
Street Signals
Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Global Markets. Leveraging new tools, proprietary data and deep expertise, the Global Markets research team delivers highly valued market analysis on a daily basis to the world’s leading institutional investors. Join Street Signals' host, Tim Graf, State Street’s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide.
Latest episodes

Apr 25, 2025 • 32min
Alberto Cavallo: Tracking the Price Impacts of US Tariffs
As financial markets continue to adjust for the ramifications of a global reordering of trade relationships, the first evidence of the impact of tariffs on consumer prices is starting to emerge. Drawing on work that offers an almost real-time monitor of online goods prices, Professor Alberto Cavallo from Harvard Business School and co-founder of PriceStats is back on the podcast to discuss his work in measuring inflation trends past and present. Alberto and his colleagues have already written new, ground-breaking research into the effects that the Liberation Day tariffs are having on retail prices and he offers helpful context in how to understand better the timing and scale of the inflation trends that look most likely to emerge in their wake.See omnystudio.com/listener for privacy information.

Apr 17, 2025 • 42min
Bear With Us? Talking Markets Amidst the Maelstrom
Market volatility is subsiding but risk managers are still determining whether the recent, sharp moves and unusual correlation dynamics in stocks, bonds and currencies have run their course, or if they were preludes to upsets to come. The trade discussion is sure to roll on for the next several months and fiscal policy dynamics are likely to evolve in ways markets must consider. The key question is whether the repricing thus far across assets is sufficient. This week, Street Signals changes its format to discuss these questions, as a roundtable of three senior members of the Macro Strategy Team talk about their current thinking and how outlooks have changed. Dan Gerard and Marvin Loh join from the team in Boston and your host, Tim Graf, sheds his usual agnostic stance in adding to the debate.See omnystudio.com/listener for privacy information.

Apr 10, 2025 • 34min
Tariffs: The Price Is Fright
Having underestimated the breadth and size of trade barriers imposed by the United States on all its trading partners, markets continue to come to grips with the short and long term implications across assets, while economists and observers try to wrap their heads around what the global trading system, with the US dollar sitting at its center, will look like in the coming months and years. Elliot Hentov, Head of Macro Policy Research at State Street Global Advisors joins the podcast this week, offering a robust framework for assessing the negotiability and sustainability of tariffs, as well as the long-term implications for asset and FX markets.See omnystudio.com/listener for privacy information.

Apr 2, 2025 • 23min
Trading Around Trade: A Risk Manager's Perspective
By the end of today, economists and financial market participants are hoping to be in a better position to understand and assess the impact of proposed tariffs on the United States’ largest trading partners. Of course, if the last three months are any guide, all such news on trade is subject to negotiation and compromise. Having had to deal with a barrage of ever-evolving headlines since the start of 2025, Dan Mazza, head of FX Forwards trading in the Americas, joins the podcast, to discuss how the market-making function has evolved in response, whether and where it makes sense to position for further trade-related disruption in FX and interest rate markets and how long-lasting he expects the effects of protectionism to last as a meaningful market driver.See omnystudio.com/listener for privacy information.

Mar 27, 2025 • 30min
Tariffs, Targets and Tech: Asia's Pivotal Moment
While US trade and fiscal policy dominate the popular discourse, recent developments across Asia have the potential to be every bit as consequential for FX and equity market returns. Newly announced economic measures from China’s National People’s Congress, the emergence of DeepSeek’s large language model and Japan’s policy choices carry both intra- and inter-regional implications for the macro outlook. This week’s guest, Ben Luk, a senior multi-asset strategist for State Street Global Markets in Hong Kong, walks through the range of considerations investors are making across the region.See omnystudio.com/listener for privacy information.

Mar 20, 2025 • 28min
How Doomed Is the Dollar?
Michael Metcalfe, Global Head of Macro Strategy at State Street Global Markets, shares his insights on recent shifts in the U.S. economy. He discusses the declining strength of the dollar amid growing concerns over consumer behavior and governmental fiscal changes. Metcalfe also explores the European economic landscape, highlighting how it is becoming more favorable for investments. He addresses the potential impacts of rising tariffs on inflation and the complexities of policy shifts in both the U.S. and Europe that could influence global markets.

Mar 13, 2025 • 30min
The Ukraine Peace Process: Signpost to a New Global Order
The breakdown in communication between the US and Ukraine two weeks ago, for all the world to see, raises myriad questions, from the near-term state of the peace process in the Ukraine War, to the further-reaching framework of great power dynamics. As our guest this week details, the roles played in an emergent world order by the US, Europe, Russia and China are in flux, and we face potentially the most momentous geopolitical reorientation since the collapse of the Soviet Union. Tsveta Petrova is a lecturer in political science at Columbia University and an analyst and consultant for GeoQuant, a political risk consultancy and one of our research partners.See omnystudio.com/listener for privacy information.

Mar 6, 2025 • 26min
Tech Wreck 2025: Bubbling Bursting or Buying Opportunity?
Cayla Seder, a senior strategist at State Street Global Markets, shares her insights on the tumultuous current state of the equity market, particularly within the tech sector. She discusses the fading optimism around US tech stocks, the impact of high interest rates, and potential overvaluation concerns. Cayla explores whether this is a moment for cautious investors to seize buying opportunities or a signal of a bubble about to pop. The conversation also touches on AI's growing energy requirements and its future implications for profitability in tech.

7 snips
Feb 27, 2025 • 30min
The Other Side in the Trade War
Ning Sun, a Senior Emerging Market Strategist at State Street Global Markets, delves into the often-ignored impacts of trade wars on developing economies. He discusses how U.S. tariffs could reshape Mexico's economy and the fears of foreign direct investment decline. The conversation includes the potential dangers for U.S. companies in Mexico and the semiconductor sector's vulnerability. Sun also highlights the geopolitical repercussions for Asian economies and the shifting dynamics in global partnerships, emphasizing the need for strategic foresight.

Feb 20, 2025 • 29min
Tariffs, Truce Talks and 3-3-3: Flooding the Macro Zone
Financial markets cannot get a break from headlines. The Trump Administration is rolling out – and in some cases rolling back – trade tariffs at a frenzied pace. Negotiations over peace in Ukraine are only just beginning, with the shape of a resolution anyone’s guess. Fiscal policy is also front and center for bonds, with curbing deficits looking increasingly difficult as defense spending needs and the desire for growth-based policies rise. Ennui prevails as markets seem unwilling or unable to price for higher risk premia. To make sense of it, Peter Vincent, head of FX trading for EMEA at State Street Global Markets, shares his thoughts, walking through the best opportunities on offer.See omnystudio.com/listener for privacy information.
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