Glossary

Anchored VWAP explained: how the volume-weighted average price from a chosen anchor point reveals institutional cost basis, the popular anchor points, and how traders use it.

ATR explained: how Average True Range measures volatility in absolute price terms, the standard 14-period setting, and how traders use ATR for position sizing and stop placement.

Bollinger Bands explained: how the volatility bands around a moving average flag compression and expansion, the standard 20-period 2-deviation setting, and the signal traps.

MACD explained: how Moving Average Convergence Divergence flags trend changes and momentum shifts, the standard settings, and the common signal interpretations.

RSI explained: how the Relative Strength Index measures price momentum, the standard 14-period setting, and why overbought and oversold readings rarely work as standalone signals.

Yield curve inversion explained: why the 2-year above the 10-year Treasury yield has preceded every recent US recession, the lag, and how to read the current curve.

M2 money supply explained: how the broad money aggregate measures US liquidity, the components included, and what M2 growth signals for inflation and asset prices.

Repo explained: how the overnight collateralised funding market keeps the financial system liquid, the role of Treasury collateral, and how repo stress signals systemic strain.

SOFR explained: how the Secured Overnight Financing Rate replaced LIBOR as the US dollar reference rate, why the rate is overnight-secured, and how it differs from old LIBOR.

TIPS explained: how Treasury Inflation-Protected Securities preserve real purchasing power by indexing principal to CPI, with the breakeven relationship and the practical use cases.

Breakevens explained: how the spread between nominal Treasuries and TIPS measures market inflation expectations, why the figure moves with growth and risk, and how to read it.

Dot plot explained: how the FOMC Summary of Economic Projections rate-path chart moves the dollar, yields, and risk assets, and the right way to read the median and dispersion.

Neutral rate (R*) explained: the policy rate that neither stimulates nor restrains, why estimates range widely, and how the figure anchors central-bank policy decisions.

Terminal rate explained: where the market expects the central-bank hiking cycle to end, why the level matters for currencies and yields, and how to read the pricing.

Hawkish vs dovish explained: how a central bank’s policy stance moves rates, currencies, and risk assets, plus the exact language to listen for in central-bank statements.

Position trading explained: the multi-week to multi-month trading style that rides structural macro shifts, the cost profile that suits it, and the rules that govern it.

Swing trading explained: the multi-day trading style that holds positions for days to weeks, the cost profile that favours it, and the strategies that fit.

Live Bitcoin price context, the named levels the desk is watching, and the macro drivers behind BTC today, from the KenMacro institutional desk.

Stagflation explained. What it is, why the 1970s were brutal, why oil shocks cause it, how it hits gold, dollar, equities and what traders should do now.

The carry trade explained. How it works, why pros love it, when it breaks, the 2024 yen carry unwind, real-yield mechanics and the modern FX playbook.

Real yields explained. What TIPS yields are, how to calculate them, why they drive gold, DXY, equities and credit, how to read them like a macro trader.

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