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Today\u2019s guest, Alfonso Peccatiello, is a man with a rare insight into the macro forces driving the moves in markets which have perplexed many, but not all, investors. One such move is the recent flattening of the yield curve, which belies commonly-held views about the relationship between bond yields and inflation. \nUp until very recently, Alfonso was running a multi-billion dollar fixed-income book. But he has left the world of portfolio management behind him to focus full time on writing and thinking about macro. His analysis can be found on his newsletter, The Macro Compass.\nAlfonso shares with Blockworks\u2019 Jack Farley the real reason why long-term bond yields have been falling. Among other topics, the pair discuss:\n- the global credit impulse turning negative\n- long-term structural forces (such as demographics & debt)\xa0\n- why quantitative easing (QE) isn\u2019t inflationary\n\nAlfonso Peccatiello\u2019s Twitter: @MacroAlf\nJack Farley\u2019s Twitter:\xa0@JackFarley96\nAlfonso Peccatiello\u2019s newsletter, The Macro Compass:\xa0https://themacrocompass.substack.com/\nArticle on quantitative easing:\xa0https://themacrocompass.substack.com/p/tmc-6-all-they-told-you-about-printing\nArticle on 2022 outlook:\xa0https://themacrocompass.substack.com/p/2022portfolio