The Macro Strategy Team at State Street Markets has published their top ideas for the year ahead. Will the tech stock bull run continue, or are recent, rising credit concerns enough to derail sentiment and valuations? Was 2025's dollar decline the beginning of a multi-year trend or is the buck on the brink of reversal? And are Japan's recent attempts at reflation about to stall or take the next step to success? We present a dozen ideas, across equities, fixed income and FX, all with an eye on which themes will continue into and emerge from 2026.See omnystudio.com/listener for privacy information.
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Imbalanced Accounts: Trade and Capital in 2025 with Brad Setser
The signal events and dominant narratives of 2025 have not had quite the advertised effects where global current account and capital flow trends are concerned. As Brad Setser, senior fellow at the Council on Foreign Relations, notes, tariffs raise revenue for the US but so far its external position relative to Asia has, if anything, worsened. De-dollarization has been an eye-catching idea that still has little basis in fact. The expected revaluation of currencies relative to the USD has been much more limited in scope than one might appreciate. These and many other threads are pulled together in a globe-spanning episode this week. See omnystudio.com/listener for privacy information.
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Global Competition and Its Trade Offs with Elliot Hentov
This week, we dive into the nuanced world of macroeconomics and geopolitics. Elliot Hentov, Chief Macro Policy Strategist at State Street Investment Management, joins us to explore the state of deglobalization and the current status of geo-strategic competition in trade, technology, energy production and capital allocation. As we navigate the shocks of recent years and move towards a new equilibrium, the discussion focuses on the trade-offs embedded in each aspect of these competitions and the pressures on resources, carrying profound implications for consumers, investors and the political class.See omnystudio.com/listener for privacy information.
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Growth Beyond the AI Trade: Where Next?
Q3 earnings look like a prelude to a Santa rally, capping off another strong year for stocks. Sticking with a holiday theme, we can give thanks later this month for the outsized contribution of tech stocks to investor returns. But the AI narrative driving stocks in recent years is by now well understood and valuations look stretched. This week, we spend much of our time with Marija Veitmane, Head of Equity Strategy at State Street Markets, on where else to look for growth opportunities in global equity markets. See omnystudio.com/listener for privacy information.
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The US Dollar Downtrend: Dawn or Denouement?
A stand-out macro trend of 2025, the weakness of the US dollar remains a focal point for a market that is still heavily short. Is the consensus risk ripe for a surprise or are further headwinds in store for the world's most widely traded currency? And how might macroeconomic developments in Japan, Europe and the UK add to or detract from the appeal for dollars? This week, we discuss these factors and the broader FX landscape for developed markets, with Lee Ferridge, Head of Macro Strategy for the Americas at State Street Markets.See omnystudio.com/listener for privacy information.
Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Markets. Leveraging new tools, proprietary data and deep expertise, the Markets research team delivers highly valued market analysis on a daily basis to the world’s leading institutional investors. Join Street Signals' host, Tim Graf, State Street’s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide.
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