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Module 5 · Intermediate

Markets & Macro

Central banks, interest rates, economic data, the yield curve, bubbles and sentiment – the big forces behind prices.

  1. 1Central Banks and Interest RatesWhat the Federal Reserve and the ECB do, how policy rates, bond buying and guidance work, and why rate decisions move stocks, bonds and currencies.4 min
  2. 2Understanding Economic DataGDP, inflation, the jobs report, PMIs and sentiment surveys – which economic data move markets, how to read them and why the forecast matters more than the number.4 min
  3. 3The Yield CurveNormal, flat or inverted – what the yield curve reveals about market expectations, why an inverted curve is seen as a recession signal and where that signal falls short.4 min
  4. 4Market Cycles and BubblesBull and bear markets, corrections and crashes, and the recurring patterns of great speculative bubbles – from tulip mania to the dot-com boom.4 min
  5. 5Market SentimentFear and greed, the VIX, surveys and positioning – how to measure market mood, why extremes often mark turning points and where contrarian thinking reaches its limits.4 min
  6. 6Sectors, Styles and the Business CycleThe eleven market sectors, cyclical and defensive industries, growth versus value and the idea of sector rotation – how different parts of the market behave through the business cycle.4 min

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