The Fabric Of The Market Has Changed; Top Goldman Macro Trader

It's been a year where we have already seen huge bouts of volatility, volume and churn.

Whether it was the retail fueled beta-chase and risk-on flows of Jan/Feb into inauguration, the US exceptionalism vs European comeback dynamics, the Liberation Day 'crisis' and/or the various bouts of momentum and or crowding/consensus drawdowns we've seen... top Goldman Sachs macro trader Bobby Molavi notes, it's felt like longer than 5 months.