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.

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.

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.

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.

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.

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.

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.

Ben Ashby, the CIO of Henderson Rowe, is a seasoned investment manager from London with a focus on cross-asset investing. He delves into how historical market trends influence today’s economy, highlighting the rhythm of interest rate cycles and equity valuations. Ashby discusses the challenges posed by AI and political uncertainty, as well as recent market fluctuations and tactical investment strategies. He also analyzes the complexities of the UK economy and offers insights into navigating currency volatility and finding investment opportunities in a shifting financial landscape.

Last week's emergence of DeepSeek, a Chinese AI model promising transformative cost savings and strong performance relative to other large language models, posed a wide array of long-term questions. Does DeepSeek's emergence represent a game-changer for the industry? What geopolitical implications might it have? And, how impregnable are the moats around the existing, large competitors in the IT ecosystem? This week, to discuss these questions as well as the future of the AI industry, we are pleased to speak with Richard Windsor, founder and CEO of Radio Free Mobile, an independent research firm specializing in the digital and mobile ecosystem.See omnystudio.com/listener for privacy information.

A tricky few weeks in markets are putting several of the consensus trades to the sword. As investors grapple with mixed signals and increasing bifurcation within the global economic outlook, politics and an emerging AI arms race are becoming more prominent in driving day-to-day shifts in returns and sentiment, making the long view all the more important. In this special roundtable edition of the podcast, we sit down with Simona Mocuta, Altaf Kassam and Jenn Bender from the research and strategy team at State Street Global Advisors, getting their perspective on the macroeconomy, their preferred asset allocation framework and the building blocks that go into a durable portfolio designed for the long-term.See omnystudio.com/listener for privacy information.