How to get good at Macro
I promise this is not a shitpost. I was hired as a macro intern at a top MM hedge fund. I roughly know what Macro traders do, (i.e. interest rates, FX, swaps etc.) but don't know how to start learning about the topic. I have a background in CS/AI/ML/Math if that's any help, meaning I come in with very rigorous logical skills, but don't know what anything actually means (What is Credit Risk? OAS?)
I'm done with school for the year and want to do some studying before I start on the job (giving me about a month) but don't know where to start. Any/all advice would be appreciated. The goal is to be humiliated and humbled on the second day, not the first.
https://www.wallstreetoasis.com/forum/hedge-fund/1st-year-macro-hf-anal…
I found this very helpful.
Congrats on the internship!
Are you macro research? Or sales? Trading?
Either way start tracking big macro events such as the FOMC meetings, Econ release data and see if any impact to a specific product you are covering. I also recommend you read primers on the specific products... I imagine you may either cover government securities or on the FX side. In that case then see which region, track those big Econ events as well and start to understand global dynamics and risks. For example everyone is focused on monetary tightening, a US or China slowdown, sovereigns in debt distress etc. Understanding how those big macro themes impact your desk or asset classes etc.
In Bloomberg you can find good articles on BI or always the economist though they are not always as technical, financial times, central bank publications :)
I'm going to aim to be on the semi-systematic side of FX/swaps. I think that the firm I'm interning at allows me to roughly choose what it is I'll be doing, and find out what is an appropriate fit for me.
Why would people think this is a shitpost lol
To be fair, it reads like one. HELP I HAVE BEEN HIRED FOR JOB BUT DONT KNOW WHAT IT IS sounds like someone trolling
How did you break in? Did you network or just apply online and execute on interviews? I’m wondering which MM’s even hire macro interns
Well, I've seen the most clueless analysts and they defiantly back their bullshit by 'How would I know? I'm not privileged' or some shit like that lmfao
I'm not in the industry and not an expert however have an interest.
Jumping in to recommend Mohamed El-Erian's articles (FT contributor) as I feel they give a good overall synopsis of macro themes in a digestible manner. If you like podcasts, you may find Macro Voices useful, though often dry.
I also really enjoyed the Maroon Macro substack, although the author is taking an break. Articles across macro, including banking and financial system plumbing, and you might find the 'trade idea' posts (such as short CNY) insightful.
Good luck
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