Attention will obviously be focused on the U.S. elections this week. It is a light data week, BUT we do have the Fed on deck and a likely 25 basis point rate cut in the offing. Last week was busy on the data front. The ISM Manufacturing Index hit its lowest reading of the cycle while monthly payrolls did the same for October. Importantly, the employment component of the ISM release remained lackluster, pointing to a further slowdown in payrolls in the coming months. Keep an eye out for the ISM Services PMI on Monday and stay tuned next week when more October data will be released.

The Macro Week Ahead

The Macro Specialist Designation (M² SD)

Learn More Here: https://macrospecialistdesignation.com/

The Macro Week In Review

Macro To Micro

Amazon.com, Inc. (AMZN):
“I think pretty much everyone today has less capacity than they have demand for, and it’s really primarily chips that are the area where companies could use more supply (AI). And so we have – we’re growing at a very rapid rate and have grown a pretty big business here in the AI space and it’s early days, but I actually believe that the rate of growth there has a chance to improve over time as we have bigger and bigger capacity.”

Apple, Inc. (AAPL):
“Commodities, of course, are important. They're not the only factor. But specifically on commodities, I can tell you that both for the September quarter and what we expect for the December quarter, most commodities are going to move down in price, while NAND and DRAM increased during the course of the September quarter, and we expect them to increase during the December quarter.”

Vulcan Materials Co. (VMC):
“The overall demand environment is improving, but with different dynamics impacting each end use. Higher single family starts over the last three and 12 months provide a solid backdrop for growing single-family demand, particularly with potentially lower mortgage rates on the horizon to help address the ongoing affordability issue.  Multi-family starts remain weak, but should also benefit from a lower interest rate environment.”

Martin Marietta Materials (MLM):
“Regardless of the outcome of the upcoming elections, both rebuilding and maintaining our nation's infrastructure remains a bipartisan, national strategic priority. Record levels of state and federal investment through the Infrastructure Investment and Jobs Act, or IIJA, continue to support attractive demand for highways and streets construction.”

Macro Job Board

VP, Macro Hedge Fund Due-Diligence @ JP Morgan (New York)

Responsible for applying quantitative and qualitative skills, experience, and informed judgment to enhance the performance of client hedge fund portfolios. Will work within the manager research group on all aspects of manager sourcing, due diligence, and analysis of third party relative value and macro hedge funds.

Summer 2025 Macro Analyst Intern @ Susquehanna (Philadelphia)

You will be partnered with senior analysts and traders to assist in identifying investment opportunities in the equity and options markets. You will learn to perform in-depth company analysis around future catalyst events and provide real-time opinions on breaking news throughout the trading day.

VP, Macro Research, Cross Asset Strategist @ JP Morgan (New York)

You will focus primarily on developing and presenting a broad strategic and tactical asset allocation across different products/markets and jurisdictions. You will part of a team that has the objective to develop a coherent framework for valuations and positioning across asset classes.

What We Read This Weekend

1. How Did the 2018–19 U.S. Tariff Hikes Influence Household Spending?

2. Don’t Bet Against the Dollar

3. A Growing Number Of Britons Live On Canal Boats

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