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CORE · TRACK 2 · WHAT DRIVES EVERYTHING

Macro & Interest Rates

Growth, inflation, the Fed, and the yield curve, the forces that move every asset class.

Recommended first: Foundations of Markets

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  1. 1
    Fed Funds

    The policy rate

    Federal Funds Rate: How the Fed's Policy Rate Works

  2. 2
    The Fed

    The central bank

    The Federal Reserve: Structure, Mandate, and Tools

  3. 3
    FOMC

    Setting policy

    FOMC Meetings: Statements, Dot Plot, and SEP

  4. 4
    Yield Curve

    Rates across time

    Yield Curve Inversion: The Recession Signal Explained

  5. 5
    Treasuries

    The risk-free rate

    Treasury Yields: 2Y, 10Y, and 30Y Explained

  6. 6
    Real vs Nominal

    Inflation-adjusted

    Real vs Nominal Interest Rates: TIPS and Breakevens

  7. 7
    QE & QT

    Balance-sheet policy

    Quantitative Easing and Tightening: How the Fed's Balance Sheet Works

  8. 8
    Jobs

    Employment data

    Nonfarm Payrolls and the Unemployment Rate

  9. 9
    PMI

    Activity surveys

    ISM Manufacturing PMI: How to Read the Report

  10. 10
    Credit Spreads

    Risk pricing

    Credit Spreads: Investment Grade vs High Yield

  11. 11
    The Dollar

    Global plumbing

    Dollar Index DXY: What It Measures and Its Limits

  12. 12
    Taylor Rule

    Rule-based policy

    Taylor Rule: How to Benchmark Fed Policy Rate Decisions

  13. 13
    Repo Market

    Overnight funding

    Repo Market: How Overnight Collateralized Funding Works

  14. 14
    SOFR

    Post-LIBOR rate

    SOFR LIBOR Transition: What Investors Need to Know

  15. 15
    Recession

    vs stagflation

    Recession vs Stagflation: Key Differences for Investors

  16. 16
    Phillips Curve

    Jobs vs inflation

    Phillips Curve: Inflation, Unemployment, and the NAIRU

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