Mapping Global Central Bank Paths

The podcast features a quarterly economic roundtable focusing on central banking and global economic matters. The discussion begins with an outlook for the U.S. in 2026, projecting modest growth around 2.4% and the potential for one or two Fed rate cuts in the second half of the year, contingent on inflation diminishing. The conversation shifts to Japan, where despite a constructive macro outlook, currency depreciation poses challenges for the Bank of Japan, potentially necessitating earlier rate hikes to manage inflation pressures. Finally, the panel discusses Europe, anticipating a fall in headline inflation below the ECB's target due to energy disinflation, services inflation resets, and wage disinflation, particularly in Germany's export-oriented manufacturing sector.