Flows, Fundamentals, Positioning, & Perception; Top Goldman Macro Trader Says 'Technical Remain Central'

Risk-takers have traded recessionary outcomes aggressively, according to top Goldman macro trader Paolo Schiavone, which he says, explains why bond inflows have been strong relative to equities across regions, particularly in the US.

As shown below, Equity vs. Bonds 3m rolling weekly country flows (bn$) highlight a key dichotomy: chase the trend or fade it.