Today we are joined by Louis-Vincent Gave of Gavekal Research for a fascinating discussion on the key global macro trends impacting markets. Louis outlines his case for why the consensus is wrong to expect a US recession and why he sees accommodative US fiscal policy as a key driver of the economy in the next 1-2 years. We discuss the upside and downside risks to inflation and how weather patterns may be an underappreciated risk to inflation in the next 1-2 years. One of Louis’ key calls is an upbeat outlook on emerging markets, particularly in the middle East and Asia. The recent peace deal between Iran and Saudi Arabia is a key element of this, while the structural trend of de-dollarization and emerging economies increasingly selling goods in their own currency are other elements. We wrap up with an assessment of AI and the economic implications in the medium term.

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Episode TimeStamps:

02:23 - Introduction to Louis Vincent Gave

05:28 - Is the economy starting to crack?

10:40 - When is the recession coming?

13:13 - The outlook for inflation

18:36 - The problem with designification

21:18 - The challenges of Chinese economy

27:56 - Can the Japanese economic situation be compared to China?

31:31 - Looking beyond the U.S and...

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