Macro Strategy - Thomas J. Lee, CFA

At Fundstrat, our Macro Strategy dives deep into the intricate webs of global economic trends, offering a panoramic view of the financial landscape. Our seasoned team harnesses a wealth of experience and data-driven methodologies to forecast market trajectories, ensuring you are equipped with actionable insights to capitalize on macroeconomic shifts. With our macro research, not only do you stay ahead of the curve, but you're also empowered with strategic intelligence to navigate market complexities with precision.

About the Strategist

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Thomas J. Lee, CFA – Co-Founder, Head of Research

Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney.

Our Approach

Actionable Investment Ideas

  • Tailored recommendations based on macro trends
  • Sector-specific actionable insights for optimal portfolio positioning
  • Frequent updates ensuring timely decision-making

Global Economic Health

  • Periodic assessments of global GDP growth
  • Evaluations of leading and lagging economic indicators
  • In-depth analysis of global trade patterns

Monetary Policies and Central Banks

  • Insights into global central bank actions
  • Predictive analysis of interest rate shifts
  • Assessment of quantitative easing impacts

Inflation Dynamics

  • Comprehensive reviews of inflationary trends
  • Insights into core vs. headline inflation
  • Evaluations of factors driving inflationary pressures

Interest Rates and Fixed Income Markets

  • Analysis of yield curves and their implications
  • Predictions on interest rate trajectories
  • Insights into global bond markets

Sector Weighting

  • Sectoral analysis based on macroeconomic shifts
  • Recommendations on sector allocations
  • Insights into emerging sector opportunities

Currency Markets

  • Deep dives into major and minor currency pairs
  • Analysis of geopolitical events affecting currency values
  • Predictions on future currency strength and weaknesses

Commodities and Energy

  • Examination of oil, gold, and other commodity price movements
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Emerging Markets

  • Comprehensive analysis of burgeoning economies
  • Evaluations of risks and opportunities in specific regions
  • Insights into trade dynamics affecting emerging markets

Demographics and Social Trends

  • Analysis of global demographic shifts
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Geopolitical Risks

  • Comprehensive assessment of global political events
  • Predictions on market reactions to geopolitical tensions
  • Analysis of potential economic sanctions and their impacts

Sustainability and Climate Economics

  • Examination of oil, gold, and other commodity price movements
  • Insights into supply-demand dynamics
  • Predictions based on geopolitical and environmental factors

Research and Coverage

Reports

First Word

Delve deep into a holistic market overview with our "First Word" reports. Scrutinize macro indicators, current trends, and sector rotations, and unravel fact-based evidence that points towards prospective market opportunities.

Investors wary ahead of May FOMC (5/7). While some churning expected post-April 7 rally, we also see improving risk/reward given trade progress.

The May FOMC rate decision and press conference is Wed (May 7th) at 2pm ET. The S&P 500 has recovered >50% of its losses since falling 20% and is hovering near the 200-dma of 5,747. This is reminiscent of 2022 when the...

Thomas Lee, CFA - May 6, 2025

⚡️FlashInsights

Dive into real-time market insights with Tom Lee as he navigates through crucial market dynamics and events pivotal to macro strategy. Stay informed, stay ahead.

Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

Despite the markets soaring concerns President Trump will terminate Fed Chair Powell early, betting markets ( polymarket. com ) only see a 20% chance of this in 2025. * This was 17% thursday last week, so not meaningfully higher * Is this...

Apr 21
2:00 PM
Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

Equities are under selling pressure to start the week. A few things are amplifying the downside: * China, Sunday eve, warned other nations that striking trade deals that harm China relationships risks retaliation * This is taking a copy of the US...

Apr 21
12:06 PM

Intraday Alerts

When the market takes unexpected turns, our "Intraday Alerts" come to your rescue. These short-form reports clarify significant market-moving events, ensuring you're never caught off-guard and always make informed decisions.

INTRADAY ALERT: Feb Core CPI downside +0.23% MoM better than "seasonal" fears and outright good

Feb Core CPI came in at +0.23% MoM, which is better than consensus of +0.29% MoM and the number is clean. That is, the downside read is due to a weakening of inflationary pressures.

Thomas Lee, CFA - March 12, 2025

Earnings

When earnings season rolls around, we've got you covered. Our comprehensive reports detail earning conditions, earning beats, and stock performance by sector, providing a clear and insightful analysis of the market's response to earnings releases.

Fundstrat 1Q25 Daily Earnings (EPS) Update – 05/08/2025

Click HERE to view the report in PDF format.  * 93 companies are reporting this week. * Of the 429 companies that have reported so far (86% of the S&P 500): * Overall earnings results are beating estimates by a median of 6%...

Fundstrat Team - May 8, 2025

Weekly Roadmap

End your week with our "Weekly Roadmap", a summary that encapsulates our expert views and closing remarks for the week. This digest is crafted to bring all market happenings and our insights into one coherent context, ensuring you're well-informed and ready for the week ahead.

Earnings Bolster Markets Despite Tariff Uncertainty

Despite continued uncertainty about the tariff issue at the beginning of the week, Fundstrat Head of Research Tom Lee suggested that corporate earnings and macroeconomic data would come to occupy a significant share of investors' attention. That's perhaps...

May 2, 2025

Media

Macro Minute Video

Visualize macro strategy insights with "Macro Minute". These concise video briefings furnish clients with a snapshot of present market opportunities and prevailing trends, ensuring you're always one step ahead in the investment game.

May 1, 2025

VIDEO FLASH: As week nears end, earnings provided support for equity recovery. Bessent arguably correct Fed should be cutting as we explain below

VIDEO: This week was about earnings (positive) and macro and markets are in a better place now than a week ago, and two weeks ago.

Thomas Lee, CFA
Thomas Lee, CFA
Head of Research

Annual Outlook

As we look ahead, our annual outlook serves as a comprehensive guide for our clients, detailing our predictions and strategies for different sectors and indexes in the upcoming year. This outlook is crucial in helping our clients position themselves for future market developments.

D Array
Mon, Apr 7 4:30 PM ET

Markets in Turmoil: Assessing Where Things Stand

Join us on Monday, April 7 at 4:30 pm ET for a live market update webinar with Fundstrat’s Head of Research, Tom Lee.

Tom Lee
Thomas Lee, CFA

Head of Research

Tom Lee
Mark L. Newton, CMT

Head of Technical Strategy

Tom Lee
L. Thomas Block

Washington Policy Strategist

Market Update Webinar

Stay abreast of market trends and have your queries resolved with our Market Update webinars. These sessions are designed to provide clarity on current market conditions and assist clients in strategizing accordingly.

Special Webinars

Our special webinars are dedicated to unraveling specific market phenomena such as inflation and other vital macro metrics. These sessions provide in-depth insights, aiding clients in navigating through complex market dynamics.

CEO Interviews

Leverage our extensive network as we sit down with prominent CEOs to gain firsthand insights into the landscape of their respective sectors or sub-industries. These interviews are a goldmine of information, offering unique perspectives that can significantly impact investment strategies.

Expert Interviews

In our commitment to provide multi-faceted insights, we conduct interviews with technical experts and other key industry figures, shedding light on nuanced aspects of the market and bringing diverse perspectives to our clients.

Fund Managers Interviews

We delve into the minds of fund managers, exploring their strategies and approaches in navigating the complexities of the current macroeconomic landscape. These interviews offer a glimpse into the world of fund management, providing valuable takeaways for our clients.

Archives

Appearances Media Archives

Our researchers make appearances across a variety of media outlets including podcasts, TV shows, newspapers, and financial magazines. We diligently track and archive these appearances, creating a comprehensive media library that our clients can refer to at their convenience.

In the short-term, there are some reasons to suspect that the S&P is going to be nearing a low

1 month ago

CNBC Media Archives

We maintain an archive of CNBC appearances by Tom Lee, our Head of Research, highlighting his role as a contributor of note to a premier news platform. Much more than occasional opportunities, these are regular invitations to weigh in on market-moving topics. The habit of seeing Tom on a CNBC screen underscores the degree to which the financial media recognizes his ability to consistently generate market insights – which are also available to our subscribers in greater detail and in multiple formats via our research reports, videos, webinars, and client calls.

Bitcoin is telling us the S&P should recover in the near-term

3 days ago

Sample Reports

Probabilities suggest "hot" Feb core CPI above consensus of +0.30%. Jan "hot" CPI drove a 3% sell-off. But with "gas in the tank," this is a buy the dip moment.

VIDEO: February CPI is reported on Tuesday. I think there’s a risk that it’s a hot number, but it’s probably similar to January when you wanted to buy that 3% pullback that follows a hot CPI. (duration: 3:40)....

AIQ
AMD
AMZN
ARM
AXP
CDNS
COIN
GOOGL
IJR
IWM
LLY
MARA
META
NVDA
NVO
PYPL
XLF
XLI
March 11, 2024
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Thomas Lee, CFA
Head of Research

January on track for >3% gain, solidifying 2024 to be positive (>92% probability) and suggests our 5,200 target might be low.

VIDEO: Even more important than FOMC or even macro this week is the Wed close.  Jan is on track to be positive and it supports our case for 5200 or even much higher (duration: 4:05).

AAPL
AMD
AMZN
ANET
AX
AXP
AYI
BELFB
BKNG
BLD
BLK
CARG
CAT
CDNS
CDRE
CMG
CRD
CRM
CRWD
CVNA
DBX
DECK
DFH
EG
ENVA
EXP
GBX
GMS
GOOGL
GRMN
GWW
HACK
HCI
HIBB
HY
IBP
IMGN
INTU
ISRG
IWM
JPM
KLAC
META
MLI
MNST
MPC
MSFT
NBIX
NEU
NFLX
NOW
NSIT
NSSC
NVDA
ODFL
OPFI
ORCL
OSW
PAGS
PANW
PBPB
PLUS
PSX
QLYS
QQQ
REX
ROCK
SCS
SEMR
SHAK
SMCI
SMLR
SSTK
TAST
TDG
TPX
TREE
TSLA
V
VRTX
WING
WSM
XLF
XLI
XLK
ZS
January 30, 2024
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Thomas Lee, CFA
Head of Research

Latest Publications

Investors wary ahead of May FOMC (5/7). While some churning expected post-April 7 rally, we also see improving risk/reward given trade progress.

The May FOMC rate decision and press conference is Wed (May 7th) at 2pm ET. The S&P 500 has recovered >50% of its losses since falling 20% and is hovering near the 200-dma of 5,747. This is reminiscent...

May 6, 2025
reserach-mark image
Thomas Lee, CFA
Head of Research

VIDEO FLASH: As week nears end, earnings provided support for equity recovery. Bessent arguably correct Fed should be cutting as we explain below

VIDEO: This week was about earnings (positive) and macro and markets are in a better place now than a week ago, and two weeks ago.

May 1, 2025
reserach-mark image
Thomas Lee, CFA
Head of Research

As week nears end, earnings provided support for equity recovery. Bessent arguably correct Fed should be cutting as we explain below

VIDEO: This week was about earnings (positive) and macro and markets are in a better place now than a week ago, and two weeks ago (duration: 6:50).

AAPL
AES
AMZN
BF
CELH
COIN
CRM
CROX
DG
DJT
DKNG
DLTR
DT
EIX
ESTC
HOOD
HUBS
HUM
INSP
LDOS
LKQ
LULU
LUV
LYFT
MKTX
MSTR
NCLH
NET
RIVN
RKT
ROKU
SMCI
SOFI
STZ
TDOC
TSLA
UAL
VST
WBA
WBD
XHB
May 1, 2025
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Thomas Lee, CFA
Head of Research

VIDEO FLASH: 4 possible reasons to explain this why stocks recover to positive after terrible 1Q25 GDP print

VIDEO: The 1Q25 GDP print of -0.3% is a sharp decline from 2024 growth rates, but this highlights that markets care more about 2026.

April 30, 2025
reserach-mark image
Thomas Lee, CFA
Head of Research

Book a Meeting

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