Barclays Brief Headlines to hedges: Positioning in 2026
Jan 13, 2026
Kristen Macleod, Global Head of Macro Distribution at Barclays, brings her expertise on market dynamics. They explore the key investor focuses for 2026, highlighting trends like curve steepeners and commodity strategies. Kristen outlines bullish trades linked to AI and discusses defensive hedges against potential disappointments. The conversation also touches on geopolitical risks, tariff tensions, and policy moves to sustain growth. With a keen emphasis on macro themes, Kristen provides insights into navigating a rapidly changing financial landscape.
AI Snips
Chapters
Transcript
Episode notes
AI Is The Central Macro Theme
- AI has moved from a niche topic to the central driver of macro conversations and market positioning in 2026.
- Markets are treating AI as a structural force that could overshadow traditional macro drivers like deficits and tariffs.
Last Year’s Conference Framed 2025 Views
- At the 2025 Barclays conference, debate focused on U.S. debt sustainability and tariffs amid a market consensus for higher yields and a stronger dollar.
- That backdrop contrasts with 2026's stronger long-end Treasuries and a weaker dollar aligning with Treasury policy goals.
How To Position For Bullish AI
- To express a bullish AI view, buy curve steepeners and long real yields via TIPS and favor dollar strength versus lagging currencies.
- Consider commodity exposure like Chile or Australia to capture higher power and metals demand from AI capex.