In this episode of Macro Mondays, Charlie is joined by Dave MacLeish, founder of Wedge, to unpack one of the most dramatic weeks in markets this year. From a $19 billion crypto liquidation to a sharp rally in bonds and a weaker Kiwi dollar, they explore what’s driving volatility, how leverage is reshaping risk, and why “buy the dip” might not work forever. The conversation covers rate cuts, private credit stress, Trump’s latest market influence, and how shifts could signal a recession.