Principles Of Macroeconomics And Impact On Capital Markets

Course Overview

Macro directly impacts all financial assets. Yet the various relationships between the economy and markets are often overlooked or misunderstood by investors and this leads to an increased risk of factors undermining portfolio returns.

The BCA Academy focuses on teaching the analytical methods and investment strategies developed at BCA Research over the past 65 years. BCA is a leading independent provider of global investment research. Participants in our courses learn techniques that will enable them to interpret data and important economic developments from the perspective of an investment professional.

In addition to learning how to read major economic trends, delegates also explore how movements in certain assets can influence returns in other financial assets. Participants will look at important and interesting questions, such as why a strong currency implies lower bond yields, and how lower interest rates can boost equity multiples. Our courses teach simple and accessible methods that are critical to understanding how markets work.

Course Description

The first day of this course emphasizes the fundamental macroeconomic concepts that drive financial markets. Students will begin by learning how to assess whether the economy is operating above or below trend; a critical question for both the macro outlook and financial asset performance. A thorough examination of debt and credit will follow, since these factors are often described as the “lifeblood” of an economy. Lastly, our instructors will consider how policy can impact both the economy and markets, as well as how investors can gauge the durability of certain fiscal and monetary policies.

On the second day, students will learn BCA Research’s time-tested analytical framework to examine the three major financial markets: currencies, fixed-income, and equities. Valuations, liquidity, and momentum strategies will be applied to each of these markets, including real-time examples that demonstrate the value of this multi-faceted approach.

Case studies will be used during the two-day session to ensure that participants are effectively learning how to apply the various concepts to real situations. The final session will conclude with a look at the bull market in bonds and stocks from the early 1980s, in addition to a general market overview from the course instructors.

Course Highlights Include:

  • How to evaluate an economy using a macro framework
  • The importance of business cycle dynamics
  • Why debt is important, what is the debt supercycle, and how does it impact the components of growth
  • What factors most influence fiscal and monetary policy
  • Dissecting the relationship between policy and growth
  • The fundamental drivers of the major risk asset classes
  • Practical applications in FX, bond, and equity markets
  • Understanding the feedback loops that link the economy, policy, and financial assets


Clients & CFA Charterholders $4,796 Regular $5,995