former journalist, conceived his vision of timber skyscrapers after chronicling how young people were struggling

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Five Minute Macro @fiveminutemacro.bsky.social · 27/05/2026

This is going to be the white collar crime of the century by orders of magnitude.

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Five Minute Macro @fiveminutemacro.bsky.social · 22/05/2026

Imagine having an invincible season and not even qualifying for Champions League!

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Five Minute Macro @fiveminutemacro.bsky.social · 20/05/2026

I'm not a fan of 'x country is fundamentally broken' drive-by macro narratives, but sometimes you do have to give it to the haters.

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Five Minute Macro @fiveminutemacro.bsky.social · 13/05/2026

This is an insane way to run a country, my God. Elect who you want, and then the onus is on them to keep the markets onside. Filtering candidates by who is a priori acceptable to the bond markets is a recipe for the austerity, muddle and stasis that got us to this point. www.ft.com/content/3e1c...

ft.com

Who do gilt investors want to lead Britain?

Andy Burnham seen as biggest risk to UK government bonds

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Five Minute Macro @fiveminutemacro.bsky.social · 12/05/2026

'We have to keep our lame duck leader in place to appease the bond market' is, I'm afraid, the kind of tepid, focus grouped, don't rock the boat do-nothingness that has led Labour to this juncture in the first place.

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Five Minute Macro @fiveminutemacro.bsky.social · 27/04/2026

Restaurant. I mean, I know how to spell it, but something deep inside me wants to discuss it every single time.

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Five Minute Macro @fiveminutemacro.bsky.social · 15/04/2026

A good read. If you've ever spent time in Mayfair or other louche London locations, you'll recognise some of these characters as Perfect Archetypes. If you haven't, it's no Say Nothing, but still a compelling read.

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Five Minute Macro @fiveminutemacro.bsky.social · 15/04/2026

Not that we need any more evidence of US regime brainrot, but the fact that this scenario is presented in terms of its GDP impact is truly beyond parody.

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Five Minute Macro @fiveminutemacro.bsky.social · 07/04/2026

The real 4D chess is Iran can't even threaten to retaliate by destroying US infrastructure cos successive US administrations have pre-empted them.

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Five Minute Macro @fiveminutemacro.bsky.social · 03/04/2026

At these valuations, the US govt should IPO NASA and pay off the national debt.

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Five Minute Macro @fiveminutemacro.bsky.social · 31/03/2026

Not a fan of parsing Trump's nonsense, but this makes sense in that all other alternatives are manifestly unsustainable, so maybe we can glimpse an out here? Trump does a seagull: makes a lot of noise, shits on everything and then flies off, everyone else pays the toll, and the world keeps turning.

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Five Minute Macro @fiveminutemacro.bsky.social · 27/03/2026

As long as the Strait remains closed, you can sell risk. The closure is like a cardiac arrest; the longer it remains untreated, the worse the prognosis. I believe this first order Neanderthal approach handily beats Trump Kremlinology. Any Trump puffery rallies are a God-given gift to lighten.

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Five Minute Macro @fiveminutemacro.bsky.social · 27/03/2026

I have two ears and a mere 24 hours in a day, and casual empiricism suggests most other people are dealing with similar constraints. So I am once again asking: who is listening to all these f***ing podcasts?!

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Five Minute Macro @fiveminutemacro.bsky.social · 26/03/2026

Loads of guys on here saying, oh yeah, OF COURSE you can't take anything Trump says at face value; you have to parse the tea leaves. Meanwhile, the tea leaves: www.ndtv.com/world-news/i...

ndtv.com

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