# Ep. 359: Dylan Smith on the Hormuz Supply Shock, US Macro Regimes, and Private Market Evolution

Page: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-359-dylan-smith-on-the-hormuz-supply-shock-us-macro-regimes-and-private-market-evolution
Text version: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-359-dylan-smith-on-the-hormuz-supply-shock-us-macro-regimes-and-private-market-evolution.md
Podcast: [Macro Hive Conversations With Bilal Hafeez](https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900)
Published: 2026-05-22T09:24:00+00:00
Episode link: https://macrohive.libsyn.com/ep-359-dylan-smith-on-the-hormuz-supply-shock-us-macro-regimes-and-private-market-evolution
Audio file: https://traffic.libsyn.com/secure/macrohive/MH_w_DYLAN_.mp3?dest-id=1929056
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Duration seconds: 2474

## Resource

Dylan is the founder of arcMacro , where he analyses macro and private markets. His previous roles include serving as an economist at Goldman Sachs and Rosenberg Research, and later as a private market consultant at McKinsey . In this podcast, we discuss: The Hormuz Supply Shock Stagflation as the New Base Case AI Capex vs. Energy Headwinds A Hawkish Fed Outlook Canada's Productivity Pivot The USMCA Trade Cloud Private Market Maturation Normalising Credit Defaults AI's Private Market Future

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## Transcript

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