
Moody’s Talks – The Big Picture
On Moody’s Talks – The Big Picture, hosts Sarah Carlson, William Foster and Colin Ellis bring you insights from Moody’s analysts around the world on hot topics across fixed-income markets. Each episode will illuminate Moody’s thinking on the latest credit and economic developments, ranging from the continued impact of the COVID-19 pandemic, to technological disruption, political shifts and climate change. Please join us as we explore what’s on the horizon for the global credit landscape.
Latest episodes

Apr 2, 2025 • 14min
Possible ‘Mar-a-Lago accord’ and Shifting US Trade Policies
Economists and investors are speculating about potential changes to US financial and exchange rate policies from a ‘Mar-a-Lago accord’, a set of ideas which include weakening the dollar to boost US manufacturing. We'll dive into what it is and the potential impact on the global financial system. Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings Guests: Mark Sobel, US chairman, Official Monetary and Financial Institutions Forum (OMFIF); Steven Kamin, Senior Fellow, American Enterprise Institute (AEI)

Mar 12, 2025 • 16min
How COVID-19 Changed the Outlook for Corporate Credit
Five years ago, the World Health Organization declared COVID-19 a pandemic. In this episode, we delve into the performance of corporate credit quality since then, including the sectors that thrived or struggled, the hidden credit stories and strategies that improved resilience. Guests: Merxe Tudela, Associate Managing Director, Credit Strategy & Research, Moody’s Ratings; Jessica Gladstone, Managing Director, Credit Strategy and Guidance, Moody’s Ratings Host: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings Related Research:Diverging fortunes: Credit recovery and lasting scars post-COVID

Mar 6, 2025 • 22min
Tariff Uncertainty and the Risks Ahead for the US Economy
A barrage of executive orders and tariff actions are keeping markets on edge. We’ll dive into implications for a US economy that has outperformed expectations, the independence of government institutions and the Federal Reserve, and the outlook for already large fiscal deficits and debt. Guests: Nathan Sheets, Global Chief Economist, Citi; Robert Sockin, Senior Global Economist, Citi Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Jan 29, 2025 • 17min
California Wildfires: The Challenges Facing LA’s Utilities
In this follow-up episode on the wildfires in southern California, we explore the consequences for the utilities sector of the City of Los Angeles. We'll dive into the immediate financial effects of disaster relief and lost revenue, as well as the risks from potential legal liabilities which could cost the city billions. Guests: John Medina, Senior Vice President, Moody’s Ratings; Lori Treviño, Assistant Vice President, Moody’s Ratings Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

Jan 22, 2025 • 15min
How California’s Wildfires Will Reshape Insurance
The devastating ongoing wildfires in Los Angeles County are set to become the worst in California's history. In this episode, we discuss the effects on property owners, insurers and the state government, and what the damage could mean for the future of the insurance market in the state.Guests: Jasper Cooper, Vice President, Senior Credit Officer, Moody’s Ratings; Matt Butler, Vice President, Senior Credit Officer, Moody’s Ratings Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

Nov 26, 2024 • 24min
2025 Economic Outlook: A Case for Cautious Optimism
In this episode, we unpack the new Moody’s Ratings forecasts for the global economy and explain why there could be bright spots amid a myriad of risks. Join our analysts as they delve into topics like potential changes in US policy, the effects of stimulus on the Chinese economy, and whether Europe is headed for stagnation.Guests: Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings; Madhavi Bokil, Head of Macro Research at Moody’s RatingsHost: Colin Ellis, Head of Center for Credit Research, Moody’s Ratings

Oct 29, 2024 • 17min
COP29: Why it’s so hard to close the climate finance gap
Policymakers and key stakeholders will soon converge on Baku, Azerbaijan for the 29th United Nations Climate Change Conference to find ways of boosting spending on climate initiatives. Rahul Ghosh, Global Head of Sustainable Finance, and Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings, discuss the challenges, potential solutions, and expectations.Speakers: Rahul Ghosh, Global Head of Sustainable Finance at Moody's Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s RatingsHost: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Oct 10, 2024 • 20min
How the US election could shape global credit conditions
In this joint Big Picture-Emerging Markets Decoded episode, our regional analysts highlight the key US policy areas to watch in Europe, Asia-Pacific and Latin America -- and discuss which economies and sectors could be at risk if policies were to dramatically change.Guests: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings; Gong Cheng, Managing Director, Credit Strategy, Moody's Ratings; Ariane Ortiz-Bollin, Vice President - Senior Credit Officer, Credit Strategy, Moody's RatingsHost: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Oct 3, 2024 • 12min
US election and implications for US credit
Sarah Carlson is joined by the lead analyst for the US, William Foster, and Chief Credit Officer for the Americas, Elena Duggar, to discuss their expectations for fiscal, trade and immigration policy under both US presidential candidates, and what they could mean for the US economy and credit.Speakers: William Foster, Senior Vice President at Moody's Ratings; Elena Duggar, MD-Credit Strategy at Moody's RatingsHost: Sarah Carlson, Senior Vice President at Moody's Ratings

Sep 30, 2024 • 25min
Multilateral development bank capital reforms will help increase lending capacity
In today’s episode, we’re joined by Hans Peter Lankes, Managing Director of the think tank ODI, as well as Kathrin Muehlbronner from Moody’s Ratings to discuss the effectiveness of recent reform proposals in increasing the lending capacity of multilateral development banks (MDBs) and what they think is needed for MDBs to better address global challenges like climate change, poverty, and inequality.Speakers: Hans Peter Lankes, Managing Director of ODI; Kathrin Muehlbronner, Senior Vice President at Moody's RatingsHost: Sarah Carlson, Senior Vice President at Moody's Ratings
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