Understand Macro the Desk Way

Macro path · The framework

Markets are not random, they are rates, inflation, central banks and liquidity expressed in price. Five steps to read what actually moves them, the way the desk does.

5 steps13 guidesFree~50 min
1

The framework

Start with how rates get set and how the Fed actually decides. Everything else hangs off this.

The Fed Reaction FunctionHow the Fed decidesMost readInterest Rates Explained for Macro TradersThe base driver

Deeper read: The Federal Reserve System Explained ›

2

Rates and inflation

Real yields, the yield curve and the neutral rate. The numbers that move gold, the dollar and everything risk.

Real Yields ExplainedThe key numberThe Yield Curve ExplainedRecession signalThe Neutral Rate (R-star) ExplainedWhere rates settle
Want the desk’s full framework?
Get the free Macro Trading Framework, the same structure the desk trades.Get the free framework
3

Central banks

How to read policy, the language, and why divergence between central banks drives the biggest FX moves.

Hawkish vs Dovish: How to Read Central BanksRead the languageQuantitative Tightening ExplainedQT vs QECentral-Bank Policy DivergenceThe real FX driver
4

The dollar and liquidity

The dollar sits on one side of almost every trade. Learn what moves it and how the risk regime flips.

The US Dollar Index (DXY) ExplainedThe dollarDollar Smile TheoryWhy it rises both waysRisk-On vs Risk-OffThe two regimes
5

Put it to work

Now apply the framework to the events that actually move price.

How to Trade the News: NFP, CPI, FOMCEvent playbookHow to Trade NFPThe jobs print

Where to next

Keep going, or open the full library.

Browse all macro guides ›Trade gold ›Trade FX pairs ›