Global Macro Interview Thesis Guide
This conversation was generated using Cook'd AI's career assistant and reviewed by Fallon Han from our editorial team for accuracy.
I have a global macro research interview tomorrow, and I want to defend a top-down view clearly. I am a final-year undergrad in China studying in the U.S. on an F-1 visa. The interviewer may ask me to present a macro thesis on rates, FX, and cross-asset implications. How should I open it so it sounds sharp and portfolio relevant?
Start with a one-sentence view, then immediately tie it to positioning. For example: "My base case is that front-end yields stay higher for longer, the dollar remains supported, and risk assets face a higher discount rate, which argues for a more defensive cross-asset stance." Then break it into three parts: rates, FX, and transmission to equities, credit, and commodities. The key is to sound like you are already thinking in portfolio terms, not just economics.
I usually explain the macro background first, but I worry it gets too academic. How do I make the rates part sound more like an investment call and less like a textbook summary?
Use a simple structure: driver, market reaction, portfolio impact. For rates, say what is driving the move, such as sticky inflation or resilient growth, then explain whether the curve should bear-flatten, steepen, or reprice at the front end. After that, state what it means for duration exposure, financials, and rate-sensitive sectors. Interviewers want to hear what you would own, hedge, or avoid.
How should I connect FX to the rest of the thesis, especially if I want to talk about the dollar without sounding too one-dimensional?
Frame FX as both a macro signal and a transmission channel. For example, if U.S. real yields stay elevated, the dollar can stay firm, which tightens global financial conditions and pressures emerging market assets. Then mention second-order effects: a stronger dollar can weigh on commodities, multinational earnings, and risk appetite. If you want to sound stronger, mention that FX is often the fastest expression of relative rate differentials.
Could you help me put rates, FX, and cross-asset views together into a concise answer I can practice?
Sure. Try this: "My base case is that policy rates remain restrictive enough to keep the front end elevated, which supports a firm dollar and keeps global liquidity conditions tight. In cross-asset terms, that favors shorter duration, selective financials, and quality over cyclical beta, while staying cautious on rate-sensitive growth and commodities. If the market prices a faster easing path, I would expect relief in equities and a weaker dollar, but I think that needs clearer disinflation to be durable." End by saying how you would position today and what would change your view. That shows conviction plus flexibility.