Vincent Deluard

Vincent Deluard is Global Macro Strategist at StoneX Group (formerly INTL FCStone), a multi-asset financial services firm. His research is known for tackling unconventional macro themes — the effects of demographic trends on asset returns, how inequality has affected consumption and investment patterns, the relationship between capital flows and currency dynamics, and secular forces affecting different asset classes. He challenges mainstream market narratives by drawing on a wide range of economic history, institutional economics, and heterodox perspectives. His research notes are widely read among institutional investors and macro traders looking for perspectives outside the standard Wall Street research. His empirical work on how the top decile's rising share of income has structurally compressed consumer spending growth — since the wealthy save more — while inflating financial asset valuations has provided a macro framework for understanding simultaneous slow nominal growth and elevated equity valuations that contrasts with standard demand-side explanations.