Bob Elliott
· Nonconsensus
· March 23, 2026 at 10:27
· ⏱ 3 min read
| Read on Substack ↗
Summary
The author argues that recent cross-asset market moves are primarily driven by a broad-based deleveraging of recently profitable macro positions, rather than specific idiosyncratic stories. This deleveraging process is a powerful force, especially during abrupt shifts in the macroeconomic regime that force a rapid reassessment of risk.
•Recent cross-asset market moves are being driven by the deleveraging of crowded, in-the-money macro positions.
•This broad deleveraging is a more significant driver than specific market narratives, such as the recent move in gold.
•Deleveraging can be one of the most powerful pressures in financial markets, especially during abrupt macro regime shifts.