Show Notes
Big headlines have come and gone in 2026, but markets have barely blinked. This week we explore why volatility remains so subdued, what investors may be overlooking and the macro and market catalysts that could finally disturb the calm. Lee Ferridge, Head of Macro Strategy for the Americas at State Street Markets, joins the podcast with his thoughts as a surprisingly benign year nears a close. See omnystudio.com/listener for privacy information.
More from Street Signals
Japanese life insurers manage one of the largest pools of foreign savings in the world, and their decisions about where to put it and whether to hedge it ripple through global bond markets and the yen. With domestic rates normalising, the story of persistent yen weakness may be starting to change. In this episode, we sit down with Shintaro Yoshida, CIO of Orix Life Insurance, to discuss how rising JGB yields are reshaping the domestic-versus-foreign allocation decision, whether repatriation is a real prospect and what it would take for capital to come home in size. Its a rare look inside the decision-making that drives one of the most important flows in fixed income and FX markets. See omnystudio.com/listener for privacy information.
Nearly four years after the release of the first widely available large language models, the investing implications of artificial intelligence have so far been clear: it has been a very good idea to be long the AI factor. But we are no closer to understanding just how powerful artificial intelligence is and might be across the wider range of human experience. This week, we kick off a series of occasional episodes that will hopefully get us closer to some of the answers to those big picture questions. David Turkington, Head of State Street Associates, joins us to talk about what AI means for research, thought leadership and making better investing decisions. See omnystudio.com/listener for privacy information.
It's easy to get side-tracked by the day-to-day minutiae of markets, and taking a step back to get the bigger picture is often a good idea. Chris Pizzotti, Global Head of FX Sales and Trading at State Street Markets, is an ideal person to have just such a conversation. This week, we get Chris’ thoughts on the big trends in currency markets in 2026 and how he thinks they’ll play out in the coming months. More importantly, we talk through the future of the FX business and the value proposition for its clients, with some exciting news about the business he runs coming at the end of the episode. See omnystudio.com/listener for privacy information.
FX carry trades - earning the yield spread available between two typically risky and safe currencies - is a long-standing theme in markets, which has also enjoyed excellent risk-adjusted returns over the last year. But with rate markets becoming more disruptive, are these strategies at risk? This week, we look at the positioning and pricing in currencies exposed to carry trades, on both the long and short side, to determine if any complacency persists. Host Tim Graf, Head of Macro Strategy for EMEA, puts his volatility hat on to talk through these risks. See omnystudio.com/listener for privacy information.
Last week's strong US CPI data left a Fed rate hike this week a foregone conclusion and likely inaugurates at least a modest hiking cycle. Inflation pressures are broad and not strictly energy-related, arguing for tighter policy globally. But does one key source of inflation, the AI build-out, need to break, to get price stability back on target? And what does that mean for an asset allocation strategy over the remainder of this year, into 2027? We discuss these questions, as well as how the US dollar might fare in an environment of constant flux, with Cayla Seder, Senior Macro Strategist at State Street Markets. See omnystudio.com/listener for privacy information.