Thank Fathom it’s Friday

Let it go

Andrea Zazzarelli20 May 2022|

Macro is back. I cannot remember a time when people I have worked with have collectively nailed so many calls in such a short period of time. Risks we flagged throughout 2021 — about inflation, higher food and commodity prices, geopolitical tensions, market downside and policy risks in the US, UK and China —have all come to pass, often within tiny margins of error. It’s good to have a positive story to tell. Too often economists are treated either as Cassandras or punch bags: ignored and forgotten when we are right, derided and blamed for the world’s ills when we are wrong. 'One-handed economists'[1] like us at Fathom are a rare breed: we get paid to stick our necks out so others don’t need to, taking the rap when we’re wrong and making the true fence-sitters look good when we are right. But let’s