In this episode of Current Account, Clay is joined by Sonja Gibbs, IIF’s Managing Director of Global Policy Initiatives and Head of Sustainable Finance, to discuss the latest developments in global debt as the year comes to a close.

Clay and Sonja examine what the rise of global debt, now standing at a total of nearly $346 trillion, means for financial markets and private sector firms and explore the factors driving this increase - particularly the concentration of debt in the government sector, with China and the United States leading the way. The conversation also looks at corporate debt, which is approaching $100 trillion, and considers the implications of record-high issuance by high-yield borrowers.

Finally, the episode looks ahead to 2026, discussing which trends are likely to continue and what new dynamics could shape debt markets in the coming year.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay provides an update on the Supreme Court case challenging President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to justify sweeping tariffs.

Clay explains how the administration relied on IEEPA to impose tariffs on nearly all imported goods, including a 10 percent baseline tariff on all countries - with targeted measures on Mexico, Canada, China, and Brazil. He reviews the legal arguments presented before the Supreme Court, including whether these tariffs constitute taxation or fall under the President’s emergency authority to regulate imports.

The episode also explores what could happen if the Court rules against the administration. Potential outcomes include a massive refund process for more than $89 billion in tariff revenue, a shift toward sector-specific tariffs under Section 232 and possible use of alternative statutes such as Section 122 of the Trade Act of 1974 or Section 338 of the Tariff Act of 1930. Clay considers the political and economic implications of these scenarios and why this decision could reshape U.S. trade policy.

For more on IEEPA, check out Episode #109: An Eye for an IEEPA: Trump Tariffs - Where Are They Now?

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Ashok Bhundia, IIF Deputy Chief Economist and Head of Asia Macroeconomic Research, to discuss Asia’s global economic and geopolitical trends.

The conversation focuses on how Asian economies are responding to evolving U.S.–China trade negotiations and strategic competition. Clay and Ashok explore the increasing importance of digital finance in shaping regional priorities, as well as the surge in investment and innovation in artificial intelligence and stablecoins. They also consider which countries are best positioned to benefit from the AI boom amid intensifying technology rivalry.

The episode addresses currency trends and whether Asian currencies could appreciate against the U.S. dollar as part of broader efforts to rebalance trade. Finally, Clay and Ashok discuss whether Asia will lead global growth and innovation or face pressure to choose sides between the United States and China.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Kezia McKeague, Regional Director for Latin America at McLarty Associates and IIF's Martín Castellano, Head of Latin America Research, to unpack the results and implications of Argentina’s recent midterm elections.

The conversation explores President Javier Milei’s strengthened political mandate, the role of U.S. financial support in shaping the electoral outcome, and how markets have responded. Kezia and Martín also discuss the short- and medium-term risks to Milei’s economic stabilization plan, including persistent inflation, a widening current account deficit, and pressure on real wages and growth. Finally, the discussion considers whether this moment marks a turning point for reform in Argentina and broader Latin America.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies (CSIS), to discuss a topic on the rise: critical minerals and rare earths.

First, Gracelin explains the difference between critical minerals and rare earths and their relative importance as resources. The discussion that follows includes how China has monopolized the mining, manufacturing and production of critical minerals, how these circumstances may play a part in upcoming discussions between U.S. President Donald Trump and Chinese President, General Secretary Xi Jinping, how the state of these markets may drive global connections - as seen with the recent trade deal between the United States and Australia - and much more.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay talks to Sim Tshabalala, Group Chief Executive Officer of the Standard Bank Group and Chair of the B20 South Africa Finance & Infrastructure Task Force, to discuss a variety of topics within the G20 and B20 agenda.

Clay and Sim first discuss takeaways from the 2025 IMF/World Bank and IIF Annual Meetings, including an underlying theme of unexpected hope, before shifting to the role of the B20 within the G20 agenda, key milestones and accomplishments of the Finance & Infrastructure Task Force, how the private sector can assist in building confidence in infrastructure projects - specifically in Africa, what priorities the United States may have as it transitions to G20 Chair in 2026, how a transition from South Africa to the United States might play out and much more.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay previews a variety of themes and topics poised to be the center of many discussions during the upcoming 2025 IIF Annual Membership Meeting and IMF/World Bank Annual Meetings.

Clay breaks down the major themes from the upcoming meetings into three main categories: (1) Risks, such as geopolitical risk, policy uncertainty and the rise of global debt; (2) Opportunities, including the rise of gold, increased role of artificial intelligence and further developments in digital asset expansion and regulation; And (3) potential institutional issues, highlighted by the role and demand for critical minerals, shifts in supply chains and tariff implications, a call for simplification in the realm of supervision and regulation, and region-specific issues - as recently brought to light in Argentina.

Click here for more information on the 2025 IIF Annual Membership Meeting.

IIF Members can watch the "Countdown to the AMM!" here.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Ziad Haider, Partner and Global Director of Geopolitics, Singapore, McKinsey & Co., to discuss one of the most important topics in the financial services industry: Geopolitics.

Clay and Ziad begin the podcast by detailing the increased prominence of geopolitics in recent years, before discussing the role of resilience for financial services firms, what risks are front of mind in the near future, preparation approaches for dealing with risks that are unpredictable in nature, whether geopolitics will become a permanent risk to monitor, or not, and much more.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.