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TME on the macro.
As good as it gets
The best of the 2026 macro backdrop may already be behind us. Growth expectations are being marked down, financial conditions are no longer providing the same tailwind, and earnings momentum is losing breadth. Things aren’t necessarily getting bad, but they are incrementally getting less good. And markets have rarely been particularly fond of the period just after “as good as it gets.”
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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