How Consumers, CapEx and Fiscal Policy Are Driving Growth

The podcast centers on the global economic outlook, focusing on the U.S., Europe, and China. In the U.S., consumer spending is largely driven by upper-income households, with AI being the primary driver for business spending in 2025. For Europe, Germany's fiscal policy is expected to drive economic growth, though implementation lags and trade frictions could pose challenges. China faces a challenging macro backdrop with persistent deflation, though it is making strides in advanced manufacturing and increasing its global goods export market share. The discussion also touches on the potential impacts of AI adoption on the Federal Reserve and the effects of potential tariffs on European growth.