McCullough: The Yield Curve Is The Biggest Problem Since 2022 🔊 On Tuesday's edition of The Macro Show, Hedgeye CEO @KeithMcCullough explained why the falling yield curve is the biggest macro problem since 2022 and why it is a reason to stay away from the financials. "It is probably the biggest problem we've seen since the beginning of 2022," the year Hedgeye called the crash after 2021's Quad 2 top. The sequence is the same, first Quad 2, then Quad 4, and the curve is now diving toward 19 basis points. It draws attention only once it turns negative, and by then the damage is done. On the way there, while stocks push higher, almost no one flags it. "Do not buy the financials on that," McCullough says. Subscribe to The Macro Show for daily macro insights you won't find anywhere else: