This researched was published on September 3, 2024

Good macro—the confluence of tailwinds that played out over the past 40 years or so in the real economy, in finance, and in the global realm—has experienced significant stress in recent years. Severe disruptions to demand and supply in many markets, gyrations in inflation and interest rates, as well as rapidly fraying global institutions have all torn at the foundations of the good macro operating system that had over decades worked well for business and investors alike.

Though it is in flux, good macro will persist, we believe. The macro environment will be different—and challenging, too. But despite all the volatility, we think the next decade or so will feature a good macro backdrop. And those with the right analytical tools will be prepared for it.