Kevin passes the Warshach test

David Llewellyn-Smith

Thursday 29 October 2026

But not the central banker’s test. DXY is down as the FOMC refused to hike into face-ripping inflation.

AUD popped. There’s a short squeeze risk here for all those nervous fundies.

The twins remain in doom mode.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.