Podcasts about global head

Scott Monty, leadership advisor, communication strategist, keynote speaker, storyteller, and host of the Timeless Leadership podcast, joins me on this episode. Scott is the former Global Head of Social Media and Digital Communications at Ford Motor Company, where he helped lead some of the most groundbreaking digital communication and marketing initiatives of the early social media era. He has advised organizations including Ford, IBM, Walmart, Google, and Reebok, and has been recognized by The Economist as one of the world's leading social business thinkers. In this conversation, Scott shares lessons from his career journey, insights from working alongside legendary Ford CEO Alan Mulally, and why timeless leadership principles such as humility, reflection, communication, and servant leadership are more important than ever.

In his first meeting as Fed Chair, Kevin Warsh signaled restraint in providing guidance. Our Global Head of Fixed Income Research Andrew Sheets looks at possible impacts of the new approach.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, why the Fed could do less than expected and why that could still lead to more volatility. It's Wednesday, June 24th at 2pm in London. Last week saw the first meeting of the Federal Reserve under its new chair, Kevin Warsh. It didn't disappoint. The Fed's Summary of Economic Projections saw significantly higher inflation than the last iteration in March, and in turn, a much stronger case to raise interest rates, perhaps multiple times. The Fed's statement, which laid out its views around the economy and its reasons for action, was changed dramatically – and also significantly shortened. We don't think the Fed will ultimately follow through on the interest rate rises that were flagged in this meeting and will choose instead to remain on hold this year. But we think this scenario of them staying on hold can still lead to more volatility. I'll try to address each side of this apparent contradiction. First, the Fed is clearly worried about inflation, which has been elevated for a considerable period of time. But working through the numbers, Morgan Stanley economists forecast lower inflation over the rest of this year than the Fed now expects. And so, while we think it would be entirely reasonable for the Fed to expect to raise interest rates based on the high inflation that they have penciled in, we think they could reach a different conclusion if our lower estimates are ultimately correct. Supporting our case, at least in our view, is that energy prices have fallen significantly in recent weeks since some of these Fed forecasts were set, as markets have moved to believe not only would existing oil production resume in the Persian Gulf, but Iran could increase exports materially under its new agreement with the United States. That would greatly reduce a source of underlying inflationary pressure in the U.S., Europe, and Asia. With inflation set to come in lower than feared, we think the Fed's most natural option will be to remain on hold this year rather than raise rates. But if the Fed's not doing anything, how exactly is that going to drive volatility? Our answer to that question lies in another thing that it's not going to be doing – providing as much information about where it thinks monetary policy is going next. Indeed, since the financial crisis, the Fed often went out of its way to give so-called forward guidance and significant detail about when and how they may change policy in the future. Proponents saw this as a way to avoid surprises and smooth the transmission of this policy, but critics saw it as limiting and potentially giving markets a false sense of certainty. The new Fed chair, Kevin Warsh, is one of these critics and has promised to give a lot less forward guidance. That lack of handholding by the Fed about what they might do next is a big change. Coupled with the potential for a smaller Fed balance sheet and big questions around the path of inflation and the impact of AI and productivity, every data point now has more potential to shift the market's thinking. My strategy colleagues think that this will lead to higher volatility in two-year interest rates, as well as more volatility in currencies. I'd also note that here in the UK, this paradox is not nearly as puzzling. Here, the Bank of England's target rate has been the same level since mid-December. But that hasn't stopped the UK two-year bond yield from trading in an over 100 basis point range. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

SharkNinja has rewritten the modern commerce playbook by embedding a "threshold of virality" directly into pre-product development and abandoning rigid, weekly campaign reviews for hourly optimization. Global Head of Media Dave Kersey shares how this social-first, digital-only approach skyrocketed the brand to the top of TikTok Shop ecosystems globally while establishing a hyper-transparent, API-driven model for agency partnerships. Key Highlights

Corporate sustainability strategy is becoming a profit driver as AI, decarbonization, and resilience converge. Eva Riesenhuber, Global Head of Sustainability at Siemens AG and a 2025 TIME100 Climate honoree, joins Siemens USA President and CEO Ann Fairchild to unpack how corporate sustainability strategy is changing inside large organizations. They explain why decarbonization, climate resilience, and digital transformation are now reinforcing each other, and how industrial AI is reshaping what is possible at scale.  Drawing on examples from industry, infrastructure, and mobility, Eva and Ann discuss why the cost of inaction is no longer theoretical. They explore how a modern corporate sustainability strategy can cut emissions, support circular operations, and strengthen systems, while still delivering measurable business value. Key takeaways: How corporate sustainability strategy is moving from ESG reporting to operational decision-making Where decarbonization and net-zero by 2030 efforts are creating real financial upside How companies are balancing industrial AI's energy use with sustainability gains Why resilience, from grids to supply chains, is central to corporate sustainability strategy What leaders need to prioritize as the energy transition accelerates toward 2030 For CEOs, operators, and sustainability leaders, this episode offers a clear view of where corporate sustainability strategy is headed and why long-term bets are paying off. Show notes Sustainability at Siemens

Event contracts and digital asset derivatives are emerging under CFTC oversight, while listed options and ETFs remain SEC-regulated. Meanwhile, some platforms are offering both. This panel will examine: •    The SEC and CFTC frameworks and their implications for innovation. •    Whether event contracts should be viewed as gaming, financial hedging, or a hybrid. •    How crypto-linked options and ETFs fit into the regulatory patchwork. •    What market participants need to prepare for as regulatory convergence (or conflict) plays out. Moderator: The Honorable Dawn D. Stump, Principal, Stump Strategic Panelists: JJ Kinahan, Senior Vice President, Head of Retail Expansion and Alternative Investment Products, Cboe Global Markets Ryan Jachym, Global Head of Markets Policy in the Office of Government and Regulatory Affairs, Goldman Sachs Summer Mersinger, Chief Executive Officer, Blockchain Association Thomas Plummer, Prediction Markets, Jump Trading This panel is proudly sponsored by State Street Investment Management

Laila Kollmorgen, Global Head of CLO Tranche Investing at MetLife Investment Management, joins The CLO Investor podcast to discuss her investment approach across the CLO capital structure and the products her team manages. Laila shares why she currently sees compelling opportunities in CLO equity, junior BBBs, and AAAs, while offering insights on software credit risk, AI disruption, private credit, and the evolving outlook for leveraged loans and CLOs.

It was a pleasure to host a discussion with Samir Patel, Global Head of Global Market Sales at Nomura Securities International, on leadership, client strategy, and the evolution of institutional markets businesses in an environment defined by constant change.   The conversation emphasizes how institutional client relationships have evolved over time. Samir explains why clients increasingly seek counterparties with differentiated strengths rather than broad-based coverage across every product area. He discusses how Nomura has focused on areas where the firm can leverage structural advantages, including solutions-oriented financing and strategies tied to concentrated equity positions.   We also explore the growing importance of alignment across sales, trading, structuring, legal, compliance, and risk management. Samir outlines how cross-functional coordination and global product integration are critical as markets and client needs grow more interconnected. The discussion also covers recruiting, mentorship, and talent development. Here, Samir reflects on the apprenticeship culture within markets businesses and the importance of curiosity, adaptability, and long-term passion for financial markets in developing younger professionals.   A major theme throughout the episode is technology and AI. Samir discusses how automation and AI-driven tools are increasingly being applied across onboarding, structured products, workflow management, and client analytics, while also reshaping how firms think about productivity and scalability.   We close with thoughts on market structure, global connectivity, competitive dynamics, and the importance of maintaining flexibility in a rapidly evolving financial ecosystem.   I hope you enjoy this episode of the Alpha Exchange, my conversation with Samir Patel.

Strategy's recent sale of 32 Bitcoin came with unusual framing: Michael Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead, walks through the STRC prospectus and the pressure points (Strategy now trading at 84% of NAV, the cash reserve cut to roughly seven months after redeeming a 0% convertible note, the board-suspendable dividend), and lands on the sharpest argument: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity on a volatile Bitcoin company.---

In this Industry Insight episode of the On Aon podcast, Aon leaders Liz Henderson and Susan Doering examine how climate risk is redefining decision-making across the food, agribusiness and beverage (FAB) sector — and what it takes to stay ahead. Rather than viewing climate as a standalone exposure, the conversation frames it as a force shaping pricing stability, operational continuity and workforce strategy. Liz and Susan discuss how organizations can translate insight into action by strengthening data capabilities, aligning cross-functional priorities and deploying innovative risk transfer solutions. The focus is not only on managing disruption, but on unlocking greater certainty, protecting margin and positioning for long-term growth. Key Takeaways:   Climate risk is reshaping core business functions — from supply and pricing to talent — requiring leaders to embed it into enterprise decision-making, not manage it at the margins. Leading organizations are accelerating the shift to analytics-led strategies to help guide investment, inform planning and create confidence in uncertain conditions. Collaboration across the value chain — coupled with more sophisticated risk transfer solutions — is enabling organizations to stabilize supply, protect capital and pursue growth with greater certainty. Experts in this episode:    Liz Henderson, Global Head of Climate Risk Advisory, Aon Susan Doering, Global Food, Agribusiness and Beverage Leader and Enterprise Client Leader, Aon Key Moments:   (02:00) Why climate risk is no longer a standalone issue — and how it is amplifying supply chain disruption, pricing volatility and workforce pressures across the FAB sector. (07:30) A real-world example showing how climate shifts are already changing harvest timelines, crop quality and long-standing production practices. (15:30) What leadership looks like in practice — investing in analytics, aligning long-term planning and adopting new risk transfer approaches to create stability and support growth.   Soundbites:   Liz Henderson:  “At Aon, we like to think about climate as a risk amplifier rather than a standalone thing that you have to manage independently. It is a thread across all of those risk categories. And yet there's so much of the industry that remains unprotected.” Susan Doering:  “I'd like to make sure that people are thinking about it, not just as like when we think about climate risk, we often think it's about just impacts to physical assets. But really what we're seeing now is real issues around pricing volatility, so lack of predictable ingredient prices and quality impacts for specialty crops.” Key Resources: 2026 Climate and Catastrophe Insight report

This special episode marks the publication of our midyear global outlook, which takes stock of the extraordinary first half of 2026 for investors – and offers insights as to what may follow. Topics covered include: • The interplay between AI acceleration and geopolitical fragmentation• What a raft of blockbuster IPOs mean for index investors• How AI is fundamentally reshaping dynamics across industries• The outlook for private creditDuring the episode, Emiel van den Heiligenberg, our global CIO, is joined by: •        David Barron, Global Head of Index and ETFs•        Stuart Hitchcock, Head of Portfolio Management, Private Credit•        Colin Reedie, Head of Active Strategies•        Jason Shoup, Co-head of Fixed Income and CIO, L&G – Asset Management, America Our panel also share what they are planning to read and watch over the summer. The podcast was recorded on 9 June and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

Every third Tuesday of the month, the former Global Head of Dance & Electronic Music at Spotify, Austin Kramer, carefully selects unreleased tracks from different genres to premiere, turning his show into a place for you to discover new records and talents. @kramerbpm

Episode SummaryRecorded at Natilus HQ in downtown San Diego, Neal sits down with Aleksey Matyushev, CEO and co-founder of Natilus, and Dr. Fabiano Piccinno, Global Head of Sustainability for Air Logistics at Kuehne+Nagel, for a roundtable on the real economics of decarbonizing flight. They get into why ordering a new plane today means a 12-year wait, why sustainable aviation fuel still costs nearly double Jet A, and how Natilus's blended wing body cuts cost and emissions at the same time - the rare case where the greener choice is also the less expensive one. Along the way: fuel-price shocks emptying transatlantic cabins, aviation's pull back toward defense, and a FedEx flight that hops the San Diego–Tijuana border in ten minutes. Plus the best plant-based tacos in Mexico City.Key Topics* The 12-year backlog to order a new aircraft* Why global aircraft production must nearly double* Sustainable aviation fuel at ~2x the cost of Jet A* Blended wing body: 30% less drag, ~50% lower cost* When sustainability and economics finally align* Fuel volatility emptying transatlantic flights* Aviation's pull toward defense and dual-use* Inside the Natilus × Kuehne+Nagel feasibility studyLinks & Resources* Natilus* Kona (Natilus regional freighter) * Kuehne+Nagel* ZeroAvia (hydrogen-electric partner)Connect on LinkedIn* Neal Bloom* Aleksey Matyushev* Fabiano Piccinno This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit risingtidepartners.substack.com/subscribe

What happens when some of the world's leading spa and wellness executives gather to discuss the future of the industry? Recorded live at the W3Spa EMEA event in Portugal, Lisa Starr sits down with hospitality and wellness leaders Sharon Barcock, Louise Moore, Egle Ruksenaite, and Kerry Turpin to explore the trends, challenges, and opportunities shaping spa, wellness, longevity, and hospitality across Europe, the Middle East, and beyond. From the rise of longevity-focused guest experiences and wellness-driven hotel design to the growing importance of natural resources, accessibility, and inclusive wellness, this conversation offers a fascinating look at where the industry is headed next. What You'll Learn • Why longevity has become one of the most important conversations in hospitality and wellness • How leading hotel brands are integrating sleep, movement, nutrition, and mindfulness into the guest journey • The role technology should play in spa and wellness experiences • Why education and staff training remain critical to successful wellness innovation • How natural resources such as thermal waters, climate therapy, and local healing traditions are shaping future     wellness destinations • Why the future of wellness may depend on making experiences more accessible to broader populations Episode Highlights  03:35 – Why longevity is becoming a defining trend in hospitality wellness 05:15 – Hilton's approach to meeting guests where they are on their wellness journey 07:30 – Wellness technology: What's worth investing in and what may be a passing trend? 10:25 – The ongoing challenge of training and educating wellness teams 15:45 – How geopolitical events are impacting tourism and hospitality across the Middle East 20:00 – Why today's travelers are seeking wellness, culture, and meaningful experiences 24:00 – Egle Ruksenaite's vision for wellness development beyond luxury 29:00 – Designing wellness destinations that serve people of all abilities 31:00 – Building one of Northern Europe's largest thermal wellness destinations 38:45 – Why the future of wellness is about creating healthier ways of living Meet the Guests Sharon Barcock is Director of Spa Operations for Hilton across the Middle East and Africa, overseeing a rapidly growing portfolio of luxury wellness destinations throughout the region. Louise Moore is Director of Spa Development and Operations for Hilton across Europe and brings extensive expertise in hospitality wellness, guest experience, and spa strategy. Egle Ruksenaite is Founder of E77 and one of Europe's most respected wellness consultants, known for developing innovative spa, medical wellness, thermal, and hospitality projects throughout Europe and beyond. Kerry Turpin is Global Head of Spa and Wellness for Corinthia Hotels, where she leads wellness strategy across a growing luxury hotel portfolio. In this conversation, she shares how Corinthia is integrating movement, mindfulness, recovery, and nourishment into the guest experience.  Tools, Frameworks, or Strategies Mentioned • Longevity and healthy aging • Wellness hospitality trends • Spa development and operations • Wellness tourism • Guest experience design • Natural healing traditions • Thermal wellness destinations • Accessibility and inclusive wellness • Hospitality leadership • Future wellness concepts Closing Insight "The future of wellness isn't just about building more luxury spaces. It's about creating healthier ways of living that are accessible, meaningful, and connected to the needs of real people." If you enjoyed this episode of StarrCast, subscribe and follow for more conversations with the leaders shaping the future of spa, wellness, hospitality, and longevity. Subscribe to StarrCast for more conversations with the innovators, operators, and thought leaders shaping the future of spa, wellness, hospitality, and longevity. Looking for expert advice in Spa Consulting, with live training and online learning? Spa Consulting: https://wynnebusiness.com/spa-management-consulting  Live Training: https://wynnebusiness.com/spa-management-courses/  Online Learning: https://wynnebusiness.com/spa-management-courses  Other Links: Connect with We Work Well: https://weworkwellevents.com/ Connect with Sharon Barcock: https://www.linkedin.com/in/sharon-barcock-7379704/ Connect with Louise Moore: https://www.linkedin.com/in/louise-moore-205ab46/ Connect with Egle Ruksenaite: https://www.linkedin.com/in/ruksenaite-egle-00593174/ Connect with Kerry Turpin:https://www.linkedin.com/in/kerry-turpin-35572a180/ Follow Lisa on LinkedIn: https://www.linkedin.com/in/lisastarrwynnebusiness  Listen or Watch StarrCast Podcast on Your Preferred Platform or YouTube: https://wynnebusiness.com/starrcast-podcast/  Join us on Facebook: https://www.facebook.com/wynnebusiness/?ref=bookmarks  Join us on Instagram: https://www.instagram.com/wynnebusiness/   

Our Global Head of Macro Strategy Matthew Hornbach and our Chief U.S. Economist Michael Gapen discuss the signals investors will be seeking from the new Fed Chair leading his first monetary policy meeting and possible implications for markets.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Today, markets are watching the Fed's next move. Are rate cuts delayed or could hikes possibly be back on the table? It's Tuesday, June 16th at 8:30am in New York. So, Mike, the FOMC meeting today and tomorrow is likely more about reading the signal rather than announcing a rate change. Markets will focus on inflation forecasts, the unemployment rate, and the growth outlook. But, of course, this will also be the first meeting after Powell ended his term as Fed chair in May. All eyes will be on Warsh. So, what are your thoughts before the press conference? Michael Gapen: A lot of thoughts, actually, before the press conference. I do think it's basically a foregone conclusion that the Fed will be changing its easing bias in favor of more neutral language. Seems clear the committee wants to do that, probably wanted to do that at the last meeting. And it does fit, I think, Warsh's preference for less communication, less guidance from the Fed. So, I do think that's largely a foregone conclusion, although obviously we need to see whether that happens and whether there are dissents. I think, as you noted, the forecasts will be important, but I think what's really important from my perspective – more than the modal outlook or the baseline that participants have – is their assessment of the balance of risks around the dual mandate. And I say that because obviously a year ago, the Fed eased policy when it felt that there were downside risks to the labor market that outweighed upside risk to inflation. This year, that seems to have flipped, where the labor market appears to have stabilized, labor demand has picked up a little bit, and it is inflation that looks persistent. So, if the Fed cut last year on downside risk to the labor market, I think the concern for markets is – maybe they hike in 2027 or later this year based on a changing balance of risks in the direction of firmer inflation. So, for me, that's really kind of key. In addition to what they're saying about growth inflation in the labor market, what is their assessment of the distribution of risks around that modal forecast? Matthew Hornbach: There's definitely going to be a lot of investor interest in the press conference itself. What exactly may result from the opening statement. Presumably, Chair Warsh will give an opening statement. How are you thinking about the back and forth between Warsh and the reporters that are asking questions? Are there certain questions that you would anticipate him getting asked, and how do you think he might respond? Michael Gapen: Well, I think certainly that if we are correct, and I think markets are correct, that they do change forward guidance in the statement to more neutral bias, that certainly opens up the possibility that the Fed will be hiking. So, the obvious first question is – is this the first step in the direction of hiking? What would get you to raise rates? Should investors be thinking about that? Is that the course of travel here? Now Warsh may not want to answer that if he, kind of, is consistent in the view of saying the Fed shouldn't give a lot of forward guidance. So maybe get some popcorn, Matt. It could be a situation where he gets asked questions about the future path of monetary policy, and maybe he decides, ‘I don't want to take that up right now. The data will tell us, and we'll do what's necessary.' And second, I think as you're noting and getting to about the structure of the press conference and what he might say is; past Federal Reserve chairs, let's say from Bernanke on, have found the press conference – the press conference statement, the questions, the format, the venue – as a way to control the narrative. And I think what will be interesting is to see whether Warsh has the same design. The risk, of course, is perhaps that he doesn't and pulls back the amount of communication guidance that he wants to give. And then we'll see what fills that vacuum. What narrative fills that vacuum? And is he okay with that? So, it may be that there's a new sheriff in town, and he chooses that there's some questions I'll answer, others I won't. And so, I do think that interaction with the press corps will be interesting. Hard to know exactly where it's going to come down until we see it in real time. Matthew Hornbach: During Chair Warsh's testimony to Congress, he alluded to the idea that potentially the Fed may not do a press conference at every meeting going forward. How are you thinking about that in the context of this idea that if you leave a void, somebody else may fill it? Michael Gapen: Obviously, the Fed used to not have press conferences at all, and then they moved to having them quarterly or four times a year. And they found that that was a little suboptimal because it became harder to make decisions and changes in the off-press conference meetings [be]cause they didn't have a venue to explain what they were doing and what they were thinking. So, they migrated to eight meetings. So, I think it's kind of twofold. Yes, it would mean that they speak less and therefore maybe their word doesn't carry as much weight. Or there's longer gaps for other narratives to come in. Like, do we lose forward guidance from the Fed, and is that replaced by forward guidance from the Treasury, for example? How do markets weigh those signals? And but then also I would say would that ultimately box in the Fed to only make decisions on quarterly meetings rather than eight times a year? Would the chair, for example… Let's assume that at some point in the future, the Fed decides it does want to raise interest rates. Historically, the Fed does not surprise on rate hikes. It's perfectly willing to surprise on rate cuts, when it comes to that. But if there is a world where the Fed does decide, ‘Hey, we do need to raise rates, but we don't have a press conference to explain our view.' Would they take the decision at that meeting or would they wait? So, does it reduce their opportunity set? Matthew Hornbach: I think this issue would certainly be an interesting one for investors to think about, which is why I'm bringing it up with you. Because to the extent that the plan going forward is to hold a press conference only once a quarter, as you alluded to – investors may interpret that as the Fed not being willing to raise rates at every single meeting going forward, which would certainly affect the pricing in the very short end of the interest rate market. But more broadly, on communication strategy, do you think that that would be something that Chair Warsh would take upon himself? Or do you think it would be more likely for him to organize a committee to discuss communications? Michael Gapen: I think the right thing to do… Again, our job is to say what we think he will do – not what he should do. But I'm going to answer this one in the question of what I think he should do. I do think he should create, say, a subcommittee on communication and reevaluate what the Fed does. [Be]ause as chair, he has almost unilateral control over communications. But obviously you work within a committee, the committee operates with consensus. So, I do think it would make sense to, kind of, work through a committee and try and get as much consensus as you can. And, here, what I would hope where they, kind of, ultimately land is – Warsh has been critical in the past of the Fed's forecast, the forecast being incorrect, providing maybe incorrect forward guidance. And I would argue that it's not really the sole job of the SEPs – the Summary of Economic Projections – to provide a forecast. But what you get out of them is more than just a forecast. You get a hint of the committee's reaction function. That if data are above or below certain thresholds on growth, inflation, and unemplyment, then expect our policy path to look different. So, is there a way that he could review the communication strategy, tamp down the elements that are, say, a pure forecast, but keep the items that communicate to the market what a reaction function is? That's where I think a review committee could be useful in reforming or revamping what they do. Matthew Hornbach: Absolutely. In terms of the things that are really the purview of the committee, can you walk us through what those are in the context of Chair Warsh coming in having to ultimately make decisions on monetary policy – both interest rate policy as well as balance sheet policy? What are the purview of the committee itself? Michael Gapen: Yeah. The two main tools of monetary policy, in this case interest rate policy and balance sheet policy, is both of those are under the purview of the Federal Open Market Committee. So, to change interest rates, to reduce the size of the balance sheet, to change the rollover rate, to buy assets, to sell assets – all of that is an FOMC decision. There are subcomponents of that world where the board can make certain decisions. Now, the Fed views communication broadly as a tool, but in this case, communication is not an FOMC decision. The evolution of the communication strategy grew kind of organically out of '08, '09. Chairman Bernanke kind of started that process. It continued through, through Yellen. And that's been more of what I'll call a consensus operation, but there's no formal vote. So, the chair has a lot of control over how the Fed communicates, how often it communicates. But the policy decisions are from the FOMC. Matthew Hornbach: I'm often asked about this idea that less communication may end up affecting the bond market in certain ways. And typically, the concern amongst investors is that with less communication from the Fed – whether it be the chair or whether it be from the committee as a whole through the Summary of Economic Projections and its interest rate dot plot – there's concern amongst investors that removing that type of guidance would raise bond yields, essentially through the term premium component of the term structure. And the way that we think about it is probably in this environment where interest rates have already been inching higher, and investors are concerned about the hiking cycle that may eventuate, it probably would raise term premia initially. But from a more medium-term perspective, the way I think about it is that, you know, term premia can be positive, it can also be negative. And if we have less forward guidance, I would generally expect that term premium component to be more volatile than it has been in the past. Not necessarily just in the upward direction. But it could also be in the downward direction if the macro environment ends up changing in some way. Michael Gapen: Yeah, I could see in the current context, the inflation surprises have been to the upside, so less communication may mean more term premium. But we went through almost a decade after '08, '09, where most of those surprises were to the downside. So, you can imagine that it could be a symmetric story rather than an asymmetric one. Matthew Hornbach: Absolutely. Well, thanks Mike. That's very interesting, and thanks for taking the time to talk ahead of this upcoming FOMC meeting. I'm looking forward to our next discussion around the following FOMC meeting. Michael Gapen: Great speaking with you, Matt. Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Inside BlackRock's newest bitcoin ETF, BITA. Global Head of Digital Assets at BlackRock, Robert Mitchnick breaks down the launch of the firm's newest bitcoin ETF, the Bitcoin Premium Income Fund (BITA). He tells CoinDesk's Jennifer Sanasie why the covered call strategy targets a high-teens income yield, which investors this product appeals to, and more. - Timecodes: 00:00 - BlackRock's BITA Opens for Trade 00:20 - Why BITA Is the Right Next Evolution for Bitcoin's Funds 01:10 - Staking vs. Covered Call Yield 01:48 - Who Is the Target Investor? 02:36 - In What Market Could BITA Outperform IBIT? - This episode was hosted by Jennifer Sanasie.

The expansion of power and infrastructure to support the energy transition is unfolding against a complex backdrop. Policy uncertainty, geopolitical tension, and shifting market forces are colliding with record investment and a rapidly evolving mix of technologies. Ralph Ibendahl, Global Head of Energy Transition and Co-head of Power Utilities for Europe, assesses the challenges and opportunities with expert colleagues from the U.S., Canada, and Australia.Key Points• Increasing global power demand is leading to growth across all power types and grids.• Policymakers need to balance affordability concerns with growth opportunities.• Recent deals include financing for a major nuclear project in Canada, and build-out of Germany's grid.• Companies are drawing on a full mix of funding types, including infrastructure equity, private credit, and structured capital.• Many companies are turning to the public markets, where valuations are stronger.• RBC Capital Markets is guiding clients through this volatile market.

Get Dr. Vonda's insights Want to understand what's happening in your body — and what to do next? Each week, Dr. Vonda shares science-backed guidance on strength, bone health, muscle, and longevity — the same way she speaks to her patients. Clear. Practical. No noise. Join the newsletter: https://manage.kmail-lists.com/subscriptions/subscribe?a=YqJKtR&g=Ww3gx3&   In this episode, I sit down with Dr. Iris Nafshi, a researcher, triathlete, and leadership expert who spent years studying what she calls the "IronMoms," to unpack the interplay between athletic grit and maternal guilt. We dig into what her PhD research actually found, why women disappear from themselves for decades only to rediscover who they are in midlife, and how the way we define our identity versus our role shapes everything from our fitness journey to how we age.   What we explore:   - How Dr. Nafshi's 30 years of putting herself last became the catalyst for her research on maternal guilt. - What the "third shift" is and why athletic moms carry a burden that does not exist in research on fathers. - What the SHERO framework is and how it builds a trainable mindset for aging with power. - Why consistency over intensity is the most practical shift for women who struggle to show up for themselves. - How an Ironman race strategy for staying present applies to managing anxiety and mom guilt in everyday life.   About Dr. Iris Nafshi: Iris Nafshi, PhD, is a leadership development consultant, researcher, and endurance athlete. As the former Global Head of Leadership & Management Development at Microsoft and founder of LeadIN Consulting, she brings over two decades of experience developing leaders across global organizations.   Connect with Dr. Iris Nafshi: Instagram: https://www.instagram.com/iris_strongcore/ LinkedIn: https://www.linkedin.com/in/irisnafshi YouTube: https://www.youtube.com/playlist?list=PL04YgedWPYBJotZxo-VuWwY8zco9l2Ojw Follow Strong Core Podcast and leave a review if this episode resonated with you: https://www.buzzsprout.com/2595413 Find the show on Instagram for more on what it takes to keep becoming yourself: https://www.instagram.com/strongcorepod/   Timestamps Intro (00:00) How a Triathlon Dream Became a Research Mission (01:13) Disappearing From Yourself for Decades (05:38) Why Athletic Moms Carry What Fathers Never Have To (10:01) What 350 IronMoms Revealed (14:03) Consistency Over Intensity (18:25) Debunking Assumptions About Guilt and Work (21:34) Why Midlife Women Feel Invisible and How to Reclaim Yourself (28:36) The SHERO Framework: Building Trainable Mindset Skills After 45 (34:49) Can You Harness Mom Guilt? (40:31) The Ironman Memory Strategy for Everyday Life (44:08) What Women Who Age Powerfully Do (47:22)   Women's Health Conversations 2026  Three days of world-class speakers, wellness activations, and 1,000+ women choosing themselves. Join us this November.   Grab your spot: https://theunbreakablelifestyle.com/whc-2026 Start your Unbreakable journey Most women are never given a clear plan for how to stay strong as they age. The Unbreakable Lifestyle is where that changes. This is the home of Dr. Vonda's method — built from 20+ years of clinical work and designed for real life. Inside: - Unbreakable Assessment — know exactly where you stand - Training plans — build muscle, protect bone, improve performance - AI Dr. Vonda — get answers and guidance anytime - Community — women committed to staying strong and engaged - Exclusive education — what actually works, all in one place This is not another program. This is how you build strength — with direction. Join the Unbreakable Lifestyle: https://www.theunbreakablelifestyle.com/ Build stronger bones Bone loss starts earlier than you think — and speeds up in midlife. Dr. Vonda's Unbreakable Bone Health formula supports bone density, strength, and long-term skeletal health with clinically researched ingredients. Foundational. Not optional. Shop now: https://shop.drvondawright.com/   Read the book Unbreakable: A Woman's Guide to Aging with Power A clear, science-backed roadmap to building strength, supporting your body, and taking control of how you age. Get your copy: https://www.theunbreakablelifestyle.com/unbreakable-book    About Dr. Vonda Wright Dr. Vonda Wright is an orthopedic sports surgeon and leading expert in women's health and longevity. For over 20 years, she has helped women build muscle, strengthen bone, and extend their health span — with science, not guesswork. Her mission is simple: help women age with power.   Connect with Dr. Vonda Instagram: https://www.instagram.com/drvondawright Substack: https://drvondawright.substack.com/ TikTok: https://www.tiktok.com/@drvondawright LinkedIn: https://www.linkedin.com/in/vonda-wright-md-ms-2803374 Website: http://www.drvondawright.com  

Is higher education keeping up with AI? For decades, the university degree has been treated as a reliable bridge between learning and work. AI is testing that bargain. As technology changes what employers need, higher education faces a sharper test - not whether it can produce graduates, but whether it can prepare people to think, adapt and contribute to an economy being reshaped in real time. In this episode of No Ordinary Wednesday, our host Jeremy Maggs, Jerome September, Dean of Student Affairs at Wits University and Lesley-Anne Gatter, Global Head of People & Organisation, examine what future readiness means for universities, employers and South Africa's growth prospects. Listen to the full conversation to find out more. Read more on www.investec.com/now Investec Focus Radio SA

The corporate world has never before had access to so much rich data and fast connectivity. But will this exciting new terrain really change how treasury operates? A recent TMI podcast recorded at Treasury 360 in Gothenburg, Sweden, uncovers the reality of real-time. Lena Myklebust, Head of Cash Management Infrastructure, Equinor, and Christof Hofmann, Global Head of Cash Management, Deutsche Bank, are your guides.

What does it actually take to build a thriving HYROX program inside your gym — and turn it into a serious revenue engine? In this episode of Future of Fitness, host Eric Malzone sits down with David Magida, Global Head of Training at HYROX, to unpack everything gym owners and operators need to know about getting into the fastest-growing fitness sport in the world. David shares how he went from running a boutique gym in DC — nearly losing it all during COVID — to overseeing a global affiliate network of nearly 16,000 gyms. From the electric energy of a 40,000-athlete HYROX event in London, to the step-by-step framework for launching a HYROX program (whether you're crawling, walking, or sprinting), David breaks down the real business case: premium add-on memberships, ads that outperform at 3-to-1, 50% of gym revenue tied to HYROX, and a community so tight your members become your best salespeople. If you're a gym owner sitting on the fence about HYROX, this is the episode that will get you off it.

Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy.In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia's transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility. Key insights include:· How Asia's infrastructure build-out differs from Western markets· Why energy security is becoming inseparable from the energy transition· Where capital is flowing across renewables, grids, storage, and interconnection· How public-private partnerships can help mobilize transition finance· Why execution bottlenecks, permitting, and offtake frameworks remain critical· Where AI, innovation, and rising demand may reshape future infrastructure needsKey moments:00:00 Asia Infrastructure Boom01:06 Live From EcoSperity03:16 Energy Transition Now04:20 Southeast Asia Grid Challenge06:43 West vs Asia Reality Check08:58 How APAC Investors Deploy Capital11:26 Scaling Projects and Labor Crunch13:17 Where Capital Flows and Bottlenecks15:13 Five Year Outlook and Innovation17:23 Wrap Up and Disclosures

Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy.In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia's transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility. Key insights include:· How Asia's infrastructure build-out differs from Western markets· Why energy security is becoming inseparable from the energy transition· Where capital is flowing across renewables, grids, storage, and interconnection· How public-private partnerships can help mobilize transition finance· Why execution bottlenecks, permitting, and offtake frameworks remain critical· Where AI, innovation, and rising demand may reshape future infrastructure needsKey moments:00:00 Asia Infrastructure Boom01:06 Live From EcoSperity03:16 Energy Transition Now04:20 Southeast Asia Grid Challenge06:43 West vs Asia Reality Check08:58 How APAC Investors Deploy Capital11:26 Scaling Projects and Labor Crunch13:17 Where Capital Flows and Bottlenecks15:13 Five Year Outlook and Innovation17:23 Wrap Up and Disclosures

Our Global Head of Fixed Income Research Andrew Sheets explains our differentiated view of a potential benign outlook for inflation, despite the recent acceleration.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Today, why is everything still so expensive?It's Thursday, June 11th at 2pm in London.The Federal Reserve has a so-called dual mandate, tasked with keeping the labor market healthy and prices stable. It is currently having much more success with the former than the latter.Let's start with that good news.Last Friday saw solid data from the U.S. jobs market, reducing some of the fears from earlier this year that artificial intelligence and other factors would lead companies to make do with fewer workers. The U.S. unemployment rate sits at just 4.3 percent, a historically low level. Measures like initial jobless claims indicate no large uptick in firings.Yet the success within the U.S. labor market is mirrored by struggles with inflation. The Fed tries to keep inflation, the annual increase in a broad set of prices, to about 2 percent per year. Their preferred measure of these prices, so-called PCE inflation, well, it's been materially above this target over the last three months, six months, twelve months, and indeed, the last five years.As for another key measure of inflation that was reported yesterday, CPI, overall prices increased more than 4 percent. While that was close to expectations, it still represents prices that are rising much faster than the Fed would prefer.This leads to a dilemma. One diagnosis of what's going on is that elevated inflation is a sign that conditions are simply too loose and too accommodative at these levels of interest rates. Corporate capital expenditure and merger activity is surging, regulation is being eased, and the U.S. government is spending a lot more than it's taking in. All of these are consistent with a hot economic cycle, which in the past would've warranted higher interest rates to bring the economy back down to a more sustainable speed.But it might not be that simple.The surging spend that we're seeing on AI data centers feels pretty unique and almost insensitive to other dynamics. Indeed, we've seen a 700 percent increase in the price of memory over the last year. Yet it's done little to slow demand for this construction as the large, well-capitalized companies behind the AI buildout see it as so essential to their future success.U.S. consumers are also still spending, boosted perhaps by record levels of household wealth. As just one example of this, my colleagues in Equity Research note that the price of airline tickets has gone up 25 percent over the last year, yet there's been no sign of people flying less.Now, the positive story would be that while there are some high-profile categories like computer memory or airfare that are seeing these large price increases, the broader inflation picture is actually set to get better as the year goes on, and costs for things like housing and tariff-impacted goods moderate. That is our view at Morgan Stanley, where our economists think that inflation will ultimately be lower over the next twelve months – and lower than many in the market expect.But there's definitely uncertainty.This month, June, is one where central banks may appear to have a renewed commitment towards inflationary pressures; with the ECB hiking rates today and our expectation that the Bank of Japan will hike rates next week, while the Fed will remove their easing bias. And our more benign economic base case for inflation does assume that oil will start flowing through the Strait of Hormuz pretty soon. It may not, and that could also lead to more sustained inflationary pressure.The big story on inflation has not gone away. Our assumption that pressures could ease in the second half of the year is a key and differentiated input to our forecast for lower bond yields and higher stock prices in 12 months' time. But it does rely on a change of the status quo.As of now, inflation is still too high.Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also, tell a friend or colleague about us today.

The stock market had a rough day, with the Dow closing nearly one thousand points down and the S&P 500 and Nasdaq also experiencing significant losses. The latest inflation reading showed consumer prices rising 4.2% on an annual basis, the highest in three years, but investors seem to be taking it in stride. Meanwhile, the US and Iran are exchanging blows in the Middle East, with oil prices spiking as a result. In this episode, we dive into the latest market news and expert analysis, including the impact of the inflation reading and the geopolitical tensions. The market reaction to the inflation news was swift, with stocks pulling back, but experts say the effects will be short-lived. The US economy is expected to continue growing, with a possible recession on the horizon, but the question is when will the government's spending catch up with reality. We also discuss the upcoming SpaceX IPO, which is expected to be the biggest in history, and how it may impact the market. With the US and Iran's tensions escalating, the world is watching to see how this will play out. Frank Mottek is joined by expert Daniel Ives, Managing Director and Global Head of Technology Research at Wedbush Securities, shares his insights on the market and the impact of the SpaceX IPO. He believes that the market is experiencing a "gut check moment" due to the geopolitical tensions and the SpaceX IPO. We also talk to prominent economist Christopher Thornberg about the latest inflation reading and its effects on the economy.See omnystudio.com/listener for privacy information.

FRED MILSTEIN is CEO of Media Guarantors, a CAC Group Company, with over 30 years of independent film production, completion guarantee and financing experience. Fred was the prior Global Head of Production at Miramax and also held senior-level positions at Aon and ProSight, focusing on film. Career highlights include BEFORE THE DEVIL KNOWS YOU'RE DEAD, directed by Sidney Lumet, THE IMAGINARIUM OF DOCTOR PARNASSUS, directed by Terry Gilliam, SILENT NIGHT, from director John Woo and ROOFMAN, from director Derek Cianfrance. Host Jason E. Squire is Professor Emeritus, USC School of Cinematic Arts, and Editor of The Movie Business Book. Music: “The Day it All Began and it All Ended” by Pawel Feszczuk (License: CC by 4.0) 

Pharma commercial teams are generating more data than ever, but field intelligence is still arriving too late to change rep behavior before the engagement window closes. In this episode, Damion Nero, Global Head of Statistics at Daiichi Sankyo, joins Emerj editor Yolandi de Weerdt to examine why fragmented data pipelines, not a shortage of data, are the structural root of the gap between commercial insight and field execution. The conversation covers what separates teams that successfully adopt AI from those stuck in the pilot phase, and why starting with routine, high-certainty use cases consistently produces more commercial lift than chasing ambitious automation. This episode is sponsored by ODAIA. Learn how leading organizations approach AI investment more like a venture portfolio, and why interdisciplinary collaboration is critical to defining the right data for AI success. Download our free PDF report, "Beginning with AI," at emerj.com/aik1

In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe at Solidus Labs, speaks with Johan Hetzel, Global Head of Compliance & Anti-Financial Crime at Luno — a leading crypto exchange operating across Africa, Europe, and Southeast Asia.They explore the practical realities of scaling compliance across multiple jurisdictions — from the principle-based framework in South Africa to the more prescriptive rules in Malaysia — and how firms design global standards while allowing for local adaptation. Johan shares his approach to building trade surveillance programmes, managing the tension between compliance and engineering priorities, and tackling some of the industry's most debated challenges: travel rule implementation and unhosted wallet treatment.The conversation also covers the growing role of AI in financial crime detection — where it genuinely helps and where the risks lie — as well as what compliance leaders should prioritise when everything feels urgent and resources are never enough.A candid, experience-driven conversation offering a rare practitioner's view into what global compliance leadership in crypto actually looks like.

In this episode, Andrea Braun-Scherhag, SVP and Global Head of Regulatory Affairs & Safety at Autolus, breaks down what it really takes to bring breakthrough therapies to market, especially when there's no established playbook. From securing rapid global approvals to navigating entirely new pathways in cell and gene therapy, she shares why regulatory sits at the centre of Biotech success. Andrea challenges the common perception of regulatory as operational, revealing it instead as one of the most impactful, forward-looking functions in any biotech. She also highlights the importance of engaging regulators early, aligning teams behind a clear strategy, and putting patients at the heart of development, particularly in rare diseases.

About 80% of STRC holders are retail investors. Glenn Cameron walks through the prospectus, how Saylor's public claims differ from the reality, and why Strategy has no good options. ======================================================== Thank you to our sponsor! Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy's sale of 32 Bitcoin last week came with unusual framing: Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead. Glenn traces the pressure points. Strategy is trading at 84% of its Bitcoin value, making new equity issuance dilutive rather than accretive on a Bitcoin-per-share basis. Its cash reserve has been cut to roughly seven months after the company redeemed a 0%-interest convertible note. And STRC, the perpetual preferred stock Saylor has marketed as "a high yield bank account," carries a dividend the board can suspend for any reason. The episode's sharpest argument: 83% of STRC holders are retail investors sold a product that resembles a bank account but behaves like junior equity on a volatile Bitcoin company. No maturity, no FDIC protection, no right to redeem. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: Glenn Cameron, CFA - Global Head of Institutional at Onramp Bitcoin Timestamps

What will the enterprise of the future actually look like, and which technologies deserve attention beyond the hype cycle? In today's episode, I sit down with Yaad Oren, Global Head of SAP Research & Innovation and Managing Director of SAP Labs US, for a fascinating conversation about the technologies that could shape business over the next decade. Leading SAP's global research and innovation efforts, Yaad works at the intersection of academia, startups, venture capital, and enterprise technology, identifying emerging technologies before they reach the mainstream. His team explores everything from next-generation AI and voice interfaces to quantum computing, robotics, future data platforms, and new cloud architectures. We discuss why voice AI could become the primary interface for enterprise software, allowing employees to interact with business systems as naturally as they would with a colleague. Yaad also explains how quantum computing is already showing promise in complex supply chain optimization challenges and why robotics is moving beyond manufacturing floors into logistics, inspection, hospitality, and customer-facing environments. The conversation also explores one of the less talked about drivers of innovation: the role universities play in shaping the technologies businesses will eventually depend on. Yaad shares how SAP works closely with academic institutions around the world to identify breakthroughs while they are still emerging from research labs, long before they become commercial products. We also discuss SAP's vision for the autonomous enterprise, where AI assistants orchestrate teams of specialized agents across finance, supply chain, sales, and operations. Rather than replacing decision-makers, these systems are designed to automate routine work and allow people to focus on higher-value activities. Perhaps most importantly, Yaad offers practical advice for business leaders trying to prepare for the next wave of innovation without chasing every trend. His message is clear: build a strong data foundation, stay informed about emerging technologies, and create a culture that is willing to experiment. If you've ever wondered what technologies might shape enterprise software five to ten years from now, this episode offers a rare glimpse into the research, partnerships, and ideas that are already influencing that future. What emerging technology do you believe will have the biggest impact on your industry over the next decade? Share your thoughts and join the conversation.

Life sciences is a hub of dealmaking activity. Over the past year, more than 30 transactions valued at $1 billion or more have crossed the finish line. But the picture in other segments of healthcare is more mixed. At RBC Capital Markets' Global Healthcare Conference in New York, Darren Campili, Global Head of Healthcare Investment Banking, hosts colleagues David Levin, Ahmed Attia and Jason Levitz to explore what's driving deals and where the opportunities are heading.Key PointsHealthcare M&A is strong, with a surge of high-value deals in life sciences.Equity performance is challenging, but investors in life sciences and biotech have seen good outcomes.IPO activity has rebounded; again, life sciences and biotech are most successful.Dealmaking has been largely unaffected by regulatory uncertainty, though challenges remain on reimbursement and MFN pricing.Larger companies believe they have the edge in using AI for profitability and competitiveness.Introductions [00:25]Host Darren Campili, Global Head of Healthcare Investment Banking, introduces the podcast and guests: David Levin, Co-Head of U.S. M&A; Ahmed Attia, Managing Director, Healthcare M&A; and Jason Levitz, Head of Healthcare Equity Capital Markets.M&A strength in healthcare [01:11]The M&A market in life sciences is extremely strong. The number of $1 billion-plus deals has tripled in the past year. There has been significant activity among mid-caps as well as large-cap companies, and a diversity of premiums.Healthcare in the equity markets [13:24]In the broader context of the U.S. equity markets, healthcare is performing poorly, particularly among large-cap medtech and services companies. At the same time, life sciences and biotechs are outperforming, leading to diverse outcomes for investors.IPO activity [15:20]IPO volumes have rebounded after some disappointing years. Deal flow has centered on oncology, I&I, and CNS.Political impact [24:15]Dealmaking has continued despite uncertainty over the FDA. Tariff policy has been a net positive for U.S. inflows as pharma businesses seek U.S. capabilities. Managing reimbursement and Most Favored Nation pricing remains challenging for some.

Life sciences is a hub of dealmaking activity. Over the past year, more than 30 transactions valued at $1 billion or more have crossed the finish line. But the picture in other segments of healthcare is more mixed. At RBC Capital Markets' Global Healthcare Conference in New York, Darren Campili, Global Head of Healthcare Investment Banking, hosts colleagues David Levin, Ahmed Attia and Jason Levitz to explore what's driving deals and where the opportunities are heading.Key PointsHealthcare M&A is strong, with a surge of high-value deals in life sciences.Equity performance is challenging, but investors in life sciences and biotech have seen good outcomes.IPO activity has rebounded; again, life sciences and biotech are most successful.Dealmaking has been largely unaffected by regulatory uncertainty, though challenges remain on reimbursement and MFN pricing.Larger companies believe they have the edge in using AI for profitability and competitiveness.Introductions [00:25]Host Darren Campili, Global Head of Healthcare Investment Banking, introduces the podcast and guests: David Levin, Co-Head of U.S. M&A; Ahmed Attia, Managing Director, Healthcare M&A; and Jason Levitz, Head of Healthcare Equity Capital Markets.M&A strength in healthcare [01:11]The M&A market in life sciences is extremely strong. The number of $1 billion-plus deals has tripled in the past year. There has been significant activity among mid-caps as well as large-cap companies, and a diversity of premiums.Healthcare in the equity markets [13:24]In the broader context of the U.S. equity markets, healthcare is performing poorly, particularly among large-cap medtech and services companies. At the same time, life sciences and biotechs are outperforming, leading to diverse outcomes for investors.IPO activity [15:20]IPO volumes have rebounded after some disappointing years. Deal flow has centered on oncology, I&I, and CNS.Political impact [24:15]Dealmaking has continued despite uncertainty over the FDA. Tariff policy has been a net positive for U.S. inflows as pharma businesses seek U.S. capabilities. Managing reimbursement and Most Favored Nation pricing remains challenging for some.

In this latest OIES podcast, Bassam Fattouh talks to Neil Fleming, Global Head of Editorial at Argus, and Aldric Chew, Senior Editor, Asia-Pacific Oil Products at Argus Media, about how the prolonged disruption of flows through the Strait of Hormuz (SOH) has been impacting refining runs and refined products markets based on their contribution to […] The post OIES Podcast – Beyond crude: the profound effects of the Strait of Hormuz disruption on oil products markets appeared first on Oxford Institute for Energy Studies.

Why do so many promising pilots fail to scale? In this episode of Leader Generation, Tessa Burg talks with digital transformation leader Kenneth Phua to explore what separates successful pilots from initiatives that never move beyond the testing phase. Drawing on his experience leading digital strategy and transformation programs for global brands, Kenneth shares the common mistakes organizations make when measuring pilot success, why repeatability matters more than one-time wins and how businesses can build the capabilities needed to scale digital and AI initiatives across teams, markets and functions. The conversation also explores the role of leadership in successful transformation. Kenneth explains why empathy, curiosity, trust and a willingness to challenge assumptions are essential for leaders navigating rapid technological change.  Whether you're launching a new digital platform, testing an AI-powered solution or leading enterprise transformation, this episode offers practical insights for turning experimentation into sustainable growth. Leader Generation is hosted by Tessa Burg and brought to you by Mod Op. About Kenneth Phua: Kenneth Phua is a global digital transformation, ecommerce, and AI leader with more than 15 years of experience helping organizations turn digital investments into measurable business growth. Most recently, he served as Global Head of Digital Strategy & Innovation at The Coca-Cola Company, where he led enterprise-scale transformation initiatives across 115 markets and delivered approximately USD $900 million in system value. His work has spanned digital strategy, ecommerce, consumer platforms, first-party data, AI and operating model design. About Tessa Burg: Tessa is the Chief Technology Officer at Mod Op and Host of the Leader Generation podcast. She has led both technology and marketing teams for 15+ years. Tessa initiated and now leads Mod Op's AI/ML Pilot Team, AI Council and Innovation Pipeline. She started her career in IT and development before following her love for data and strategy into digital marketing. Tessa has held roles on both the consulting and client sides of the business for domestic and international brands, including American Greetings, Amazon, Nestlé, Anlene, Moen and many more. Tessa can be reached on LinkedIn or at Tessa.Burg@ModOp.com.

"Don't overvalue the top procurement spot, and don't undervalue the tools and the budget required. It's an ecosystem." - Stephen Rauf, Global Head of Indirect Procurement, Zoetis Delivering more value with fewer resources is an easy thing to want, but tough to execute consistently over time… unless procurement rethinks their entire approach, from operating model and team structure to technology and stakeholder influence. In this episode, Philip Ideson speaks with Stephen Rauf, Global Head of Indirect Procurement at Zoetis, the world's leading animal health company. Stephen unpacks how he has steered a lean, high-impact team through transformation, why "build vs. buy" is a weekly question, and what it takes to create true business partnership – while surfacing next-gen use cases for AI.  In this episode, Stephen shares his point of view on: -Building nimble procurement teams that can punch above their weight -Moving from managing spend to shaping demand with stakeholders -Using tech – and especially AI – to enable rather than overwhelm -Deciding when to build internal strength vs. partnering for expertise -Measuring a broader spectrum of procurement value, not just cost savings   Links: Stephen Rauf on LinkedIn: https://www.linkedin.com/in/stephenrauf/  Subscribe to the AOP Newsletter: https://resources.artofprocurement.com/art-of-procurement-podcast-subscribe  Subscribe to Art of Procurement on YouTube: https://www.youtube.com/@ArtofProcurement   

In this episode of the HR Leaders Podcast, we sit down with Allwyn Dsilva, VP HR & Global Head of L&D, Future of Work & Business HR at Tata Communications, to unpack why the future of learning must be built around business outcomes, skills, internal mobility, and AI-enabled career growth.Allwyn shares how Tata Communications moved beyond disconnected learning platforms and traditional course libraries to build a more connected ecosystem, linking skills, career aspirations, hiring, learning, coaching conversations, and AI-powered recommendations into one joined-up employee experience.Most importantly, he explains why learning teams must stop leading with the beauty of their programs and start proving behavior change, business impact, and real outcomes. From AI literacy and dark network operations to internal hiring, AI interview practice, and skills-based career pathways, this episode shows what it looks like when L&D becomes a true business engine.

Today's guest is Chandra Sekhar Chappa, Global Head, Co-Innovation - ServiceNow at Google Cloud. Founded in 2016, Google Cloud is Google's enterprise cloud computing platform, providing organizations with scalable infrastructure, data analytics, AI, machine learning, security and application development services. Google Cloud helps businesses modernize operations, accelerate innovation, and securely build, deploy and manage applications and data at scale across hybrid and multi-cloud environments.Chandra is a technology leader with over 16 years of experience across product management, cloud operations, IT service management, infrastructure, and governance, risk and compliance. He specializes in ServiceNow, hyperscaler partnerships, cloud marketplace integrations, and enterprise service management. Chandra has led large-scale technology initiatives that have generated significant revenue growth and cost savings, while helping more than 1,100 enterprise customers improve cloud governance and operational efficiency.In the episode, Chandra talks about:0:00 His journey from IT tutor to leader in ServiceNow innovation at Google2:08 The importance of mentors in his career and giving back4:31 How the Google Cloud - ServiceNow integration/partnership combines AI with workflow transformation5:26 Enabling enterprise-scale workflows, execution and governance8:01 How their AI control tower provides full agent visibility and governance10:26 How the Google Cloud - ServiceNow integration/partnership enables real-time data and AI-driven CRM gains13:29 His advice to leverage AI ecosystems, avoid POCs and build faster15:51 The need to use trusted partners, align leadership and balance decision-making17:58 How mentorship, self-belief and persistence through uncertainty leads growthTo find out more about all the great work happening at Google Cloud, check out the website cloud.google.com

Faced with slowing domestic growth and rising geopolitical tensions, China is changing its export strategy and selling different things, to different customers, in different places.  Electric vehicles, solar panels and AI-enabled services are replacing low-cost manufactured goods. And the destination? Increasingly, emerging markets in Southeast Asia, Latin America and beyond. China's evolving overseas footprint will have far-reaching credit consequences. From autos in Europe to metals in Latin America and clean energy infrastructure in Asia, this is a global story with local credit impact. The looming question remains: who can adapt and who will buckle under the sustained pressure? Host: Matt Robinson, Associate Managing Director, Moody's Ratings Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody's Ratings Related Research:  Macroeconomics – China: Overseas investment will accelerate, with focus on select sectors and destinations 30 June 2025 Trade – Asia-Pacific: US focus on origin of imports increases risks for Asia-Pacific supply chains 20 October 2025 Geopolitical risks and China's excess capacity expose ASEAN economies' vulnerabilities 2 July 2025 Moody's Insights – China Growth and Credit © 2026 Moody's Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody's information made available in this video. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

How has structured financing moved into the private market mainstream? In this episode of Making Sense, Shiny Das from the Vida Portfolio Solutions product team sits down with John Neubauer, Global Head of Structured Equities Financing at J.P. Morgan, to examine the forces reshaping demand for structured financing as investors seek liquidity, flexibility and transparency. Together they look at how subscription lines have expanded, why NAV lending is becoming a core tool, and what aspects of structured financing are primed for further evolution. To learn more about J.P. Morgan's Vida Financing Connect: https://jpmm.com/portfolio-solutions/financing-connect   This episode was recorded on June 1, 2026.    This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.

On this episode, panelists provide an update on the geoeconomic consequences of the Iran war and the crisis in the Strait of Hormuz, including disruptions to oil, gas, and other commodity markets, and the longer-term implications for the petrodollar system and the energy transition.   Host: Edward Fishman, Senior Fellow and Director of the Maurice R. Greenberg Center for Geoeconomics, Council on Foreign Relations   Speakers: Daniel H. Yergin, Vice Chairman, S&P Global; CFR Member   Helima Croft, Managing Director and Global Head of Commodity Strategy, RBC Capital Markets; CFR Member   Mallika Sachdeva, Managing Director, Head of FX Thematics, Deutsche Bank Research   Want more comprehensive analysis of global news and events sent straight to your inbox? Subscribe to CFR's Daily News Brief newsletter. To keep tabs on all CFR events, visit cfr.org/event. To watch this event, please visit it on our YouTube channel: How the Iran War is Remaking the Global Economy

Citi's Global Head of Tech and Communications Heath Terry joins with his outlook for tech markets as Broadcom shares tumble post-earnings. Then, the CEO of Tanger discusses the health of the consumer and the retail sector. We also preview what to expect from SpaceX's upcoming IPO as the company's roadshow kicks off today. Plus, we bring you all the details on the flesh-eating screwworm that was detected in U.S. cattle for the first time in decades.   Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Andrew Davies has spent more than three decades fighting financial crime, starting with sanctions screening tools for central banks in the mid-1990s and arriving at ComplyAdvantage after nearly 16 years at Fiserv. He sits at the center of one of the most consequential questions in financial services: can we finally move the needle on financial crime detection after decades of catching less than 2% of what's laundered globally? ComplyAdvantage serves more than 3,000 enterprises across 75 countries with its AI-native Mesh platform. If you want to learn more about the founding story and their early days, check out my podcast with founder Charlie Delingpole from 2019.What We CoveredWhy the industry has historically caught less than 2% of money laundered globallyHow the money laundering economy ranks as the world's third largest at an estimated $5.6 trillionThe evolution from sanctions screening to FRAML to multi-dimensional financial crime riskThe Mesh platform and what a unified financial crime system means for compliance teamsCassie, the agentic AI analyst automating customer screening investigationsHow 90% of compliance work was historically spent chasing false positivesReal-time payments compliance and the risk-based approach to payment screeningThe SEPA Instant Payments challenge and batch screening against the EU journalStablecoins, unhosted wallets, and the compliance infrastructure gapFATF's finding that stablecoins represent 84% of illicit crypto transaction volumeData sharing consortiums as the next inflection point in fighting financial crimeThe network problem at the heart of money laundering and terrorist financingKey TakeawaysThe money laundering economy is estimated at $5.6 trillion, making it the third largest in the world, above Germany, yet we detect less than 2%. Agentic AI tools like Cassie are designed to eliminate false positives so human analysts only work cases that genuinely warrant their expertise. Data sharing consortiums, where organizations contribute to shared detection models, represent the most promising path to materially improving financial crime outcomes. Stablecoins create real compliance risk at the unhosted wallet layer, the Bank of England has floated a ban, while the US is unlikely to go that route, leaving a gap.About Andrew DaviesAndrew Davies is the Global Head of Financial Crime Compliance Strategy at ComplyAdvantage. He began his career in the mid-1990s building sanctions screening tools for central banks and large financial institutions, and spent nearly 16 years at Fiserv in their financial crime division before joining ComplyAdvantage.Connect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes

Payments are speeding up everywhere, but the real story is what that speed breaks and what it demands from the people running the rails. I'm joined by Jennifer Barker, Global Head of Payments and Trade and Depositary Receipts at BNY, for a clear-eyed conversation about what's changing in the payments industry and what leaders should do next when complexity keeps piling up. From her journey through consulting and nearly two decades in payments to leading multiple global roles at BNY, Jennifer brings a practical view of how money actually moves at scale. We unpack the biggest pressures she hears from clients right now: navigating countless payment systems worldwide, balancing faster settlement with fraud controls, and fixing the friction that still plagues cross-border payments. Jennifer explains why interoperability matters so much and why clients don't want another new network to manage. They want outcomes: get it there fastest, safest, and most economically, with the right data attached. That data angle shows up again when we talk about ISO 20022 and why richer payment information can be just as valuable as the payment itself. We also dig into the always-on future and why 24/7/365 is more than a technology upgrade. It's an operating model challenge, with staffing, treasury workflows, and decisioning that must work nonstop. Finally, we zoom out on trends like AI in payments for anomaly detection and smart routing, and we tackle the stablecoin question with a grounded take on what really matters in cross-border: transparency, predictability, and reliability. 

A deal to end the U.S.-Iran war is constantly talked up, but has yet to materialize. Meanwhile, market reaction doesn't seem to match “the biggest physical energy disruption in history”, as Helima Croft, Global Head of Commodity Strategy, describes it. At RBC's Global Energy, Power and Infrastructure Conference, Helima considers the prospects for a deal and what it would take to restore global oil flows once the Strait of Hormuz reopens.Key Points• Strong inventories and stockpile releases have so far contained oil prices despite the ongoing Iran conflict.• The market continues to respond to repeated signals of an imminent end to the war.• Restoring normal levels of oil flow after the Strait of Hormuz is reopened may take months.• Issues over Iran's nuclear program and sanctions relief will be obstacles to a lasting deal.Introductions [00:05]John Soughan, Assistant Vice President of Global Commodity Strategy and MENA Research, introduces Helima Croft, Global Head of Commodity Strategy, in a session at RBC's Energy, Power, and Infrastructure Conference.Stockpiles limit disruption impact [00:25]The U.S.-Iran war has created history's biggest physical energy supply disruption. So far, robust inventories and stockpile releases have provided a buffer, but shortages will become more evident in coming weeks.Peace agreement fails to emerge [03:41]The White House has repeatedly suggested a resolution is imminent. Each time the market responds with a sell-off. But a deal has yet to materialize. The IRGC controls shipping in the Strait of Hormuz and is not anxious to reach an agreement.Nuclear issues will impede deal [05:56]Nuclear capabilities and sanctions relief will be obstacles to any lasting deal. Even when the Strait of Hormuz is reopened, oil flows will be significantly lower than before the war began, because shippers and insurers will be reluctant to use it.Oil flows will take months to restore [09:41]The CEO of ADNOC has indicated it would take four months after reopening to return to 80% of pre-war oil flows.

Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline.   At our flagship “Credit Frontiers” event, we sat down with Moody's leaders to discuss what's behind these “bad vibes” about private credit and what they're hearing from market participants about the trajectory of the asset class.   Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody's Ratings   Guests:  Marc Pinto, Managing Director, Global Head of Private Credit, Moody's Ratings David Hamilton, Managing Director, Head of Asset Management Research, Moody's Analytics   Related Research:  Private Credit – Global – Volatility will intensify focus on liquidity, transparency 22 April 2026 Private Credit – Global – Seven key ways private credit is changing 14 May 2026 Private Credit – US – Asset quality indicators point to emerging risk in private credit direct lending 28 April 2026 Moody's Private Credit Insights © 2026 Moody's Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody's information made available in this video. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of The Influence Factor, Alessandro Bogliari chats with Kristin Tormey, Global Head of Paid & Owned Media at Tripadvisor, to explore how travel brands are navigating the creator economy, the evolving role of SEO, and the rise of personalized marketing. Kristin shares practical insights on connecting with today's travelers, balancing brand consistency with creative innovation, and staying competitive in an increasingly dynamic digital landscape.

Our Global Head of Fixed Income Research Andrew Sheets takes a closer look at potential investment paths when markets appear increasingly synchronized around a few macro themes.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, how to square a market that is both highly correlated, and highly divergent, at the same time. It's Tuesday, June 2nd, at 3pm London. A market of one. That may be a way that you hear investing described these days, and strictly speaking, it's accurate. Stocks and bonds, the two big asset classes that form the bulk of most investors' portfolios, are moving in unusual lockstep. Stocks are rising when yields fall, and vice versa, with the most consistency in over 20 years. And both, perhaps unsurprisingly, are moving in close relationship with the price of oil. At this point, it all seems pretty clear. The Iran conflict is a big deal for markets, representing the largest disruption to global energy supply in history. Of course, stocks and bonds, and oil are all moving together based on the perception of how this enormous issue resolves. In doing so, they suggest that the conflict still remains quite important, even as markets appear quite strong. Just as we can measure the extent to which stocks, bonds, and commodity prices move together, we can also track how individual stocks move relative to each other. And so, are stocks also rising and falling together like we see with these big asset classes? No. In fact, without exaggeration, it is the complete opposite. There are a few ways to measure how the individual stocks within, say, the S&P 500, are moving relative to one another. But all of them say the same thing. Day to day, stocks are moving with unusual dispersion and independence. At the same time that the relationship between stocks and bonds is the tightest in over 20 years, the relationship between stocks within the S&P 500 – to each other – is the lowest. If Iran is the factor driving the tight linkage that we discussed between stocks and bonds, Artificial Intelligence may be the culprit behind the opposite effect when we get down into individual companies. The perception that some companies will be incredible beneficiaries of AI, while others will be left behind, would explain at least part of the divergent performance. And so would an attention gap; with so much focus and positioning in AI sensitive names, other parts of the market can quickly feel forgotten, and thus move more independently. Indeed, while the S&P 500 is back near all-time highs, the market's advance-decline line, a measure of how many stocks are going up versus going down, is lower than where it was in late February or mid-April. We see a few implications to all of this. First, while stocks and bonds are closely linked for the moment, we think that this correlation would flip under more significant energy market stress. Were the price of oil to spike to our Commodity team's bear case, of $130-$150/bbl, we think yields would start to fall as the market would turn more concerned about the effect of all of this on growth. So, while the diversification of bonds has been disappointing so far, we do think that it will improve and materialize when it really matters. In equities, this dispersion means that stock selection can allow one to stand out from the overall market. Indeed if one considers themselves a stock picker, low correlation between stocks is exactly the market that you would hope to have. And it also means that many individual names may not be as heady as the broad market levels would imply. As discussed on this program recently, my colleague Mike Wilson and our U.S. Equity Strategy team expects U.S. stock performance to broaden out from here. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. Also tell a friend or colleague about us today.

It was a pleasure to host a discussion with Ronnie Wexler, Global Head of Equities Distribution at Barclays, and solicit his insights on change – in markets, in client relationships and in the growing role of technology across the financial ecosystem. We begin with Ronnie's early years at Goldman Sachs during the final stages of the technology bubble and the sharp market reversal that followed. He reflects on how periods of market stress, from the post-dot-com bear market to the GFC, have shaped his perspective on risk and the importance of being adaptable in markets that are constantly moving. The conversation then turns to the changing structure of institutional investing. Ronnie discusses the growth of hedge funds in pursuit of industrial-scale alpha generation, highlighting how client needs have become increasingly cross-asset, and solutions-oriented. He explains how a sell-side equities business today functions as an integrated ecosystem that spans prime brokerage, derivatives, electronic trading, and financing. A major theme throughout the discussion is the accelerating pace of technological change. Ronnie describes recent experiences using AI development tools and outlines how firms are integrating them into workflows ranging from onboarding and automation to research distribution and client analytics. We also explore the rise of bespoke and OTC solutions, including quantitative investment strategies, custom baskets, and exotic option structures. Here Ronnie emphasizes that these products reflect broader changes in market structure, positioning, and risk transfer across institutional portfolios. The conversation concludes with thoughts on recruiting, apprenticeship culture, and the need for firms to balance human judgment with increasingly sophisticated technological infrastructure.

Twenty-five years ago, the goal was to build a website as a digital "single source of truth." In an era of AI agents and hyper-personalized realities, is the very concept of a single, universal brand "truth" now an obstacle to creating a truly relevant customer experience?Agility requires not just adopting new channels and technologies, but fundamentally rethinking the role of content and data in a constantly shifting landscape. It's the ability to move from managing a static digital property to orchestrating a fluid, dynamic relationship with your audience.Today, we're going to talk about the 25-year evolution of digital experience, from the early days of enterprise content management to today's complex ecosystem of AI-driven, composable platforms. We'll explore how seismic shifts—from the introduction of the iPhone to the rise of agentic AI—have not just changed the tools we use, but have fundamentally redefined the relationship between brands and their customers.To help me discuss this topic, I'd like to welcome, Michelle Boockoff-Bajdek, CMO at Sitecore, a company that is turning 25 this year and has managed to maintain its leadership in the space through many changes and a few curveballs. About Michelle Boockoff-Bajdek Michelle Boockoff-Bajdek (BB) is the Chief Marketing Officer at Sitecore, where she leads a global team of marketers who are redefining what's possible in modern marketing. Together, they're putting the power of generative and agentic AI to work – creating digital experiences that connect people and possibilities across the globe. Michelle is a trailblazer in bringing AI into marketing. At IBM, she served first as Global Head of B2B Marketing at the Weather Company, and then as CMO of IBM Watson, the company's pioneering AI platform. There, she served as the steward of the Watson brand, helping the world understand how AI can transform both work and life. Since then, she's become a Fellow at the Marketing Academy, a founding member of CMO Huddles, and has held CMO roles at both Skillsoft and IDC. At IDC, Michelle reimagined marketing as a strategic growth engine, launching a bold new brand identity, spearheading the company's first GenAI initiatives, and aligning brand, demand, and strategy to drive global impact. Michelle is a frequent speaker on marketing leadership, AI, and purpose-led growth. A lifelong learner, she's also a runner, rescue dog mom, and dark roast devotee. Her best ideas rarely arrive in a meeting, but often hit mid-stride or mid-walk. Michelle Boockoff-Bajdek on LinkedIn: https://www.linkedin.com/in/michellebb/ ---------- Resources ---------- Sitecore: sitecore.com The Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://aglbrnd.co/r/2868abd8085a9703 We're proud to be a media partner for #MAICON26 - Oct. 13-15! Learn how AI can power your marketing and business and help you grow smarter. Use code AGILE150 to save! https://aglbrnd.co/r/7fe458ced0f04658Reach your customers with Reddit. Spend $500 in ad spend, get $500 back in ad credit! Learn more: https://advertalize.com/r/491818c79fb1873fDon't miss We Make Future - the International Festival of Innovation in AI, Tech, and Digital Marketing, June 24-26 in Bologna. Learn more: https://aglbrnd.co/r/c80991afff416bb2The most influential minds in software, AI, and engineering leadership will be at WeAreDevelopers World Congress North America, September 23-25 in San Jose. Learn more: https://aglbrnd.co/r/60a7299222a7bcf1 Enjoyed the show? Tell us more at and give us a rating so others can find the show at: https://aglbrnd.co/r/faaed112fc9887f3 Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstromDon't miss a thing: get the latest episodes, sign up for our newsletter and more: https://aglbrnd.co/r/35ded3ccfb6716ba Check out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.com Hosted on Acast. See acast.com/privacy for more information.

Commercial real estate debt is now one of the market's most avoided asset classes. Our Global Head of Fixed Income Research Andrew Sheets explains why there may be an opportunity to invest in those securities.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, why commercial real estate debt could be overlooked and undervalued. It's Friday, May 29th at 2pm in London. Bond yields have risen this year, and it's attracting strong flows into fixed income markets. The problem is that all of that demand is narrowing the risk premium that one receives. Spreads on U.S. mortgage bonds are richer than 89 percent of observations over the last 20 years. Spreads on the U.S. high yield market, well, they're richer than 96 percent of the time. And spreads on U.S. investment grade, it's 99 percent. We live in a world where the risk premium on most bonds is very low versus history, but there are exceptions. One is debt backed by commercial mortgages or so-called CMBS. Spreads here, notably and unusually, are significantly higher than the long run average. It is a market that we like. Commercial property is largely comprised of lending against office buildings, apartments, retail complexes, and industrial sites like warehouses. The first three have faced major challenges over the last five years. Office values have slumped as investors feared more people working from home. Apartments have suffered from significant supply in building, conceived in a low-rate world as this has come online. And retail has faced long-run concern about the trend of more online shopping. And the rise of interest rates, well, that's loomed over everything. A building, in a lot of ways, is a lot like a bond, promising a dependable stream of rents over time. When an investor can get that stream of cash flows from the bond market, commercial property prices must adjust lower to remain competitive. These challenges are material, but they are also not new. Indeed, investors may recall that fears around commercial property peaked way back in early 2023 following significant rate hikes by the Federal Reserve. Back then, there were widespread fears that commercial property weakness would ricochet back and threaten the banking system. Three years later, those worst fears have not been realized. And while defaults and restructurings have happened, overall commercial property fundamentals are beginning to pick back up. Commercial property transaction volumes increased 27 percent in the U.S. in the first quarter relative to a year prior; and prices are rising, up about 5 percent over the same period. The amount of commercial real estate debt being originated is up about 40 percent over the last year – a sign that lenders are coming back. And the number of commercial deals that are becoming distressed and unable to pay their bills, they just saw their first quarterly decline since all of those problems in early 2023. Part of this recovery in the commercial real estate market may be explained by U.S. growth, which continues to be resilient, and some of it mirrors other cycles. When rates rose and commercial lending markets weakened, the construction of new properties really slowed down. It takes several years to build a building, and so it's only now that the impact of everything that was not built is starting to be felt. With less supply coming online, the value of existing property is better supported, especially relative to the more elevated risk premiums on offer for its debt. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.