The HC Commodities Podcast

The Great Repricing with Jeff Currie

Jan 28, 2026
Jeff Currie, commodities and macro markets expert now working in private markets at Carlisle, offers a sharp take on metals' surge versus weak hydrocarbons. He discusses whether apparent gluts are political illusions, the risk of a big macro repricing, tech firms becoming asset-heavy, and how policy and geopolitics have reshaped supply and markets.
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INSIGHT

Demand Resilience Signals Inflation Risk

  • Commodity demand has held up stronger than many expected despite political shocks and tariff fears.
  • That resilience raises the macro risk of renewed inflationary pressures in 2026.
INSIGHT

Metals Up, Molecules Lag — Inflation Hidden

  • Metals with atomic numbers (gold, copper, silver) have surged while hydrocarbons (molecules) lag.
  • Molecules drive inflation, so weak oil and food prices mask broader inflation risks if they reverse.
INSIGHT

Three Turbocharged Drivers Persist

  • The 2020 supercycle thesis rested on deglobalization, decarbonization and redistribution.
  • Those drivers remain turbocharged and continue to push commodity demand higher long-term.
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