{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"Why Short-Term Macro Noise Won't Derail the Commodities Supercycle","html":"","width":"100%","height":180,"duration":1877,"description":"Recording date: 11th September 2026\nOlive Resource Capital Inc. (TSXV:OC), represented on this Compass episode by Executive Chairman Derek Macpherson and President, CEO & CIO Samuel Pelaez, used the post-CPI window to lay out both its near-term macro read and its underlying investment process.\nOn the macro side, the September CPI print came in at 3.4%, above the Fed's target band but in line with consensus, prompting a muted market reaction. With the Federal Reserve's next meeting imminent and roughly 60% odds of a hike priced in, both executives argued that current inflation, driven substantially by diesel prices tied to disruption around the conflict in Iran, is largely a supply-side phenomenon the Fed has limited tools to address directly. They are watching the US Dollar Index closely, currently at a key support level, as their preferred read on where commodity prices head next: a breakdown lower would support the bullish commodities case, while a technical bounce, potentially reinforced by a rate hike, would be a near-term headwind.\nThe approaching US midterm elections add a second layer of expected volatility. Macpherson described a \"midterm election vortex\" of conflicting political headlines, citing a proposed household payment tied to Congressional control and a same-week reversal on copper tariff policy that briefly moved copper prices roughly 5%, as the kind of noise investors should expect through November without necessarily reflecting a change in underlying fundamentals.\nDespite the noise, both executives stressed their long-term thesis is unchanged: persistent fiscal deficits are debasing fiat currency over time, a dynamic reinforced by comments from US Treasury Secretary Scott Bessent, layered on top of two decades of underinvestment in resource discovery that has left supply structurally short of demand. They frame Olive's closed-end structure, free of redemption pressure, as a structural advantage that lets the firm buy into weakness rather than...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}