![Macro Voices show](https://d3dthqtvwic6y7.cloudfront.net/podcast-covers/000/095/754/small/macro-voices.png)
Summary: Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further touch on the Chinese credit/financing impulse and the late cycle behavior from autos and homebuilders. They discuss the yield curve, the Nabe wage surveys, unemployment and what they tell us about future recessions.