Risk Management in a Volatile Macro EnvironmentIn this backdrop of fiscal dominance, headline noise and fast money rotations,risk management is not an option. Spread trading : reduces directional risk and expresses views around dislocations – especially in sectors impacted by policy shifts or earnings dispersion. : reduces directional risk and expresses views around dislocations – especially in sectors impacted by policy shifts or earnings dispersion. Spread trading : reduces directional risk and expresses views around dislocations – especially in sectors impacted by policy shifts or earnings dispersion. Risk-managed strategies are your defense against the chaos of abrupt macro shifts.