KenMacro
Understand what moved, why it mattered, and what repriced next.
Macro Data is a small set of reference pages for the numbers that actually move markets. Each one is built the same way: what the number is, what the market really cares about, what it does to yields, the dollar, gold and equities, and what would change the view.
The figures on every page are read from the official source and refreshed, so they are current rather than remembered. Where a number cannot be sourced it is left out, because missing is better than invented.
They are ordered here the way a repricing travels, not alphabetically. A release lands, the market changes what it expects from the Fed, the front end of the Treasury curve moves first, the real return follows, and only then do the dollar, gold and equities respond.
Reading them in that order is most of the skill. A number is only ever hawkish or dovish relative to what was already priced, and the chain is what turns a print into a move.
01 Data What gets released
The release most likely to reprice the Fed. The market trades the surprise against what was expected, not the level.
The report that scores the other half of the Fed mandate. Four numbers free to disagree with each other, which is why the combination matters more than the headline.
02 Expectations and rates What the market prices next
The closest thing the bond market has to a live vote on the Fed. It moves before the Fed does.
03 Real rates and flows What capital actually earns
What a bond pays once inflation is taken out, and the cleanest driver of gold and the dollar.
Downstream of these sit the dollar, gold and equities. Those are the markets you trade. The entities above are the reasons they move.
More entities are being added along the same chain.
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