While geopolitical uncertainty dominates headlines, this week’s episode digs deeper into themes driving markets before the weekend’s events — particularly the sharp rotation in equities in 2026 and the reassessment of crowded AI‑linked trades and their fundamental drivers. Cayla Seder, senior multi-asset strategist at State Street Markets, speaks to the shifting market perceptions around AI, the scale of hyperscaler investment, the growing role of debt financing in the tech sector and how technologys potential to transform the economic outlook is likely to play out.

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Market volatility continues to climb in February, with a landmark Supreme Court ruling on US tariffs last week upending US trade policy in an afternoon. Questions now circle as to whether last years trade-induced USD weakness that was expected to continue into 2026 is now at risk of reversal. Meanwhile, the yen's tumble under Takaichi-nomics has resumed, equities and gold remain choppy and many long-dormant correlation relationships are starting to reassert themselves. Managing risk remains a constant challenge, as Dan Mazza, head of FX Forwards trading in the Americas at State Street Markets, highlights in this week's episode.

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In celebration of Lunar New Year, we take a deep dive into China’s political economy. Despite trade tensions, a weak consumer and a halting post‑COVID recovery, a powerful export boom kept China on track last year—and could do so again in 2026. Fresh off a two-week fact-finding trip across the country, Ning Sun, senior EM strategist at State Street Markets, joins us to unpack what she saw on the ground and the challenges facing the world’s biggest exporter.

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