Current Account with Clay Lowery

In this episode of Current Account, Clay recaps a busy week in Washington, centered around the 2025 Spring Meetings hosted by the IMF, World Bank and IIF. Clay begins by analyzing potentially the largest focal point of the meetings: Trade. To help elaborate on some of the discussions, the episode features a number of snippets from speakers at the IIF Global Outlook Forum, highlighted by U.S. Secretary of the Treasury Scott Bessent, who gave insight and perspective directly from inside the Trump administration. Other quotations feature perspectives from the private sector, sentiment in Europe and China, how markets have been and will continue to react, issues regarding U.S. banking supervision, and many more. Other discussions proved to highlight the continued importance of transition finance and its evolving role in the financial industry, emergence of artificial intelligence and digital payments across a variety of agendas, and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Eugene Ludwig, Founder and CEO of Ludwig Advisors, to discuss a variety of updates within financial regulation - specifically those in the spotlight as President Trump continues to fill his regulatory cabinet. Clay and Gene start the discussion by assessing how the current administration seems to be approaching regulation, before diving into topics such as increased White House supervision on regulators, plans for potential Basel III implementation, a drastic change from the previous administration in approaching digital assets, how the U.S. is varying its approach from other jurisdictions, how financial institutions are approaching this period of transition and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate, and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and globally recognized investor and economic researcher, to discuss a potential new feature of the Trump Administration - A Mar-a-Lago Accord. Clay and Rebecca begin by explaining potential motives behind such an accord, followed by detailing the process of making it a reality, the impact the accord may have on the dollar, evaluating this potential scenario to similar measures in the past, how the U.S. may aim to get international support and the feasibility of this process leading to a real Mar-a-Lago accord. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Jenny Cosco, Global Head of Government Relations & Regulatory Strategy at LSEG, to discuss recent trends related to market risk and vulnerability. Jenny and Clay discuss some of the key market trends in 2025, how deeply volatile trends could be the pattern of the future, how markets seem to be combating volatility with resilience, regulatory frameworks that may bolster market stability and resilience, an overview of front-of-mind regulatory and market issues and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by IIF's Martin Boer, General Manager and Chief Representative, Europe, to discuss some of the recent developments captivating the European economy. Joining Clay from Brussels, Martin is able to dive into a number of key areas of focus in the region, including the path of Europe on the road to greater growth and competitiveness, potential implications for the financial industry on a broader consumer level, how things may have shifted since President Trump recently took office, how the European Union is balancing its trade relationship with the U.S. and other major partners, what the near-term outlook may look like for the European economy and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this landmark 100th episode of Current Account, Clay is joined by IIF's Gene Ma, Head of China Research and Chief Representative of the Asia/Pacific Region, to provide an update on China. Fresh off of the "Two Meetings" sessions, Clay and Gene first provide an update on economic trends from China, before analyzing a potential shift to a more consumption-led economy, how China is responding to President Trump's tariff policy, other ripple effects on China's economy from the U.S.-China relationship and more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Jeffrey Rathke, President of the American-German Institute at John Hopkins University, as well as host of The Zeitgeist podcast, to discuss the results and implications of the recent elections in Germany. Clay and Jeff first recap the events that led to these elections back in November of 2024, before analyzing the results of a voter turnout not seen since reunification: Implications of the Christian Democratic Union (CDU)-Christian Social Union (CSU) bloc forming a coalition government with the Social Democratic Party (SDP), impact on the German economy and its role as a European powerhouse, how U.S.-German relations may change under new leadership, likelihood and procedure of halting the debt brake and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by IIF's Martín Castellano, Head of LatAm Research, to discuss recent economic developments in Mexico, fresh off a recent investor trip to Mexico City. The discussion centers around the impact of President Sheinbaum's initial few months in office, response to recent actions and discussions led by the Trump administration, Mexico's outlook for growth, overall economic trends in the region and more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay analyzes a topic gaining momentum in recent weeks - sovereign wealth funds and the potential of one in the United States. Clay first gives some background on sovereign wealth funds at large and examples of successful funds across the globe, before diving into three main points: How sovereign wealth funds are funded, what the objectives of these funds are and how a new U.S. fund may fit into existing legal frameworks. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay discusses developments around the recent tariffs and threatened implemented by United States President Donald Trump on countries and regions such as Colombia, Canada, Mexico, China and the European Union. Clay dives into why and how the Trump administration may use tariffs as a bargaining tool in trade discussions, describing the International Emergency Economic Powers Act (IEEPA) and its role, how these tariffs are impacting markets and international relationships, and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by IIF's new Deputy Chief Economist, Ashok Bhundia, to discuss economic developments amid South Korea's recent political events. Clay and Ashok recap key points over recent months before discussing the impact these events have on both monetary and fiscal policy, how markets have reacted to the political uncertainty, the forthcoming process to gain clarity on a political leader and much more. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay kicks off 2025 by looking ahead to agenda of the recently inaugurated 47th President of the United States, Donald Trump. This discussion includes highlighting key points such as economic strategy surrounding tariffs, inflation and trade relations, the ongoing nomination and confirmation process of many key cabinet members and potential recurring characteristics of these appointees, and the approach President Trump and his team may use to enact policy and regulation changes, including potential reconciliation methodologies. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay takes a look back at 2024 and some of the key topics and issues throughout the year. The summary includes four sections of highlight: The current and ongoing status of conflicts across the globe, a trend of anti-incumbency throughout recent global elections, a review of the economic year and how the incoming Trump administration will influence these and other issues.

In this episode of Current Account, Clay is joined by IIF's Managing Director of Digital Finance, Jessica Renier, to provide an update on digital assets and their development in recent months and years. Clay and Jessica provide a brief roadmap of progress in CBDCs, cryptocurrencies and tokenization technologies before discussing digital asset innovation from the official sector, various developments across jurisdictions, how the incoming U.S. administration may approach regulatory frameworks surrounding digital assets and much more.

In this episode of Current Account, Clay is joined by Douglas Beal, the Global Head of Social Impact and Just Transition in Financial Institutions at Boston Consulting Group (BCG), to discuss the recent COP29 meetings held in Baku, Azerbaijan. After discussing high-level takeaways from the conference, Clay and Doug shift the conversation to topics such as explaining the "Just Transition" and the social implications of transition finance, the potential impact of global elections on transition planning, subsequent steps for financial institutions and much more. To sign up for the new Current Account newsletter, please click here.

In this episode of Current Account, Clay is joined by Andreas Kluth, an opinion columnist for Bloomberg covering US diplomacy, national security and geopolitics, to discuss the ongoing political and economic developments in Germany. Clay and Andreas dive into how and why the coalition government recently collapsed, the accelerated election timetable over the next few months, explain the "debt brake" and how it ties into recent economic stagnation, Germany's role within the European Union presently and going forward, the state of international relations throughout this period of instability and much more. To sign up for the new Current Account newsletter through the IIF website, please click here.

In this episode of Current Account, Clay dives into the long-awaited results of the 2024 U.S. Presidential Elections, which saw Republican nominee and former President Donald Trump secure his second term at helm, focusing on the economic strategy and fiscal policy implications of this outcome. Clay begins with the initial reaction to not only the outcome of the Presidential election, but the outcomes of the House and Senate races as well. For the remaining duration of the episode, Clay dives into key points in the Trump economic agenda, including the areas of trade, regulation, national debt, international relations and many others. Clay concludes the discussion looking ahead to President-elect Trump's upcoming decisions on open positions throughout his administration. To sign up for the new Current Account newsletter through the IIF website, please click here.

In this episode of Current Account, Clay is joined by IIF Economist Jonathan Fortun to discuss recent economic and political developments in Japan. Clay and Jonathan discuss a brief overview of the recent series of elections in Japan, before diving into the Bank of Japan's recent measures, how recent events may impact international relations, the recent pattern of coalition governments in major economies and more.

In this episode of Current Account, Clay gives a live report from the 2024 IIF Annual Membership Meeting, with the help from a handful of IIF Staff members. Clay first reviews major themes, takeaways and discussions, including remarks from U.S. Department of the Treasury Secretary Janet Yellen, before handing it off to his colleagues: Melanie Idler, an Associate Policy Advisor for Regulatory Affairs, covers the Regulation-steered portions of the meetings, Raymond Aycock, Senior Research Analyst for the Global Policy Initiatives Department goes over the conversations focused on Transition Finance, sessions on Economics and Emerging Markets were summarized by IIF Economist Ivan Burgara and Hannah Anderson, a Policy Advisor for the Digital Finance Department, gave a report on the discussions centered on Digital Finance.

In this episode of Current Account, Clay is joined by IIF's President and Chief Executive Officer Tim Adams to preview the 2024 IIF Annual Membership Meeting, taking place in Washington, D.C., from October 22-25. Clay and Tim look ahead at many topics that stand to be at the forefront of discussion, including thoughts and effects surrounding current geopolitical risks, the state of emerging markets and the global state of debt, implementation of emerging technologies such as artificial intelligence and digital payments, impacts of the upcoming U.S. Presidential elections and much more. Make sure to follow the 2024 IIF Annual Membership Meeting throughout the week!

In this episode of Current Account, Clay revisits the upcoming Presidential Elections in the United States, this time with an eye on key policy themes and implementation from the two major party nominees: Current Vice President Kamala Harris (Democrat) and former President Donald Trump (Republican). The episode dives into where the race stands to date, how Congressional elections will impact either President-elect, the upcoming personnel decisions for the next sitting President, the proposed approaches to fiscal policy, potential changes in financial regulation, where each candidate may handle international trade policy and engagement, and much more.

In this episode of Current Account, Clay is joined by IIF's Sonja Gibbs, Managing Director of Global Policy Initiatives and Head of Sustainable Finance, to recap an eventful New York Climate Week. Clay and Sonja talk about the major themes surrounding this year's meetings, including balancing a Brown vs Green transition strategy, the role of private and public funding in decarbonization efforts, how various jurisdictions approach reporting standards and impacts of EU's Corporate Sustainability Reporting Directive (CSRD), what role the upcoming U.S. Presidential Election may have in climate policy and more.

In this episode of Current Account, Clay is joined by Giovanna Faggionato, a reporter for Politico Europe who has extensive experience covering competition, to discuss the recent report given by former Italian Prime Minister Mario Draghi. Clay and Giovanna discuss the report's key themes and takeaways, focused on a plan to make the European Union more competitive economically. They discuss why Draghi was the author of this report, how he proposes to close the competition gap between the EU and the United States, challenges in implementing the report's recommendations, what steps may follow suit and more.

In this episode of Current Account, Clay is joined by IIF's Andrés Portilla, Managing Director of Regulatory Affairs and Richard Gray, Director of Prudential Policy, to revisit the topic of Basel III implementation. The podcast covers how the United States Federal Reserve may look to repropose implementing Basel III, what metrics are being suggested in the reproposal process, the shifting implementation timeline, thinking of how other jurisdictions may monitor the Federal Reserve's process, the impact of the 2024 U.S. Presidential elections on impending steps and more. For more information on Basel III, tune in to Episode 55: "Can We Make a Discussion about Basel Capital Accords Interesting?" where Clay, Andrés and Richard analyze the Basel III Endgame.

In this episode of Current Account, Clay is joined by IIF's new Chief Economist and Managing Director, Marcello Estevão. Marcello joins the IIF with a plethora of experience in the financial industry, including stints at the World Bank, IMF, U.S. Federal Reserve Board, G20 Deputy for Brazil and many more. Clay and Marcello discuss a number of global economic topics at the macro level, including an update on the Federal Reserve and their probable rate cuts, current status of central banks in China and Japan, upcoming IIF work and ideas on capital flows, forecasting economic landscape for the near future and more.

In this episode of Current Account, Clay is joined by Gergory Daco, Chief Economist at EY, to discuss recent developments in the U.S. economy, including recapping the recent market volatility and the reasoning behind it, impact and potential inflationary measures on the economy moving forward, upcoming decisions for the Federal Reserve, forecasting the future of the dollar and more.

In this episode of Current Account, Clay gives an update on the upcoming United States Presidential Elections on November 5th, following a number of developments in recent weeks. Clay discusses the impact of a variety of unprecedented events, including the attempted assassination of former President Donald Trump, sitting President Joe Biden backing down from seeking a second term in office, how current Vice President and presumptive Democratic nominee Kamala Harris will approach both picking a Vice-Presidential candidate, how these events may shape the Democratic National Convention in mid-August, what are considered to be the "swing" states in the election at this time, how Donald Trump will aim to appear to certain voter types and much more.

In this episode of Current Account, Clay is joined by Daniel Tannebaum, a Partner and Global Anti-Financial Crime Practice Leader at Oliver Wyman and Senior Fellow at the Atlantic Council, to provide a sanctions update amid the recent United States's Office of Foreign Assets Control (OFAC) escalation of the December 2023 sanctions package on Russia. The episode begins with an explanation of what the new escalation package entails, before discussing the approaches of the G7 lending plan, the relationships of India and China with Russia in this context, how the upcoming U.S. Presidential Elections will play a role going forward and much more. Editor's note: This episode was taped on Friday, July 19th, 2024.

In this episode of Current Account, Clay is joined by Guillaume de Calignon, a Journalist at Les Echos - a French financial newspaper headquartered in Paris - to discuss the results and implications of the recent French snap elections. Clay and Guillaume discuss why President Macron called for the elections, the results leading to a coalition government, impact it may have on French economic policy, weighing investor and public uncertainty around the current government landscape, how this event is tied to the greater European Union, potential pathway until the French General Elections in 2027 and more.

In this episode of Current Account, Clay is joined by Marcelo Carvalho, Global Head of Economics at BNP Paribas CIB, to discuss the recent decision by the European Central Bank (ECB) to cut interest rates. The episode includes discussing the thought process by the .25% rate cut, an unprecedented aspect of the ECB's decision, whether more rate cuts are to come, how events in Europe may have impacted this decision and more.

In this episode of Current Account, Clay recaps a variety of recent and important elections across the globe. The episode includes results and implications from elections in Mexico, India and South Africa, and how President-Elect Claudia Sheinbaum, Prime Minister Narendra Modi and the ANC Party, respectively, will respond to the results.

In this episode of Current Account, Clay is joined by Rebecca Patterson, a globally recognized investor and economic researcher and former chief investment strategist with over 25 years of studying the intersections of politics and policy with financial markets, to discuss a variety of currency; namely the Yen, the Dollar and the Yuan. The discussion includes what developments the Japanese government has made around monetary policy, reason and impact of the Dollar's recent rise, the decline of the Yuan and what the ripple effects are, the impact of the upcoming U.S. Presidental Elections and much more.

In this episode of Current Account, Clay is joined by IIF's Managing Director of Digital Finance, Jessica Renier, to discuss developments in artificial intelligence and the implications for the financial sector. Clay and Jessica discuss key takeaways from expert discussions during the recent IMF/World Bank Spring meetings, implementation strategy for A.I. in the financial industry, how the relationship between A.I. and data may alter internal strategy, current and upcoming challenges, how the rapidly-changing field may develop in the future and more.

In this episode of Current Account, Clay gives an update on the economic state of China. Topics include China's better-than-expected growth to begin 2024, adapting a new growth model and its implications, the economic impact of advancements in the energy industry, international ripple effects of China's monetary decisions, the potential path forward and more.

In this episode of Current Account, Clay is joined by IIF President and CEO Tim Adams to preview the 2024 IMF/World Bank Springs in Washington. Tim and Clay discuss the unique aspects of this iteration of the meetings, key themes and talking points, how crucial industry topics such as Artificial Intelligence, Sustainable Finance and Geopolitics will influence discussion, high-level speakers in Washington and more.

In this episode of Current Account, Clay is joined by IIF's Sonja Gibbs, Managing Director and Head of Sustainability, to discuss recent legislative actions in the New York State Senate around a proposed bill on sovereign debt. Sonja and Clay discuss the contents of the bill, titled the "Sovereign Debt Sustainability Act," the overall impact of the bill should it be passed, industry reaction to the proposition, potential beneficial next steps and more.

In this episode of Current Account, Clay revisits the banking turmoil of March 2023 and its lessons learned. The episode incudes a breakdown of how the turmoil began, including the incidents involving firms such as SVB and Credit Suisse, what the landscape looks like one year later, what impact these specific situations may have analyzing risk and supervision, future implications of the turmoil and more.

In this episode of Current Account, Clay is joined by IIF's Martin Castellano, Head of Latin America Research, to discuss the present economic state of Mexico and the upcoming Mexican Presidential Elections after recently returning from an investor trip to the country. The discussion includes overall trends in Mexico, explaining the situation around offshoring and its implications, what the outlook for the upcoming elections might be, the role of Mexico in relations between the U.S. and China, and more.

In this episode of Current Account, Clay is joined by IIF's Director of Sustainability Research, Emre Tiftik, to give an update on the current state of global debt. The podcast includes discussion on predominant trends on the current tally of over $310 trillion of global debt, outlook for the debt landscape in 2024, impact of geopolitics on debt, the concept of the United States being "the world's largest emerging market," funding strategy for climate finance, debt restructuring approaches and more.

In this episode of Current Account, Clay is joined by IIF's Ugras Ulku, Head of Emerging Market Europe Research, and Elina Ribakova, Nonresident Senior Fellow, Peterson Institute for International Economics, to give a detailed update of the economic impact of the Russia-Ukraine conflict on a global level. The discussion includes topics such as detailing Ukraine's necessity of foreign aid, how the Russian economy has responded to the international sanctions regime, what future sanctions may look like, what impacts a continued conflict may have on Ukraine and the global economy, and the unique approach to the Russia's reserve assets.

In this episode of Current Account, Clay is joined again by IIF's Garbis Iradian, Chief Economist, Middle East & North Africa, and Ivan Burgara, Economist, to revisit the economic impact of the conflict in the Middle East. The trio discuss the likelihood and impact of two proposed scenarios: One in which the conflict is contained to the region and one where the conflict escalates beyond the region. Both scenarios are analyzed on a regional and global impact level.

In this episode of Current Account, Clay looks at the economic impact of what a second Donald Trump presidential term may be. Joining Clay is Yuka Hayashi, a journalist specializing on trade and economic security matters with over three decades of experience, including stints at the Dow Jones Newswires and Wall Street Journal. Clay and Yuka discuss what Trump's main priorities are, the feasibility and impact of his highly discussed universal tariff policy, how a Trump return to office may impact trade relations, how personnel selection will influence policy and much more.

In this episode of Current Account, Clay is joined by David Sacks, Fellow, Asia Studies at the Council on Foreign Relations to talk about the recent elections in Taiwan. The topics include an analysis on the election's proceedings and process, how the election impacts the relationships between the United States and China, the United States and Taiwan, and Taiwan and China, and how the 2024 United States Presidential Election may influence the upcoming term.

In this episode of Current Account, Clay reviews the outlook of 2024 through the lens of geopolitical risk. He breaks down the analysis into three sections - or buckets: The ongoing conflicts across the world, the status of the US-China relationship and the pending worldwide elections. The podcast includes discussion on how these topics will impact the economy in their respective regions and globally.

In the first Current Account episode of 2024, Clay is joined by IIF's Sonja Gibbs, Managing Director, Global Policy Initiatives and Head of Sustainable Finance, to discuss the recent COP28 Summit in Dubai, United Arab Emirates. The discussion includes reviewing key topics discussed at the conference, the state of sustainability in the present day, how carbon markets look to develop in the coming year, what the short and long-term future looks like for sustainable finance and more.

In this episode of Current Account, Clay is joined by IIF's President and CEO Tim Adams to recap key events in the financial industry throughout 2023 and projecting areas of focus for 2024. Topics include the development of artificial intelligence technology, industry reactions to turmoil, growth projections, topics in sustainable finance and more.

In this episode of Current Account, Clay revisits the economic impact of the war between Russia and Ukraine. The episode includes an analysis of the sanctions regime's impact thus far, examining how Russia has altered its trade strategy and the overall impact on the Russian and Ukranian economies.

In this episode of Current Account, Clay is joined by A.B. Stoddard, Columnist at The Bulwark, to discuss the upcoming U.S. Presidential Elections in November 2024. The episode includes analyzing the likely candidates, current President Joe Biden (Democrat) and former President Donald Trump (Republican), how each candidate will likely look to win more voters over, previewing their potential roadblocks, explaining the United States Primary Election process and more.

In this episode of Current Account, Clay is joined by IIF's Garbis Iradian, Chief Economist for the Middle East and North Africa Region, and Ivan Burgara, Senior Research Analyst, to discuss the economic implications the current conflict in Israel may have. The discussion involves outlining two scenarios: One in which the conflict is contained to within Israel, and one where the conflict expands to a greater regional matter. The analysis includes potential ripple effects in markets of oil, commodities, food and more.

In this episode of Current Account, Clay is joined by Kezia McKeague, the Regional Director for Latin America at McLarty Associates, to discuss the current cycle of elections in Argentina and Latin America. The discussion includes identifying the two Argentine candidates facing off in a run-off election on November 19th, Sergio Massa and Javier Milei, forecasting each candidate's outlook in a hypothetical second round victory, detailing what the potential outcomes may be for an Argentina-US relationship and highlighting other recent and upcoming elections across Latin America. For more information on the Argentine Elections, watch the recent IIF Event on the elections featuring Clay, Kezia and IIF's Head of Latin America Research Martin Castellano.

In this episode of Current Account, Clay is joined by IIF's Managing Director of Regulatory Affairs, Andrés Portilla, and Director of Prudential Policy, Richard Gray, to talk about the Basel III Endgame. The discussion centers around describing Basel III, what the "endgame" means, what the next steps are across jurisdictions and more.