This is one of the most challenging macro environments we’ve seen in a long time. The latest soft data seems to illuminate a path to rate cuts and a soft landing, but that rosy outlook could change quickly. As we know, the macro environment influences all risk asset markets, and this year has been no exception. This report outlines where we are today, and explores how the future might play out. We discuss the most important macro drivers — global liquidity, rates, and economic data — that impact everything from the S&P500 to Dogwifhat. With markets chopping and calls for a bear markets rising, it’s time for another macro deep dive.