Geo Chen
· Fidenza Macro
· May 04, 2026 at 09:49
· ⏱ 2 min read
| Read on Substack ↗
Summary
The author observes that global macro trading has become uninteresting because nearly every major asset class, including Treasuries, the dollar, and commodities, is now highly correlated to the price of oil. This makes trading difficult, as the oil market itself is challenging to navigate due to constant headline noise.
•Global macro has become boring due to high cross-asset correlations.
•Most major assets, such as Treasuries and the dollar, are trading as a function of oil prices.
•Trading oil directly is difficult because of the cacophony of headline noise influencing its price.