We connect with New York-based Torsten Slok, Chief Economist of Apollo Global Management, to discuss the US economy. This highly compelling discussion touches on the path of likely slowing of the US economy, outlook of inflation and jobs, labour productivity, impact of AI on jobs, Fed independence, likelihood of financial repression, fiscal dominance, bond market liquidity, investor sentiment, and stable coin. In all of these topics, Torsten has sharp insights; a must listen.

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For this podcast, it’s just yours truly. With 2H25 in mind, I go over trade wars, Middle East tension, and the US economy. Then I take a bunch of questions from clients and colleagues. We go over asset allocation, US debt outlook, attractiveness of Asian sovereign bonds, and a few non-market questions. Enjoy!

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We dive into the presently shifting capital flow dynamic with David Skilling, Founding Director, Landfall Strategy Group. David’s firm provides insights on global economic, geopolitical, and policy developments to firms, investors, and governments, so we begin by getting a sense of the mood of his clients. We then discuss if the ongoing geoeconomic instability is creating room for Europe and Asia to come closer, even with the China-US complications in place. We then delve into his recent publication, Capital Wars, in which he argues that efforts to rebalance global trade flows will contribute to structural change in global capital flows. We go region by region, from the US to Europe, UK to Japan, and then ending with South-East Asia, to take stock of the likely impact of greater competition for capital at the firm and national levels.

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