The Core of Dollar Weakness | George Saravelos, Deutsche Bank's Head of FX Research, on Growth Differentials, Fed Rate Cuts, and 4% U.S. Current Account as Key Threshold For USD Declines
George Saravelos, head of FX research at Deutsche Bank,
joins Jack on Monetary Matters to go deep into the world of currency
trading. Jack and George discuss central bank independence, emerging markets, carry positions, hedging, and more. George gives a clear and intelligent look at the often-opaque foreign exchange market and explains his views on it. Don’t miss this episode. Recorded on October 20, 2025.
Follow Jack Farley on Twitter https://x.com/jackfarley96
Follow George on LinkedIn https://www.linkedin.com/in/saravelos/?originalSubdomain=uk
George’s FX podcast for Deutsche Bank https://tinyurl.com/4nh5d3y9
George's Primer, "The Brilliant World of FX": https://www.dbresearch.com/PROD/RPS_EN-PROD/The_Brilliant_World_of_FX_-_A_Primer/RPS_EN_DOC_VIEW.calias?rwnode=PROD0000000000464258&ProdCollection=PROD0000000000542285
--------
42:20
--------
42:20
The Dollar’s Impossible Trifecta | Jon Turek on Why USD Hedging Flows Will Increase Throughout Fed’s Rate Cutting Cycle
This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jon Turek of JST Advisors explains why he thinks a decline in U.S. interest rates will make dollar hedging more attractive to foreign owners of U.S. assets. He makes the case for steeper yield curves around the world, reviews the situation in China, and shares his thoughts on the wild bull market in gold. Recorded on October 16, 2025.
Follow Jonathan Turek on Twitter https://x.com/jturek18
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
--------
1:03:53
--------
1:03:53
Cockroaches in Credit? | Jack & Max on Zion’s Cali CRE Write-off, Big Bank Earnings Blowout, and First Brands Update
This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jack and Max break down the beginning of earnings season. Jack reviews a new credit flare-up in California’s commercial real estate (CRE) market that affected Zions Bancorporation and Western Alliance Bancorporation, before commenting on the very strong earnings from the large banks such as Bank of America and JPMorgan. Max and Jack then discuss precious metals, as well as current market positioning as revealed by brokerage data. Recorded on October 17, 2025.
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Max on Twitter: https://x.com/maxwiethe
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
--------
37:32
--------
37:32
Bringing Long/Short Hedge Fund Strategies to ETFs | David Orr (Bonus Episode)
This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.
Follow David Orr on X: https://x.com/orrdavid
Follow Max on X: https://x.com/maxwiethe
Follow Other People’s Money on:
Apple Podcast https://bit.ly/4e7QJ1M
Spotify https://bit.ly/3Yhaazi
YouTube https://bit.ly/3C63VXR
X https://x.com/opmpod
--------
36:18
--------
36:18
What China is Really Doing With Its “Giant Surpluses” | Brad Setser on China’s Export Dominance, Trade Strategy, and Capital Flows
This episode of Monetary Matters is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025.
Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus
“China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add
“China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule
“China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning
“The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate
Follow VanEck on Twitter https://x.com/vaneck_us
Follow Julian Brigden on Twitter
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
South Africa