Chen Zhao makes a compelling case for his long-term bullish bias. The chief global strategist for Alpine Macro – whom Marko Papic lovingly calls his “Macro Dad” – thinks inflation will be substantially lower by the end of the year, and he expects the Federal Reserve to pivot back to accommodation in early 2023. Chen and Marko talk about what changed to make Chen turn bullish on the U.S. economy. They also talk about why his take on China is different. Chen, who was born in China, explains why he thinks Xi Jinping’s policies make no sense for the Mainland economy, and he shares supporting anecdotes from friends and family still living there. As Chen points out, this is stuff you won’t find in the Financial Times. Recorded on July 15, 2022.