Podcasts about global head

They told us that vulnerability was a flaw — a sign of weakness. But what if the truth is the opposite? In this powerful and deeply human conversation, Kwame Christian, bestselling author and CEO of the American Negotiation Institute, sits down with Jamie Librot, former Global Head of Executive Talent Management at JPMorgan and author of Find Your Gobi. Together, they flip the script on what real strength looks like — exploring why our greatest growth begins the moment we stop pretending to have it all figured out.

Will COP30 be the COP of ‘implementation'? And what would that actually mean? Beyond the famous negotiating halls, climate action is already happening. Businesses, investors and cities are driving real change, and the new green economy is rising in tandem with diplomacy.So can Belém mark the moment when implementation promises turn into reality? This week, Paul Dickinson and Fiona McRaith explore the COP ‘Action Agenda' - the broad range of voluntary climate action that mobilises the private sector, regional governments and civil society. Plus, they consider the extraordinary transformation already reshaping global energy systems and the flow of capital worldwide.Paul and Fiona hear from leading voices who explore how the real economy is accelerating climate action - from boardrooms and bond markets to start-ups across Latin America. Contributing are Marina Grossi, COP30 Special Envoy for the Private Sector; Aniket Shah, Global Head of ESG and Sustainable Finance at Jefferies; Sue Reid, Senior Advisor at Global Optimism; and Daniel Gajardo, Chilean entrepreneur and co-founder of Reciprocal. Together, they outline what to look for this November in Brazil, and ask how we can tell when implementation is truly happening - not just promised.Learn more:

An extended U.S. government shutdown raises the risk for weaker growth potential. Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas suggests key checkpoints that investors should keep in mind.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today: Three checkpoints we're watching for as the U.S. government shutdown continues. It's Wednesday, October 8th at 10:30am in New York. The federal government shutdown in the United States has crossed the one week mark. But if you're watching the markets, you might be surprised at how calm everything seems. Stocks are steady. Bond yields haven't moved much, and volatility's low. It's more or less the scenario my colleague Ariana and I had talked about in anticipation of the impasse in Washington. We'd noted the potential for uncertainty for investors and market reaction depending on how long the shutdown would last. So that raises a big question: what, if anything, about this government shutdown could shake investor confidence and start moving markets? The question is worth considering. Prediction markets now suggest the most likely outcome is that the government shutdown will not end for at least another week. And as we've seen in past shutdowns, the longer it drags on, the more likely it is to matter. That's because risks to the economic outlook start to accumulate, and investors eventually have to start pricing in a weaker growth outlook. There's a few checkpoints we're watching for – for when investors might start feeling this way. First, the missed paycheck for furloughed federal workers. The first instance of this comes in a few days. Less pay naturally means less spending. Studies suggest that spending among affected workers can drop by two to four percent during a shutdown. That's not huge for GDP at first; but it's a sign the shutdown is having effects beyond Washington, DC. Second, this time might be different because of potential layoffs. The administration has hinted that agencies could move to permanently cut staff — something we haven't seen before. Unions have already said they'd challenge that in court. But if those actions start, or even if legal uncertainty grows around them, it could raise the economic stakes. Third, we're watching for real disruptions to economic activity resulting from the shutdown. The last shutdown ended when air traffic in New York was curtailed due to a shortage of air traffic controllers. We're already seeing substantial air traffic delays across the country. More substantial delays or ground halts obviously impede economic activity related to travel. And if such actions don't coincide with signals from DC of progress in negotiating a bill to reopen the government, investors' concern could grow. So here's the bottom line: markets may be right to stay calm — for now. But the longer this shutdown lasts, the more likely one of these pressure points pushes investors to rethink their optimism. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

Daniel Beringer, Global Head of Technology and Innovation and Global Sponsorships at SAP, and Chris Foster, Vice President of Digital Business Development at the NHL, join Cade Massey, Eric Bradlow, Shane Jensen, and Adi Wyner to discuss how their decade-long partnership leverages analytics, AI, and real-time data to enhance coaching decisions, streamline front-office management, and advance sustainability initiatives across the league. Plus, Cade, Eric, Shane, and Adi break down an eventful week in sports—from a penalty-filled Panthers-Lightning preseason game to unpredictable MLB playoff outcomes and the emergence of young NFL quarterbacks. Hosted on Acast. See acast.com/privacy for more information.

As the post-COVID boom in housing activity transitions toward more normalized market conditions, PGIM assesses the state of the U.S. housing market. Hear our experts dissect housing fundamentals, as persistent affordability challenges and a cooler labor market collide with a structural shortage of homes and the onset of a Fed rate cutting cycle. PGIM's Brian Barnhurst, CFA, Global Head of Credit Research, hosts this discussion with Kaustub Samant, Head of Securitized Products Research, and John Maxwell, U.S. Leveraged Finance Credit Research Analyst. Recorded on September 24, 2025.

Geoff Hess is someone I've wanted to host for years at this point. I was first familiar with him as the CEO of Analog Shift only to later meet him at a private collectors gathering here in San Diego. He's one of the most engaging people I've met through this hobby, he always has something intelligent to say, and overall, he's just the kind of guy with whom I want to surround myself. Oh yeah, and he started a little meeting called Rolliefest. Geoff was gracious enough to include me in this year's festivities in NYC - an experience I won't soon forget. He and I discuss his time working with Ivanka Trump, his foray into watches, the watch he considers to have been the hardest to acquire, how important honesty is, and how being a father has changed him. I have the utmost respect for Geoff, so I'm confident you'll enjoy what he has to say.Links:STANDARD Hhttps://standard-h.com/@standardh_Geoff Hess@manhattanrollie

The government shutdown may or may not be over by the time this hits the airwaves, but the negotiations process on appropriations bills promises to last for several weeks. Global Head of Public Policy Jennifer Flitton tells us why she believes we'll get a final appropriations bill by the end of this year. We also explore what's driven the strong price of gold over the past few years. And we discuss which verb tense is best to use when describing the US economy: “is weakening” or “has weakened.” (Invesco Distributors, Inc.)

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In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States' unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country's geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. This book also features a history of the Federal Reserve. Richard Duncan has served as Global Head of Investment Strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington, D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok, Thailand. He is now the publisher of Macro Watch, a video-newsletter that analyzes the forces driving the global economy in the 21st Century. Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

In this episode, Jan Beger, Global Head of AI Advocacy at GE Healthcare, shares his mission to bridge the gap between the conceptual promise and real-world impact of AI in healthcare. He stresses on the critical need to build AI literacy and trust among clinicians, executives, and students, and explains why a human-centric approach and strong change management are critical for successful adoption. Jan highlights GE's global AI literacy programs that train employees and clinicians on responsible use, practical applications, and critical evaluation of AI. He highlights how moving beyond pilots to strategic, systemwide deployment requires continuous education, executive engagement, and a focus on change management. He also spoke about GE's successes such as improved efficiency in software development and innovations like AI-guided handheld ultrasound devices that democratize imaging by supporting users of varied expertise, as well as the challenges of keeping AI tools robust and up-to-date. Jan addresses the future of the workforce, noting that adaptability and tech fluency will be essential as 70% of job skills evolve by 2030. He encourages healthcare leaders to see AI not just as technology, but as a transformative tool to enhance care and outcomes. Take a listen.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe's leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this episode, Andreas Munk Holm sits down with Simon Boas Hoffmeyer, Global Head of Sustainability & ESG at Carlsberg, and Kasper Hulthin, serial entrepreneur and investor at Future Five (co-founder of Peakon, Podio, and more).With ESG facing political backlash, accusations of greenwashing, and shifting investor sentiment, the question looms: is ESG still a lever for real change—or does it need a reset? Simon and Kasper explore what's broken, what still works, and how corporates and startups can embed sustainability into real business value.

Selling the very rare, collectible wines of the world, Adam Bilbey, SVP, Global Head of Wine & Spirits for Christie's, has a unique view into the state of the wine collector. Adam maps the thought processes and changes in attitude of buyers and sellers of rare wine globally, and he is seeing “green shoots” in the market by mid-2025. Detailed Show Notes: Adam's background - started w/ Berry Bros out of high school (2000) at Heathrow Airport shop, moved to Hong Kong in 2010 w/ Berry Bros, Sotheby's in 2015, Christie's in 2021Christie's is known for fine art, and wine is part of the luxury group (jewelry, handbags, cars), which is 20% of sales, and wine is 10-20% of luxury sales2025 wine auction marketChristie's up 2x YOY Aug YTD, big single-owner sales (e.g., Bill Koch)Challenging market mid 2022-2024, newer vintage prices dropping more, more supply availableIn a downturn, buyers' price expectations fall faster than sellers'“Green shoots” in 2025, pricing bottoming outBurgundy has taken share from Bordeaux last 5-6 years, Champagne came up and leveled off, Italy is strong in the US but not in Asia, Burgundy is strong in Asia, but leveled offInterest in more mature vintages, particularly Bordeaux, is still valued thereFocus on provenance, people won't bid on poor provenance anymore2-tier pricing, people paying for a premium for a great collection, single-owner sales, they like the story of who owned the winesWith a more global market than ever, people buy from anywhereThe US has a broader selectionEveryone buys from the UKAsia tends to need more focus (e.g., Burgundy)Liv-ex shows -10% pricing last year, -20% last 2 years; auction prices move gradually, often lots don't sellMore Millennials and Gen Z customers (45% 2025 from 30% 2022)Female customers have been consistent last 4-5 years, a slight dip in the US, and growing in AsiaYounger generations are drinking younger wines, they like the security of younger wines, have a fear of disappointment in older bottlesOnline auctions require ease of useChristie's does 2x online auctions vs liveLive auctions for key moments, key collectionsVarious owner sales in online auctionsProvenance is improving with more communication (e.g., purchase & storage records), people working together (merchants, auction houses), and technology (digital microscopes, UV light, carbon dating)Provenance is critical, as people remember the bad bottles sold to them over the good onesBelieves China will make a comeback in the next 2-4 years Hosted on Acast. See acast.com/privacy for more information.

Last week the All Things Sustainable podcast was on the ground in New York City bringing you daily episodes from Climate Week NYC. The week included more than 1,000 events and convened an estimated 100,000 attendees from the private sector, governments, nonprofits and the broader climate community.   To understand how financial institutions are showing up in these climate conversations, we sat down with Heather Zichal. Heather is Global Head of Sustainability at the largest bank in the US, JPMorganChase, and she shares her Climate Week key takeaways. She explains why adaptation and resilience are a growing area of focus, and how this is impacting conversations around insurance. She talks about the rising role of AI in climate and energy transition discussions. And she tells us how the landscape for climate and sustainability is shifting heading into 2026.   “There's a very healthy dose of pragmatism that has been layered into the conversations,” Heather tells us.   This conversation took place at The Nest Climate Campus, where the All Things Sustainable podcast was an official media partner during Climate Week NYC. Listen to all our coverage here: All Things Sustainable | S&P Global  Subscribe to The Sustainability Weekly newsletter from S&P Global.   Listen to our interview with Dr. Sarah Kapnick here: How NOAA is working to turn climate science into action | S&P Global  This piece was published by S&P Global Sustainable1 and not by S&P Global Ratings, which is a separately managed division of S&P Global.   Copyright ©2025 by S&P Global      DISCLAIMER     By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk.      Any unauthorized use, facilitation or encouragement of a third party's unauthorized use (including without limitation copy, distribution, transmission or modification, use as part of generative artificial intelligence or for training any artificial intelligence models) of this Podcast or any related information is not permitted without S&P Global's prior consent subject to appropriate licensing and shall be deemed an infringement, violation, breach or contravention of the rights of S&P Global or any applicable third-party (including any copyright, trademark, patent, rights of privacy or publicity or any other proprietary rights).      This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.      S&P GLOBAL EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST.

In this episode Shelby Myers, the Global Head of Private Sales at RM Sotheby's, joins Josh Baer to discuss the world of collectible cars and whether or not the art world should be branding itself as luxury—or not.

Kevin Werbach interviews Heather Domin, Global Head of the Office of Responsible AI and Governance at HCLTech. Domin reflects on her path into AI governance, including her pioneering work at IBM to establish foundational AI ethics practices. She discusses how the field has grown from a niche concern to a recognized profession, and the importance of building cross-functional teams that bring together technologists, lawyers, and compliance experts. Domin emphasizes the advances in governance tools, bias testing, and automation that are helping developers and organizations keep pace with rapidly evolving AI systems. She describes her role at HCLTech, where client-facing projects across multiple industries and jurisdictions create unique governance challenges that require balancing company standards with client-specific risk frameworks. Domin notes that while most executives acknowledge the importance of responsible AI, few feel prepared to operationalize it. She emphasizes the growing demand for proof and accountability from regulators and courts, and finds the work exciting for its urgency and global impact. She also talks about the new chalenges of agentic AI, and the potential for "oversight agents" that use AI to govern AI.  Heather Domin is Global Head of the Office of Responsible AI and Governance at HCLTech and co-chair of the IAPP AI Governance Professional Certification. A former leader of IBM's AI ethics initiatives, she has helped shape global standards and practices in responsible AI. Named one of the Top 100 Brilliant Women in AI Ethics™ 2025, her work has been featured in Stanford executive education and outlets including CNBC, AI Today, Management Today, Computer Weekly, AI Journal, and the California Management Review. Transcript  AI Governance in the Agentic Era Implementing Responsible AI in the Generative Age - Study Between HCL Tech and MIT

Devang, Global Head of Christie's Ventures, joins us to explore the transformative power of technology in the art world. With a career spanning the intersection of tech, strategic investment, and the art market, Devang offers a compelling perspective on how emerging technologies will reshape our world. 

Over three years after her first appearance (Episode 18), Kim Bryan returns to the Talent Intelligence Collective podcast to discuss her evolution from leading a global TI team of 120 at its peak to launching AMS's Research Lab. In this wide-ranging conversation, Kim shares insights from analysing around 400,000 hiring records spanning just under 100 countries from 2020 to 2025 and reveals what's really driving offer declines (spoiler: it's not always about money).What We CoverAI & Employment - Examining Stanford's "Canaries in the Coal Mine" study and why the "AI is replacing entry-level workers" narrative might be correlation, not causation. The real impact on software development and customer support roles, and why businesses still don't understand where to apply AI effectively.ONS Labour Force Survey Crisis - UK response rates dropped from under 50% in 2016 to around 20% now, whilst the US maintains 68%. Critical national decisions are being made on inadequate data due to funding and skills mismatches.Evolution of TI at AMS - How talent intelligence moved from "add-on service" to embedded across all client work. The shift to self-service models, introduction of Insights and Intelligence Partners, and the ongoing data literacy challenge.Offer Declines Research - Key findings: 15% increase in time-to-hire when offers are declined. Compensation wasn't the dominant reason—personal factors, hiring process issues, and flexibility matter more than expected. Sales roles showed highest volatility; project management roles surprisingly volatile due to change management demand. The critical finding: recruiter-candidate relationships matter more than process automation.Education Revolution - Oxford research showing AI sector prioritises skills over formal education. Why universities haven't fundamentally changed since post-Industrial Revolution, and the return of apprenticeships and practical training.Key Quote"Despite all of the tech advances and all of the different strategies you can apply, the biggest difference that you can make to your process is still through your people. Post-offer engagement can be the difference between an offer being accepted and being declined."Practical Tips for TA LeadersGive Yourself Creative Space - Stop firefighting long enough to actually plan aheadInvest in Your People - Find time to develop your team, not just extract from themFind Something Outside Work - Your professional performance depends on your personal wellbeingComing from AMS Research LabThe Great Flattening (declining management layers)Skills mismatch: Are universities preparing students for tomorrow's jobs? (publishing soon)Stores to supply chains: How holiday hiring is changingEU Pay Transparency Directive analysisIndustry deep dives and labour market overviewsComprehensive TA metrics benchmarking (2026)About Kim BryanKim Bryan is the Global Head of Research at AMS, where she leads their Research Lab think tank. She's been with AMS for nearly 10 years in this stint (and worked there previously too, making it nearly two decades total). She previously looked after talent intelligence for AMS and managed a global team of 120 at its peak. Her varied career spans insurance and a mix of numbers and people work, making her ideally suited to the intelligence and insights space.Resources MentionedAMS Research Lab Report: "Offer Declines and Dropouts"Stanford Digital Economy Lab: "Canaries in the Coal Mine: Six Facts About the Recent Employment Effects of Artificial Intelligence"Beyond the Buzz Report on AI SkillsOxford Internet Institute & University of Oxford: Research on AI sector prioritising skills over formal educationOffice for National Statistics Labour Force SurveyAs ever - big thanks to our sponsors: ⁠⁠⁠https://lightcast.io⁠⁠⁠

Mat Lock and Ralf Iwan join the Rox Lyfe podcast for two insider conversations on the future of HYROX.Mat is the Global Head of Sport and Technical Director of Elite Racing, while Ralf leads the HYROX 365 Academy and Global Coach Education.In this episode, we cover:✔️ Athlete licences, anti-doping, consistent course design, judging, and the new penalty box system✔️ HYROX's Olympic ambitions and the push to professionalise the elite side of the sport✔️ The vision of the 365 Academy and the launch of the new Level 2 coach education course✔️ The return of HYROX Youngstars and the next generation of athletes✔️ The Sports Science Advisory Council, Red Bull Coaches Camp, and the first HYROX Summit coming to LondonTwo insightful chats from inside HYROX HQ that reveal how the sport is evolving from the top down.

Join host Usaid in this episode of InternView talking with Markus Bell, SAP's Global Head of STAR (Student Training and Rotation), to explore the comprehensive world of SAP's STAR program. With over 20 years at SAP, Markus shares how this program has produced over 3,000 graduates, including two current board members who started their careers as STAR students. Discover what sets this program apart and learn how they operate across 14 countries, offering students real-world experience through customer interactions while developing both technical and soft skills.

Check out OpenSolar OS 3.0 at: https://suncast.media/opensolar The $2/Watt Challenge: Can We Get There?Is $2/watt solar a pipe dream—or a real target we can hit in the next few years?Patrick Crane, Global Head of Growth at OpenSolar (and solar pioneer since Sungevity), says not only is it possible, but we already know how to get there. In this conversation, Patrick breaks down the most bloated parts of the cost stack—from customer acquisition to permitting delays to clunky tech stacks—and lays out a clear path to radically cheaper solar installs.Drawing on two decades in solar and his time as CMO for LinkedIn, Patrick shares how smarter software, better referral systems, and AI-driven tools could change the economics of solar forever. If you're serious about scaling solar and building a profitable, future-ready business, this one's required listening.Expect to learn:

Not every launch succeeds on day one, but the brands that endure find ways to win over time.That's why we're turning to Clue, the 1985 murder mystery comedy with three different endings. Despite bombing at the box office, it grew into a beloved cult classic. In this episode, we break down its lessons with the help of special guest Christine Royston, Chief Marketing Officer at Wrike.Together, we explore what B2B marketers can learn from building strategy before execution, balancing brand and demand, and embracing word-of-mouth to turn audiences into passionate advocates.About our guest, Christine RoystonChristine Royston is a visionary global marketing executive with a proven track record of scaling iconic technology brands, architecting go-to-market transformation, and driving category leadership in the enterprise SaaS space. As Chief Marketing Officer at Wrike, Christine leads the company's worldwide marketing strategy, fueling enterprise growth, brand acceleration, and customer-centric innovation at scale.With more than 20 years of experience across global B2B markets, Christine has built and led high-performing teams at some of the world's most recognized technology companies—including Salesforce, Dropbox, and Imperva—where she helped pioneer marketing strategies during moments of hypergrowth and IPO. She most recently served as Global Head of B2B Marketing at Udemy and as Vice President of Marketing at Bitly, where she was instrumental in repositioning both brands for business adoption and long-term growth.Christine's executive leadership spans Sales-Led and Product-Led Growth (PLG) models, across direct sales, freemium, and self-service go-to-market motions. Her ability to unify global teams, expand into new international markets, and launch cross-functional marketing engines has positioned her as a sought-after leader in growth-stage transformation and scaled enterprise performance.An expert in enterprise marketing strategy, customer lifecycle innovation, and multi-channel demand generation, Christine has driven business results across cloud computing, cybersecurity, financial services, and manufacturing verticals. She is also known for her passion for mentoring future marketing leaders and building diverse, inclusive, and impact-driven teams.Christine holds a B.A. from the University of Virginia and an International MBA in Global Marketing from the University of South Carolina's Darla Moore School of Business. She brings a global lens to every challenge, with leadership experience spanning the U.S., Europe, Asia, and Latin America.What B2B Companies Can Learn From Clue:Strategy matters more than star power. Even the best team can't save a weak story. Clue had an all-star cast, but without a clear throughline, it flopped at the box office. Christine draws a parallel to marketing: “Even if you have the best team in the world, without a great strategy, you're not gonna win. You've got to have a really fantastic strategy and a really great team to back it up, so that you can kind of play on everybody's strengths, but you're all pointed in the right direction.” Don't confuse talent or resources with strategy. Success comes from aligning everyone around a clear, shared story.Balance is everything. Clue was billed as both a mystery and a comedy, but leaned heavily into the silliness, confusing audiences who expected a tighter whodunit. Christine sees the same trap in B2B: “The movie was… touted as a mystery and a comedy, but it was definitely way more on the comedy side. And so thinking about that balance… and making sure that you're really being clear with your intent of messaging, your intent of the brand.” Great marketing requires a balance between brand, demand, clarity, and creativity. Overweighting one side leaves your audience uncertain about what you really stand for.Word of mouth is your secret weapon. Despite its failure in theaters, Clue became a cult classic through community and conversation. For Christine, that's a marketing playbook: “The fact that it did become this cult classic highlights the importance of word of mouth. How do you make sure you're getting in front of people who will be interested in your product, or interested in your movie, and making sure that you're leveraging communities [and] social as a way to get in front of people who maybe aren't going to go to the box office.” Buzz builds longevity. Beyond paid campaigns, you need advocates, communities, and conversations that keep your brand alive long after launch.Quote“ How do you differentiate yourself and do something a little different. Bring some humor into what is normally a pretty straight-laced B2B technology type of industry. I think people like a little fun in their day-to-day.”Time Stamps[00:55] Meet Christine Royston, Chief Marketing Officer at Wrike[01:01] Why Clue?[01:24] The Role of CMO at Wrike[03:05] The Origins of Clue, The Movie[14:04] B2B Marketing Lessons from Clue[28:10] Balancing Brand vs. Demand[29:50] Wrike's Brand and Content Strategy[33:21] AI's Role in Modern Marketing[35:11] Wrike's Survey on AI's Impact[40:20] Final Thoughts and TakeawaysLinksConnect with Christine on LinkedInLearn more about WrikeAbout Remarkable!Remarkable! is created by the team at Caspian Studios, the premier B2B Podcast-as-a-Service company. Caspian creates both nonfiction and fiction series for B2B companies. If you want a fiction series check out our new offering - The Business Thriller - Hollywood style storytelling for B2B. Learn more at CaspianStudios.com. In today's episode, you heard from Ian Faison (CEO of Caspian Studios) and Meredith Gooderham (Head of Production). Remarkable was produced this week by Jess Avellino, mixed by Scott Goodrich, and our theme song is “Solomon” by FALAK. Create something remarkable. Rise above the noise. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Pallavi Shrivastava, MRICS, LEED AP is Principal and Global Head for Workplace Strategy at Arcadis where she is passionate about cultivating business intelligence, strategy and pushing growth for the world's leading company delivering sustainable design, engineering, and consultancy solutions for natural and built assets. Mike Petrusky asks Pallavi about her role as a workplace strategist navigating the hybrid work environment, understanding user needs, and finding the best solutions that align with an organization's vision and the workforce's preferences. They explore innovation in the workplace and how simplifying things for human beings, making the environment conducive to collaboration and creativity, is essential today. Pallavi believes there is a need for a holistic approach to workplace strategy, involving leaders, team members, and the broader workforce to gather deep insights and co-create solutions while she emphasizes the need for empathy and an open-minded, agile mindset when seeking to solve problems. Mike and Pallavi challenge listeners to take a balanced and sustainable approach to all asset classes as they offer inspiration and the encouragement you need to be a Workplace Innovator in your organization! Connect with Pallavi on LinkedIn: https://www.linkedin.com/in/shrivastavapallavi/ Learn more about Arcadis: https://www.arcadis.com/ Discover free resources and explore past interviews at: https://eptura.com/discover-more/podcasts/workplace-innovator/ Learn more about Eptura™: https://eptura.com/ Connect with Mike on LinkedIn: https://www.linkedin.com/in/mikepetrusky/  

Kate Fowler is the Global Head of Nuclear at WTW and a certified fire protection specialist. She previously contributed to Marsh's Global Specialty Energy & Power team, where she worked to advance nuclear energy initiatives. In this live from RIMS 2025 Chicago episode, Kate offers an insight into this highly specialized sector of risk management, including a look at the future of nuclear energy, the benefits of earning her ARM and CPCU advancing nuclear energy initiatives designations, and what she wishes she had known at the onset of her insurance career.   Key Takeaways: ● Kate's role with WTW aims to support the global construction practice with nuclear plant contractors and potential operators. ● Originally an architectural engineer, nuclear engineering wasn't in Kate's initial career plan. ● The technical ins and outs of fire protection. ● Transitioning from loss control to underwriting to the broker side. ● Nuclear energy is ramping up again for the first time in a decade. ● Energy independence is becoming a greater focus than ever before. ● Clean energy technologies will be part of future solutions. ● Kate's perspective and expectation shift from an underwriter to a broker. ● The benefits of ARM and CPCU designations in Kate's career. ● Considerations when moving from one established broker to another. ● Types of nuclear energy, including advanced reactors, fission, and fusion. ● Kate's experience as a woman in a male-dominated field. ● Kate still doesn't know what she wants to be when she grows up — and that's okay. ● Don't worry about a career plan, just follow the breadcrumbs. ● Recruiting talent in the nuclear insurance industry means building a talent pool.   Mentioned in This Episode: Kate Fowler WTW   Tweetables:   “Originally, I didn't even know nuclear insurance was a thing.”   “I want to do more for the nuclear industry and support more people in the nuclear industry.”   “For all of the new nuclear assets that are coming online, the first thing you've got to do is construct them.”   “My career has absolutely not gone the way I expected it to, and it has been amazing.”  

My guest today is Nick O'Donohoe CMG – former CEO of British International Investment, co-founder of Big Society Capital, and one of the early figures to frame impact investing as a financial discipline.Nick spent nearly three decades in global banking – first at Goldman Sachs, then at JPMorgan, where he rose to become Global Head of Research.When the crisis hit in 2008, Nick left JPMorgan to explore whether finance could be used to serve people who had never been served by it at all.That search took him to Bellagio, where the Rockefeller Foundation had gathered a small group of investors, philanthropists, and bankers to explore a new idea – something that would eventually become known as impact investing.Nick brought a small research team – and the ability to put JPMorgan's name on something. He offered to write a report explaining what impact investing could be: who it was for, how it might work, and why it mattered.That report – Impact Investments: An Emerging Asset Class – was the first of its kind. It gave the idea a name, a structure, and a platform. For the first time, the field became legible – to banks, to investors, and to the wider world.A few years later, he left banking to co-found Big Society Capital (now known as Better Society Capital) with Sir Ronald Cohen. Their mission was to use dormant assets to back the UK's social sector.Big Society Capital backed early-stage social enterprises, co-founded intermediaries, and pushed for legal structures that could attract blended capital.In 2017, Nick became CEO of CDC Group – later British International Investment – the UK's development finance institution. His mandate: deploy billions in public capital into emerging markets, while balancing risk, return, and development goals.Under his leadership, BII invested in solar and wind, hospitals, digital connectivity, agribusiness, and venture capital. Most of that capital flowed into Africa, South Asia, and parts of the Caribbean.He also launched the Catalyst Portfolio – where expected returns were zero or even negative. He introduced an Impact Score to measure social and environmental outcomes with the same rigor as financial ones.During his time at BII, over 60% of the portfolio went into African countries. He believes capital needs to be structured differently to reach the people and places that need it most. That's where development finance has to step in – to fill the gaps the market won't touch on its own.Now Nick is about to start as a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, where he'll be focused on what comes next.If I had to sum up our conversation in one word, it would be risk – financial, political, and moral. But we talked about much more.Tune in to hear from Nick O'Donohoe firsthand.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:- Nick O'Donohoe CMG LinkedIn- British International Investment website- Impact Investments: An Emerging Asset Class

In this conversation, Aidan Larkin sits down with Dr. Max Bernt (TaxBit) to explore the future of asset recovery in a digital-first world. They dive into how data aggregation, crypto, and stablecoins are transforming investigations - and why practitioners have reason for optimism. Timestamps00:00 – Introduction and Background 04:00 – Inside the Digital Asset Recovery Ecosystem 09:48 – How TaxBit Bridges On-Chain and Off-Chain Data 16:00 – Real-World Cases & Lessons Learned 27:50 – Tackling Data Challenges & Regulatory Hurdles 32:09 – Stablecoins: Risks and Opportunities 40:49 – The Future of Financial Crime Investigations 51:03 – Why There's Reason for Optimism in Recovery About our Guest Dr. Max Bernt is TaxBit's Global Head of Regulatory Affairs and Managing Director for Europe. With a robust background in transnational criminal law and extensive experience in regulatory affairs, he advises on cases and policy involving cryptocurrency, financial crime, and digital asset recovery. Max has helped shape discussions around the intersection of law enforcement and crypto, exploring how data aggregation, stablecoins, and regulatory frameworks impact investigations and compliance. Key Takeaways Evolving Asset Recovery Ecosystem: Technology is driving the evolution of the asset recovery ecosystem, creating new tools and approaches for practitioners. Importance of Data Aggregation: Effective investigations rely on robust data aggregation, helping practitioners identify patterns and trace assets efficiently. Bridging On-Chain and Off-Chain Data: TaxBit serves as a critical bridge between on- and off-chain data, enabling more accurate and comprehensive investigations. Impact of Regulatory Changes: Shifting regulations will have a significant effect on financial crime investigations, requiring practitioners to adapt strategies accordingly. Opportunities and Challenges of Stablecoins: Stablecoins present both opportunities and challenges for investigators, influencing how digital assets are tracked and recovered. Optimism for the Future of Asset Recovery: Despite the challenges, practitioners can be optimistic about future advancements, including improved efficiency, technology, and collaboration in the field. Resources Mentioned Taxbit Stay Connected Dive deeper into the world of asset recovery by subscribing to Seize & Desist: https://link.cohostpodcasting.com/b36b929c-6ca3-4e49-8258-44c310d012c9?d=sG5Qi2MdL DisclaimerOur podcasts are for informational purposes only. They are not intended to provide legal, tax, financial, and/or investment advice. Listeners must consult their own advisors before making decisions on the topics discussed. Asset Reality has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Asset Reality employees are those of the employees and do not necessarily reflect the views of the company. Asset Reality does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Asset Reality.

In this episode of the ThinkData Podcast, I sit down with Ro Wickramasinghe, Global Head of Business Development at Pi Health, the AI platform rethinking how clinical trials are run.We explore:

Meta boss says Irish parents should take charge of kids' Instagram and Facebook usage more. Launching new teen accounts in Ireland, Meta's Global Head of Safety, Antigone Davis, said that parents should step up to judge whether content their kids see is ‘free speech' or ‘harmful'.We discuss further with Jess Kelly Newstalk's Technology Correspondent.

Enterprise Knowledge's Lulit Tesfaye, VP of Knowledge & Data Services, speaks with Daan Hannessen, Global Head of Knowledge Management at Shell. He has over 20 years experience in Knowledge Management for large knowledge-intensive organizations in Europe, Australia, and the USA, ranging from continuous improvement programs, KM transformations, lessons learned solutions, digital workplaces, AI driven expert bots, enterprise search, and much more. In their conversation, Lulit and Daan discuss the importance of senior leadership support in ensuring the success of KM initiatives, emphasizing "speaking their language" as key to implementing KM and the semantic layer at a global scale. They also touch on how to measure the success of AI, when AI-generated content can be considered valuable insights, and why to invest in a semantic layer in the first place, as well as Daan's talk at the upcoming Semantic Layer Symposium.To learn more about the Semantic Layer Symposium, check it out here: ⁠⁠https://semanticlayersymposium.com/⁠⁠ *25% off discount code: knowledgecastTo learn more about Enterprise Knowledge, visit us at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠enterprise-knowledge.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.EK's Knowledge Base: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://enterprise-knowledge.com/knowledge-base/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Contact Us: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://enterprise-knowledge.com/contact-us/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/enterprise-knowledge-llc/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter/X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/ekconsulting⁠⁠⁠

The Human Side of AI at Work Brian Murphy, Global Head of Learning & Development at NTT DATA, shares his perspective on how AI is reshaping work and productivity. Drawing on his experience at Microsoft, AstraZeneca, and Citi, Brian argues for a human-centric coalition between people and machines. He explores how L&D and HR can steer organizations through AI transformation, ensuring it's about value creation and capability — not just cost cutting.   Timestamps: 00:00 - Start 01:44 - Intro 03:45 - Challenges of redesigning work around AI 11:45 - Just a cost-cutting exercise? 16:08 - Role of people function in ensuring benefits, lessening friction 23:18 - An evolution of performance consulting 33:08 - Training AIs versus ‘training' AIs 43:01 - How to be human-centric while deploying AI 51:01 - End   Contact: LinkedIn: linkedin.com/in/johnhelmer X: @johnhelmer Bluesky: @johnhelmer.bsky.social Website: learninghackpodcast.com

How do we further blend Shariah principles with ethical and equitable financial solutions to provide positive financial, social, and environmental outcomes? How can the impact of these initiatives be effectively measured? What's on offer from Waqf, Zakat, Sadaqah and Qard Hasan and how can we maximise the potential of new products such as social impact Sukuk? We ask an expert panel.Moderator:Elias Moubarak, Partner, Trowers & HamlinsPanelists:Dr Hamim Syahrum Ahmad Mokhtar, Lead Specialist, Capacity Development, Islamic Financial Services BoardDr Jane Chang, Director, Social Value MalaysiaDr Mohamed Damak, Managing Director and Global Head of Islamic Finance, S&P Global RatingsProfessor Dr Nurdianawati Irwani Abdullah, Department of Finance, Kuliyyah of Economics and Management Sciences, International Islamic University MalaysiaDr Rusni Hassan, Professor and Dean, IIUM Institute of Islamic Banking and Finance

This week on Catching Up On Climate, we're celebrating our 250th episode of SmarterMarkets™ with Hannah Hauman, Global Head of Carbon Trading at Trafigura. David Greely sat down with Hannah at the IETA North America Climate Summit in New York this week to catch up on how Article 6 and CORSIA are reshaping the global carbon markets. They discuss how countries are now framing their environmental goals, setting their climate ambitions, and building new compliance carbon emissions markets in a multipolar world.

Our Global Head of Thematic and Fixed Income Research Michael Zezas and our U.S. Public Policy Strategist Ariana Salvatore unpack the market and economic implications of a looming government shutdown.Read more insights from Morgan Stanley.----- Transcript ----- Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income Research and Public Policy Strategy. Ariana Salvatore: And I'm Ariana Salvatore, U.S. Public Policy Strategist. Michael Zezas: Today, our focus is once again on Washington – as the U.S. government fiscal year draws to a close and a potential government shutdown hangs in the balance.It's Friday, September 26th at noon in New York. Ariana we're just four days away from the end of the month. By October 1st, Congress needs to have a funding agreement in place, or we risk a potential shutdown. To that point, Democrats and Republicans seem far apart on the deal to avoid a shutdown. What's the state of play? Ariana Salvatore: Right now, Republicans are pushing for what's called a clean continuing resolution. That's a bill that would keep funding levels flat while putting more time on the clock for negotiators to hammer out full fiscal year appropriations. And the CR they're proposing lasts until November 21st. Democrats, conversely, are seeking to tie government funding to legislative compromise in other areas, including the enhanced Obamacare or ACA subsidies, and potential spending cuts to Medicaid from the One Big Beautiful Bill Act, which Republicans signed earlier this year. Remember, even though Republicans hold a majority in both chambers, this has to be a bipartisan agreement because of exactly how thin those margins of control are. But Mike, it seems as we get closer, investors are asking more infrequently whether or not a shutdown is happening – and are more interested in how long it could potentially last. What are we thinking there? Michael Zezas: So, it's hard to know. Shutdowns typically last a few days, but sometimes there are short as a few hours, sometimes as long as a few weeks. Historically, shutdowns tend to end when the economic risk, and therefore the attached political risk gets real. So, consider the 35-day shutdown under President Trump in this first term. The compromise that ended it came quickly after there was an air traffic stoppage at New York's LaGuardia Airport – when 10 air traffic controllers who weren't being paid failed to show up for work. So, we think the more relevant question for investors is what it all means for economic activity. Our economists have historically argued that a government shutdown takes something like 0.1 percent off of GDP every single week it's happening. However, once employees go back to work, a lot of times that effect fades pretty quickly. Now it's important to understand that this time around there could be a wrinkle. The Trump administration is talking about laying employees off on a durable basis during the shutdown. And that's something that maybe would have more of a lasting economic impact. It's hard to know how credible that potential is. There would almost certainly be court challenges, but it's something we have to keep our eye on that could create a more meaningful economic consequence. Ariana Salvatore: That's right. And there are also some really important indirect macroeconomic effects here. Like delayed data releases. Much of the federal workforce, to your point, will not be working through a shutdown – which could impede the collection and the release of some key data points that matter for markets like labor and inflation data, which come from BLS, the Bureau of Labor Statistics. So, assuming we're in this scenario with a longer-term shutdown. Obviously, we're going to see an increase in uncertainty, especially as investors are looking toward each data print for guidance on what the Fed's next move might be. What do we expect the market reaction to all of this to be? Michael Zezas: Well, the obvious risk here is that markets might have to price in some weaker growth potential. So, you could see treasury yields fall. You could see equity markets wobble; be a bit more volatile. It could be that those effects are temporary, though. And that volatility could easily be amplified by having to price risk in the market without the data you were talking about, Ariana. So, investors could overreact to anecdotal signals about the economy or underweight some real risks that they're not seeing. So, that's why even a short shutdown can have outsized market effects. Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Great speaking with you, Mike. Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you get this podcast and tell your friends about it. We want everyone to listen.

Across the industrials space, M&A activity ranges from ‘challenging yet steady' to highly robust. Following RBC's Global Industrials Conference 2025, this episode of Strategic Alternatives examines the mood of the sector. Joshua Rosenbaum, Global Head of Industrials, leads the specialists in assessing which sub-sectors are showing strength, and whether solid balance sheets and a potentially benign regulatory environment can set the stage for a broader wave of deals.

GHOSTING: WHY THE AI JOB APPLICATION TSUNAMI IS NO EXCUSE   Diffusion of technology innovation across society is something to be celebrated. We need to be aware of the challenges to existing structures that this will inevitably bring and refactor our processes to account for the changes. One of the first ways in which employers are experiencing this challenge is in how to handle the increased volume of job applicants, who have improved both the quality and quantity of their outputs.   We're going to talk today about the AI job applicant tsunami and how this does not mitigate employer responsibility for candidate experience. It's no excuse for ghosting!   - What is the state of candidate experience in 2025? - What are the factors which explain the trend lines? - What is the impact of AI in the job candidate experience? - How can employers balance between efficiency vs experience? - Can we kill the idea that 'more human' is always better candidate experience? - What are the common themes to great candidate experience? - Faced with lean TA teams + increase workload, what are top TA teams doing about this? - Ghosting: what does it take to eliminate this? - What role can technology play in supporting candidate experience? - Hybrid human + AI = when human vs when AI?   All this and more, with Daniel Chait, CEO (Greenhouse), Kevin Grossman, VP of CandE Benchmark Research (Survale), Cheryl Petersen, Global Head of Candidate Experience (Arup) & Bradley Cooper, Associate VP Technology (SASR Workforce Solutions)   We are on Thursday 25th Sep, 5pm BST / 9am PT / 12pm ET - follow the channel here (recommended) and save your spot for this demo by clicking on the green button.   Ep332 is sponsored by our friends Greenhouse   Hiring is hard, and getting it right is even harder. It's a core business-building function with high stakes that takes a lot of moving parts to see real success. You need workflows that accommodate how you function given your company size and goals. You need a user experience that hiring managers actually buy into. And you need an application process that locks talent in.   Only Greenhouse gives you all that in one platform.   Learn more

Our Co-Head of Securitized Products Research James Egan joins our Chief Economic Strategist Ellen Zentner to discuss the recent challenges facing the U.S. housing market, and the path forward for home buyers and investors. Read more insights from Morgan Stanley.----- Transcript ----- James Egan: Welcome to Thoughts on the Market. I'm James Egan, U.S. Housing Strategist and Co-Head of Securitized Products Research for Morgan Stanley. Ellen Zentner: And I'm Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morgan Stanley Wealth Management. James Egan: And today we dive into a topic that touches nearly every American household, quite literally. The future of the U.S. housing market. It's Thursday, September 25th at 10am in New York. So, Ellen, this conversation couldn't be timelier. Last week, the Fed cut interest rates by 25 basis points, and our chief U.S. Economist, Mike Gapen expects three more consecutive 25 basis point cuts through January of next year. And that's going to be followed by two more 25 basis point cuts in April and July. But mortgage rates, they're not tied to fed funds. So even if we do get 6.25 bps cuts by the end of 2026, that in and of itself we don't think is going to be sufficient to bring down mortgage rates, though other factors could get us there.Taking all that into account, the U.S. housing market appears to be a little stuck. The big question on investors' minds is – what's next for housing and what does that mean for the broader economy? Ellen Zentner: Well, I don't like the word stuck. There's no churn in the housing market. We want to see things moving and shaking. We want to see sellers out there. We want to see buyers out there. And we've got a lot of buyers – or would be buyers, right? But not a lot of sellers. And, you know, the economy does well when things are moving and shaking because there's a lot of home related spending that goes on when we're selling and buying homes. And so that helps boost consumer spending. Housing is also a really interest rate sensitive sector, so you know, I like to say as goes housing, so goes the business cycle. And so, you don't want to think that housing is sort of on the downhill slide or heading toward a downturn [be]cause it would mean that the entire economy is headed toward a downturn. So, we want to see housing improve here. We want to see it thaw out. I don't like, again, the word stuck, you know. I want to see some more churn. James Egan: As do we, and one of the reasons that I wanted to talk to you today is that you are observing all of these pressures on the U.S. housing market from your perspective in wealth management. And that means your job is to advise retail clients who sometimes can have a longer investment time horizon. So, Ellen, when you look at the next decade, how do you estimate the need for new housing units in the United States and what happens if we fall short of these estimated targets? Ellen Zentner: Yeah, so we always like to say demographics makes the world go round and especially it makes the housing market go round. And we know that if you just look at demographic drivers in the U.S. Of those young millennials and Gen Z that are aging into their first time home buying years – whether they're able to immediately or at some point purchase a home – they will want to buy homes. And if they can't afford the homes, then they will want to maybe rent those single-family homes. But either way, if you're just looking at the sheer need for housing in any way, shape, or form that it comes, we're going to need about 18 million units to meet all of that demand through 2030. And so, when I'm talking with our clients on the wealth management side, it's – Okay, short term here or over the next couple of years, there is a housing cycle. And affordability is creating pressures there. But if we look out beyond that, there are opportunities because of the demographic drivers – single family rentals, multi-family. We think modular housing can be something big here, as well. All of those solutions that can help everyone get into a home that wants to be. James Egan: Now, you hit on something there that I think is really important, kind of the implications of affordability challenges. One of the things that we've been seeing is it's been driving a shift toward rentership over ownership. How does that specific trend affect economic multipliers and long-term wealth creation? Ellen Zentner: In terms of whether you're going to buy a single-family home or you're going to rent a single-family home, it tends to be more square footage and there's more spending that goes on with it. But, of course, then relatively speaking, if you're buying that single family home versus renting, you're also going to probably spend a lot more time and care on that home while you're there, which means more money into the economy. In terms of wealth creation, we'd love to get the single-family home ownership rate as high as possible. It's the key way that households build intergenerational wealth. And the average American, or the average household has four times the wealth in their home than they do in the stock market. And so that's why it's very important that we've always created wealth that way through housing; and we want people to own, and they want to own. And that's good news. James Egan: These affordability challenges. Another thing that you've been highlighting is that they've led to an internal migration trend. People moving from high cost to lower cost metro areas. How is this playing out and what are the economic consequences of this migration? Ellen Zentner: Well, I think, first of all, I think to the wonderful work that Mark Schmidt does on the Munis team at MS and Co. It matters a great deal, ownership rates in various regions because it can tell you something about the health of the metropolitan area where they are. Buying those homes and paying those property taxes. It can create imbalances across the U.S. where you've got excess supply maybe in some areas, but very tight housing supply in others. And eventually to balance that out, you might even have some people that, say, post-COVID or during COVID moved to some parts of the country that have now become very expensive. And so, they leave those places and then go back to either try another locale or back to the locale they had moved from. So, understanding those flows within the U.S. can help communities understand the needs of their community, the costs associated with filling those needs, and also associated revenues that might be coming in. So, Jim, I mentioned a couple of times here about single family renting, and so from your perch, given that growing number of single-family rentals, how is that going to influence housing strategy and pricing? James Egan: It is certainly another piece of the puzzle when we look at like single family home ownership, multi-unit rentership, multi-unit home ownership, and then single family rentership. Over the past 15 years, this has been the fastest growing way in which kind of U.S. households exist. And when we take a step back looking at the housing market more holistically – something you hit on earlier – supply has been low, and that's played a key role in keeping prices high and affordability under pressure. On top of that, credit availability has been constrained. It's one of the pillars that we use when evaluating home prices and housing activity that we do think gets overlooked. And so even if you can find a home to buy in these tight inventory environments, it's pretty difficult to qualify for a mortgage. Those lending standards have been tight, that's pushed the home ownership rate down to 65 percent. Now, it was a little bit lower than this, after the Great Financial Crisis, but prior to that point, this is the lowest that home ownership rates have been since 1995. And so, we do think that single family rentership, it becomes another outlet and will continue to be an important pillar for the U.S. housing market on a go forward basis. So, the economic implications of that, that you highlighted earlier, we think that's going to continue to be something that we're living with – pun only half intended – in the U.S. housing market. Ellen Zentner: Only half intended. But let me take you back to something that you said at the beginning of the podcast. And you talked about Gapen's expectation for rate cuts and that that's going to bring fed funds rate down. Those are interest rates, though that don't impact mortgage rates. So how do mortgage rates price? And then, how do you see those persistently higher mortgage rates continuing to weigh on affordability. Or, I guess, really, what we all want to know is – when are mortgage rates going to get to a point where housing does become affordable again? James Egan: In our prior podcast, my Co-Head of Securitized Products Research, Jay Bacow and myself talked about how cutting fed funds wasn't necessarily sufficient to bring down mortgage rates. But the other piece of this is going to be how much lower do mortgage rates need to go? And one of the things we highlighted there, a data point that we do think is important. Mortgage rates have come down recently, right? Like we're at our lowest point of the year, but the effective rate on the outstanding market is still below 4.25 percent. Mortgage rates are still above 6.25 percent, so the market's 200 basis points out of the money. One of the things that we've been trying to do, looking at changes to affordability historically. What we think you really need to see a sustainable growth in housing activity is about a 10 percent improvement in affordability. How do we get there? It's about a 5.5 percent mortgage rate as opposed to the 6 1/8th to 6.25 where we were when we walked into this recording studio today. We think there will be a little bit response to the move in mortgage rates we've already seen. Again, it's the lowest that rates have been this year, and there have been some… Ellen Zentner: Are those fence sitters; what we call fence sitters? People that say, ‘Oh gosh, it's coming down. Let me go ahead and jump in here.' James Egan: Absolutely. We'll see some of that. And then from just other parts of the housing infrastructure, we'll see refinance rates pick up, right? Like there are borrowers who've seen originations over the course of the past couple years whose rates are higher than this. Morgan Stanley actually publishes a truly refinanceable index that measures what percentage of the housing market has at least a 25 basis point incentive to refinance. Housing market holistically after this move? 17 percent? Mortgages originated in the last two years, 61 percent of them have that incentive. So, I think you'll see a little bit more purchase activity. Again, we need to get to 5.5 percent for us to believe that will be sustainable. But you'll also see some refinance activity as well, right? Ellen Zentner: Right, it doesn't mean you get absolutely nothing and then all of a sudden the spigot opens when you get to 5.5 percent. Anecdotal evidence, I have a 2.7 percent 30-year mortgage and I've told my husband, I'm going to die in this apartment. I'm not moving anywhere. So, I'm part of the problem, Jim. James Egan: Well, congratulations to you on the mortgage… Ellen Zentner: Thank you. I wasn't trying to brag, But yes, it feels like, you know, your point on perspective folks that are younger buyers, you know, are looking at the prevailing mortgage rate right now and saying, ‘My gosh, that's really high.' But some of us that have been around for a lot longer are saying, ‘Really, this is fine.' But it's all relative speaking. James Egan: When you have over 60 percent of the mortgage market that has a rate below 4.5 percent, below 4 percent, yes, on a long-term basis, mortgage rates don't look particularly high. They're very high relative to the past 15 years, and to your point on a 2.7 percent mortgage rate, there's no incentive for you... Or there's limited incentive for you to sell that home, pay off that 2.7 percent mortgage rate, buy a new home at higher prices, at a much higher mortgage rate. That has – I know you don't like the word stuck – but it has been what's gotten this housing market kind of mired in its current situation. Price is very protective. Activity pretty low. Ellen Zentner: Jim, we've been talking about all the affordability issues and so let's set mortgage rates aside and talk about policy proposals. Are there specific policies that could also help on the affordability front? James Egan: So, there's a number of things that we get questions about on a pretty regular basis. Things like GSE reform, first time home buyer tax credits, things that could potentially spur supply. And look, the devil is in the details here. My colleague, Jay Bacow, has done a lot of work on GSE reform and what we're really focusing on there is the nature of the guarantee as well as the future of regulation and capital charges. For instance, U.S. banks own approximately one-third of the agency mortgage-backed securities market. Any changes to regulatory capital as a result of GSE reform, that could have implications for their demand, and that's going to have implications on mortgage rates, right? First time home buyer tax credits. We have seen those before – the spring of 2008 to 2010, and if we use that as a case study, we did see a temporary rise in home sales and a pause in the pace with which home prices were falling. But the effects there were temporary. Sales and prices wouldn't hit their post housing crisis lows until after those programs expired. Ellen Zentner: Right. So, you were incentivized to buy the house. You get the credit; you buy the house. But then unbeknownst to any economist out there, housing valuations continued to fall. James Egan: You could argue that it maybe pulled some demand forward. And so, you saw a lot of it concentrated and then the absence of that demand afterwards. And then on the supply side, there are a number of different programs we have touched on, some of them in these podcasts in the past. And then some of those questions become what needs to go through Congress, what is more kind of local municipality versus federal government. But look, the devil's in the details. It's an incredibly interesting housing market. Probably one that's going to be the source of many podcasts to come. So, Ellen, given all these challenges facing the U.S. housing market. Where do you see the biggest opportunities for retail investors? Ellen Zentner: So, in our recent note Housing in the Next Decade, we took a look at single family renting; you and I have talked about how that's likely to still be in favor for some time. REITs with exposure to select U.S. rental markets; what about senior housing? That is something that you've done deep research on, as well. Senior and affordable housing providers, home construction and materials companies. What about building more sustainable homes with a good deal of the climate change that we're seeing. And financial technology firms that offer flexible financing solutions. So, these are some of the things that we think could be in play as we think about housing over the long term. James Egan: Ellen, thank you for all your insights. It's been a pleasure to have you on the podcast. And I guess there's a key takeaway for investors here. Housing isn't just about where we live, it's about where the economy is headed. Ellen Zentner: Exactly. Always a pleasure to be on the show. Thanks, Jim. James Egan: 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.

We love to hear from our listeners. Send us a message.On episode 112 of Cell & Gene: The Podcast, Michael Quigley, Ph.D., Chief Scientific Officer and Global Head of Research at Sanofi talks to Host Erin Harris about the establishment of Sanofi's dedicated Genomic Medicine Unit (GMU). Dr. Quigley emphasizes in vivo delivery and process optimization to improve patient experience, scalability, and global access. They discuss the importance of partnerships with academia, industry, and regulators, and Dr. Quigley discusses how advances in AI are accelerating research efficiency, molecule optimization, and experimental design across Sanofi's portfolio. He also points to the breakthroughs likely to revolutionize immunology and gene therapy, such as solutions to pre-existing immunity barriers, improved tissue-specific delivery, regulated and reversible gene therapies, and more precise gene editing. Cell & Gene: The Podcast and Cell & Gene are part of the Life Science Connect family of resources.Subscribe to the podcast!Apple | Spotify | YouTube Visit my website: Cell & Gene Connect with me on LinkedIn

Our Global Head of Fixed Income Research and Public Policy Strategy, Michael Zezas, examines growth in IPOs and M&A amid greater certainty around trade, immigration and regulation.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, let's talk about how changes in U.S. policy are shaping the markets in 2025—and why we're seeing a pickup in capital markets activity. It's Wednesday, September 24th at 10:30am in New York. At the start of this year, one thing investors agreed on was that with President Trump back in office, U.S. policy would shift in big ways. But there was less agreement about what those changes would mean for the economy and markets. Our team built a framework to help investors track changes in trade, fiscal, immigration, and regulatory policy – focusing on the sequencing and severity of these choices. That lens remains useful. But now, 250 days into the administration, we think it's more valuable to look at the impacts of those shifts, the durable policy signals, and how markets are pricing it all. Let's start with policy uncertainty. It is still high, but it's come down from the peaks we saw earlier this year. For example, the White House has made deals with key trading partners, which means tariff escalation is on pause for now. Of course, things could change if those partners don't meet their commitments, but any fallout may take a while to show up. Even if courts challenge new tariffs, the administration has ways to bring them back. And with Congress divided, most big policy moves are coming from the executive branch, not lawmakers. With policy changes slowing down, it's worth reflecting on a new durable consensus in Washington. For years, both parties mostly agreed on lowering trade barriers and keeping the government out of private business. But it seems that's changed. Industrial policy—where the government takes a more active role in shaping industries—is now a key part of U.S. strategy. Tariffs that started under Trump stayed under Biden, and even current critics focus more on how tariffs are applied than whether they should exist at all. You see this shift in areas like healthcare, energy, and especially technology. Take semiconductors. The CHIPS act under Biden aimed to build a secure domestic supply chain while Trump's approach includes licensing fees on exports to China and considering more government stakes in companies.So, why is capital markets activity picking up then? There are several drivers. First, less uncertainty about policy means companies feel more confident making big decisions. Earlier this year, activity like IPOs and mergers was unusually low compared to the size of the economy. But corporate balance sheets are strong—companies have plenty of cash, and private investors are looking to put money to work. Add in new needs for investment driven by artificial intelligence and technology upgrades, and you get a recipe for more deals. Our corporate clients have told us that having a smaller range of possible policy outcomes helped them move forward with strategic plans. Now, we're seeing the results: IPOs are up 68 percent year-on-year, and M&A is up 35 percent. Those numbers are coming off low levels, so the pace may slow, but we expect growth to continue for a while. This all syncs up with other trends in the market. For example, we continue to see steeper yield curves and a weaker dollar. Why? Well, trade policy is likely to stay restrictive. The fiscal policy trajectory appears locked in as the President and Congress have already made the fiscal choices that they prefer. And the Federal Reserve appears willing to tolerate more inflation risk in order to support growth. That means the dollar could keep falling and longer maturity bond yields could be sticky, even as shorter maturity yields decline to reflect the more dovish Fed. As always, it's important to watch how these trends interact with the broader economy, and that will be important to how we start deliberating on our outlook for 2026. We'll keep analyzing and share more with you as we go. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

On 1 July Ulrike Hoffmann-Burchardi assumed the role of Chief Investment Officer Americas, while continuing as Global Head of Equities for UBS Wealth Management. In a recent visit to the UBS On-Air podcast studio in New York, Ulrike outlined her vision for CIO Americas, discussed the evolution of artificial intelligence - including her experience in this space - and shared takeaways from her recent client conversations across the globe. Plus, we look at Ulrike's career journey, and how she spends her time outside of the office. Host: Daniel Cassidy

Kim Sutherland has 14 different email addresses. She doesn't suggest you do the same, but she does think a lot about fraud in her job as the Global Head of Fraud & Identity at LexisNexis Risk Solutions. As a follow-up to the last episode, Caleb and Kim discuss the various dimensions and the growing prevalence of reward point / loyalty fraud. SponsorsRoutable - http://ohmyfraud.promo/routable(00:00) - Introduction and CPE Opportunity (00:26) - Meet Kimberly Sutherland from LexisNexis (01:43) - Listener Reviews and Feedback (04:07) - Conversation with Kimberly Sutherland Begins (06:06) - Understanding Loyalty Points and Fraud (22:13) - Synthetic Identity Fraud (29:57) - Insider Threats in Loyalty Programs (32:26) - Imagining Fraud to Prevent It (34:39) - Detection and Prevention Strategies (36:20) - Understanding Digital Risk (42:45) - Fraud Databases and Shared Intelligence (45:24) - Responding to Fraud Incidents (53:57) - The Role of Government in Fraud Prevention (59:49) - Future of Fraud and Prevention Technologies (01:02:01) - Ongoing Challenges in Identity Verification (01:03:39) - Conclusion and Credits HOW TO EARN FREE CPEIn less than 10 minutes, you can earn NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.https://www.earmark.app/Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appLearn More About LexisNexishttps://risk.lexisnexis.com/ CONNECT WITH KIMLinkedIn: https://www.linkedin.com/in/ksutherland365 CONNECT WITH CALEBLinkedIn: https://www.linkedin.com/in/calebnewquist/Email us at ohmyfraud@earmarkcpe.com

In this episode, Subhi Saadeh sits down with Alan Stevens, CAPT, to break down the concept of five nines (99.999% reliability) in medical devices. They cover where the standard came from, why FDA introduced it in their 2020 draft guidance, and what it means for life-saving products like epinephrine and naloxone injectors.Alan explains how manufacturers can demonstrate reliability through fault tree analysis, robust process controls, and challenge testing—without needing impossible sample sizes.If you work in pharma, medtech, or quality, this episode will help you understand what “five nines” really means and how to meet FDA expectations while ensuring patient safety.Chapters00:00 – What is Five Nines Reliability?Intro to 99.999% and why it matters for medical devices.00:33 – FDA Guidance & Common Misconceptions2020 draft guidance, sample size myths, and industry confusion.01:17 – How to Demonstrate ReliabilityFeasibility, practical approaches, and FDA expectations.02:31 – High-Stakes Use CasesEpinephrine, naloxone, glucagon injectors.04:00 – Fault Tree Analysis ExplainedBreaking down failures and linking to design/manufacturing.05:25 – Why FDA Chose Five NinesBalancing feasibility, safety, and ISO 14971 influences.09:02 – Verification vs. ReliabilityDesign verification testing vs. true reliability demonstration.23:16 – Key Takeaways for IndustryClosing thoughts on meeting and maintaining reliability standards.Alan Stevens CAPT is the Global Head of Complex Devices and Drug Delivery Systems at AbbVie within the RA Emerging Technologies, Devices and Combination Products team. Prior to joining AbbVie, Alan spent 20 years at the FDA/CDRH leading premarket review and policy development for drug delivery devices and combination products.Subhi Saadeh is a Quality Professional and host of Let's Combinate. With a background in Quality, Manufacturing Operations and R&D he's worked in Large Medical Device/Pharma organizations to support the development and launch of Hardware Devices, Disposable Devices, and Combination Products for Vaccines, Generics, and Biologics. Subhi serves currently as the International Committee Chair for the Combination Products Coalition(CPC) and as a member of ASTM Committee E55 and also served as a committee member on AAMI's Combination Products Committee.For questions, inquiries or suggestions please reach out at letscombinate.com or on the show's LinkedIn Page.

In this 5 Insightful Minutes episode, David Dorf, Global Head of Retail Industry Solutions at AWS, joins Omni Talk to break down the explosive growth of agentic commerce and what retailers need to know for the upcoming holiday season. From Amazon's "Buy for Me" to Google's shopping agents, David reveals how the "agentic wars" have begun and are moving faster than anyone predicted. He shares critical insights on optimizing for both humans and agents, the shift from SEO to GEO (Generative Engine Optimization), and why retailers need to think strategically about inbound, outbound, and on-site agent strategies.

What does the retreat from global climate initiatives mean and how are investors are still driving the energy transition outside of them?  Heather Zichal, JPMorgan Chase Global Head of Sustainability, talks about the role of finance in addressing climate change; why an increasing emphasis on climate adaptation makes sense; and how JP Morgan Chase is capacity building in the sustainability space.  

Creativity through the lens of a creative partner, author, certified coach and entrepreneur"We are most creative when we are creating from a space that is authentically us."Pia Leichter is a creative partner, published author, certified coach, and entrepreneur. Her path has been anything but ordinary: a recovering nomad, she's reported as a journalist in Sri Lanka, graduated summa cum laude from NYU, and worked as an award-winning creative director for some of the biggest brands in the world. Now, as the founder of Kollektiv Studio, she's uniquely positioned to co-create wild visions and ventures. She recently published Welcome to the Creative Club, a book that challenges everything people thought they knew about creativity. Praised by Google's Global Head of Creative & Innovation as "life-changing" and by iconic fashion designer Betsey Johnson as "a wild ride," this part-memoir, part-guide invites readers to make life their biggest art project and reclaim their creative power.Get a copy of her book: https://www.amazon.com/Welcome-Creative-Club-Biggest-Project/dp/B0DPJ8L4NM/ref=sr_1_1Book a chemistry call: https://calendly.com/kollektivstudio/coaching-exploration-callMore about her work: https://kollektiv.studio/Connect through weekly field notes: https://kollektiv.studio/newsletterConnect on social: https://www.linkedin.com/in/pialeichter/Send us a text

This week, host Richard Graves is joined by two leading figures driving innovation in sport: Dr Mackenzie Herzog, VP of Player Health & Safety and Strategic Innovation at the NFL Julie Souza, Global Head of Sports at Amazon Web Services (AWS) Together, they explore the groundbreaking NFL Digital Athlete, a data-driven platform reshaping how the league prevents injuries, enhances performance, and safeguards the long-term health of its players. This episode offers a rare look behind the scenes at how one of the world's biggest sports organisations is using advanced analytics, computer vision, and machine learning to transform player welfare. In this episode, you'll learn: How the NFL Digital Athlete creates a 360° view of every player by combining wearable, video, and performance data The role of AWS in processing 500 million+ data points per week to power injury prevention and performance insights How data modelling led to rule changes like the dynamic kickoff and banning hip-drop tackles to reduce injuries How computer vision is used to track player pose and limb position to identify mechanisms of injury How concussion risk has dropped thanks to position-specific helmets and guardian caps Why player and coach buy-in has been crucial for the success of data-driven safety initiatives How the Digital Athlete model is now influencing college football, global sport, and even other industries About Dr Mackenzie Herzog Dr Mackenzie Herzog is the Vice President of Player Health & Safety and Strategic Innovation at the NFL. She leads the league's efforts to reduce injuries, improve player health outcomes, and integrate cutting-edge technology and analytics into performance and safety strategies. Mackenzie has overseen the creation and implementation of the NFL Digital Athlete, spearheading collaborations with partners such as AWS to harness data for player health and safety advancements across the league. About Julie Souza Julie Souza is the Global Head of Sports at Amazon Web Services (AWS), where she partners with leading sports organisations to leverage cloud technology, machine learning, and data analytics to transform athlete performance, fan engagement, and operational efficiency. Julie has played a pivotal role in AWS's collaboration with the NFL, powering the Digital Athlete platform and pioneering innovations like next-gen stats, optical tracking, and large-scale injury risk modelling. SIGN UP NOW: https://bit.ly/SFSepisode241 ​ Learn Quicker & More Effectively ​ Optimise Your Athletes' Recovery ​ Position Yourself As An Expert To Your Athletes And Naturally Improve Buy-In ​ Reduce Your Athletes' Injury Ratese ​ Save 100's Of Dollars A Year That Would Otherwise Be Spent On Books, Courses And More ​ Improve Your Athletes' Performance ​ Advance Forward In Your Career, Allowing You To Earn More Money And Work With Elite-Level Athletes ​ Save Yourself The Stress & Worry Of Constantly Trying To Stay Up-To-Date With Sports Science Research

Announcing PayPal PYUSD on Stellar with PayPal's Larry Wade and Stellar's José Fernández Da Ponte. To get the show every week, follow the podcast ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. Live from Stellar Meridian 2025 in Rio de Janeiro, CoinDesk's Jennifer Sanasie and Sam Ewen sit down with PayPal's Global Head of Compliance and Regulatory Relations for Crypto, Larry Wade and Stellar's President and Chief Growth Officer José Fernández Da Ponte to announce their new partnership. They discuss how this partnership will bring more utility to stablecoins, the role of compliance in a regulated space, and how this alliance serves a long-term vision for the future of finance. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. - This episode was hosted by Jennifer Sanasie and Sam Ewen.

Announcing PayPal PYUSD on Stellar with PayPal's Larry Wade and Stellar's José Fernández Da Ponte. To get the show every week, follow the podcast ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. Live from Stellar Meridian 2025 in Rio de Janeiro, CoinDesk's Jennifer Sanasie and Sam Ewen sit down with PayPal's Global Head of Compliance and Regulatory Relations for Crypto, Larry Wade and Stellar's President and Chief Growth Officer José Fernández Da Ponte to announce their new partnership. They discuss how this partnership will bring more utility to stablecoins, the role of compliance in a regulated space, and how this alliance serves a long-term vision for the future of finance. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. - This episode was hosted by Jennifer Sanasie and Sam Ewen.

Send us a textThe day after the FOMC's first rate cut of 2025, we sat down with Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, to unpack what the decision really meant, and what the markets maybe got wrong on first read. Matt talks about the shifting dissenters, how updates to the Summary of Economic Projections present a more complicated picture for the future path of rate cuts, and why Powell's tone at the presser felt at odds with the statement itself.We also dig into the Fed's often-misunderstood, rarely referenced “third mandate” (moderate long-term rates), the limits of yield curve “engineering,” and the crucial point that U.S. mortgage rates don't simply follow 30-year Treasury yields. We dive into Matt's favored yield-curve steepener, going into the details of preferred expressions optimized for minimal cost of carry. Beyond rates, he explains why he expects further USD depreciation and gives us a rates-based framework to understand what sometimes feels like puzzling strength in the equities market. This episode is also our “Fixed Income Strategy 101” primer, where we cover: what macro/fixed-income strategy teams actually do, how they partner with sales & trading and clients, the difference between research/strategy/desk strategy, the top skills hiring managers look for (hint: learn Python), and common exit paths. Matthew Hornbach is a Managing Director at Morgan Stanley, Global Head of Macro Strategy, and one of nine members of the Global Investment Committee for Morgan Stanley Wealth Management. With support from his team, Matthew received the most individual or firm votes in the 2021, 2022, 2023, and 2024 Institutional Investor Global Fixed-Income Research poll across all analysts across all Economics & Strategy categories.Matthew began his career at Morgan Stanley in June 2000. He joined as a Japanese Government Bond (JGB) trader in Tokyo, then became a yen interest rate strategist. Matthew moved to New York in 2004 to make markets in Treasury Inflation Protected Securities (TIPS). He returned to Tokyo in 2006 to develop the US Agency MBS Pass-throughs business in Asia. In 2012, Matthew returned to New York as Head of U.S. Rates Strategy and became the Global Head of Rates Strategy shortly thereafter. Just prior to his 20th year at Morgan Stanley, he became Global Head of Macro Strategy. He oversees teams of developed and emerging market rates and FX strategists in New York, London, Tokyo, and Hong Kong.Matthew holds a BA degree in economics from Vassar College and a Certificate of ManaFor a 14 day FREE Trial of Macabacus, click HERE For 20% off Deleteme, use the code TWSS or click the link HERE! Sign up for our LIVE Virtual Bootcamps! 2-Day Financial Modeling Bootcamp Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE) Global Markets & Investing PlaybookA one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together. Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)

What should investors take away from Wednesday's rate cut – and how are US equities likely to respond from here? Tony Pasquariello, Global Head of Hedge Fund Coverage in the Global Banking & Markets division, discusses with Chris Hussey on the Goldman Sachs trading floor. Recorded on September 18, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

On Wednesday, the Fed announced its first rate cut in nine months. While the reduction was widely expected, our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen explain the data that markets and the Fed are watching.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: Our topic today is the Fed's first quarter percent rate cut in 2025. We're here to discuss the implications and the path forward. It's Thursday, September 18th at 10am in New York. So, Mike, the Fed concluded its meeting on Wednesday. What was the high-level takeaway from your perspective?Michael Gapen: So, I think there's two main points here. There's certainly more that we can discuss, but two main takeaways for me are obviously the Fed is moving because it sees downside risk in the labor market.So, the August employment data revealed that the hiring rate took a large step down and stayed down, right. And the Fed is saying – it's a curious balance in the labor market. We're not quite sure how to assess it, but when employment growth slows this much, we think we need to take notice.So, they're adjusting their view. We'll call it risk management 'cause that's what Powell said. And saying there's more risk of worse outcomes in the labor market, keeping a restricted policy stance is inappropriate, we should cut. So that's part one. I think he previewed all of that in Jackson Hole. So, it was largely the same, but it's important to know why the Fed's cutting. The second thing that was interesting to me is as much as he, Powell in this case, tried to avoid the idea that we're on a preset path. That, you know, policy is always data dependent and it's always the meeting-to-meeting decision – we know that. But it does feel like if you're recalibrating your policy stance because you see more downside risk to the labor market, they're not prepared to just do once and go, ‘Well, maybe; maybe we'll go again; maybe we won't.' The dot plots clearly indicate a series of moves here. And when pressed on, well, what's a 25 basis point rate cut going to do to help the labor market, Powell responded by, well, nothing. 25 basis points won't really affect the macro outcome, but it's the path that that matters. So, I do think; and I use the word recalibration; Powell didn't want to use that. I do think we're in for a series of cuts here. The median dot would say three, but maybe two; two to three, 75 basis points by year end. And then we'll see how the world evolves. Matthew Hornbach: So, speaking of the summary of economic projections, what struck you as being interesting about the set of projections that we got on Wednesday? And how does the Fed's idea of the path into 2026 differ from yours?Michael Gapen: Yeah. Well, it was a lot about downside risk to the labor market. But what did they do? They revised up growth. They have the unemployment rate path lower in the outer years of their forecast than they did before, so they didn't revise down this year. But they revised down subsequent years, and they revised inflation higher in 2026. That may seem at odds with what they're doing with the policy rate currently.But my interpretation of that is, you know, the main point to your question is – they're more tolerant of inflation as the cost or the byproduct of needing to lower rates to support the labor market. So, if this all works, the outlook is a little stronger from the Fed's perspective. And so, what's key to me is that they are… You know, the median of the forecast, to the extent that they align in a coherent message, are saying, we're going to have to pay a price for this in the form of stronger inflation next year to support the labor market this year. So that means in their forecast – cuts this year, but fewer cuts in 2026 and [20]27. And how that differs from our forecast is we're not quite as optimistic on the Fed, as the Fed is on the economy. We do think the labor market weakens a little bit further into 2026. So, you get four consecutive rate cuts upfront, again, inclusive of the one we got on Wednesday. And then you get two additional cuts by the middle of 2026. So, we're not quite as optimistic. We think the labor market's a little softer. And we think the Fed will have to get closer to neutral, right? Powell said we're moving “in the direction of neutral.” So, he's not committing to go all the way to neutral. And we're just saying we think the Fed ultimately will have to do that, although they're not prepared to communicate that now.Matthew Hornbach: One of the things that struck me as interesting about the summary of economic projections was the unemployment rate projection for the end of this year. So, the way that the Fed delivers these projections is they give you a number on the unemployment rate that represents the average unemployment rate in the fourth quarter of the specified year. And in this case, the median FOMC participant is projecting that the unemployment rate will average 4.5 percent. And that's what we're forecasting as well, I believe. And so, what struck me as interesting is that with an average unemployment rate of 4.5 percent in the fourth quarter of the year, which is up about 0.2 percent from today's unemployment rate of 4.3 – the Fed is only projecting one additional rate cut in 2026. And I'm curious, do you think that if we in fact get to the end of this year, and it looks like the unemployment rate has averaged about 4.5 percent – do you expect the Fed to continue to forecast only one rate cut in 2026?Michael Gapen: Yeah, I think that's… Um. The short answer is no. I think that's a challenging position to be in. And by that, I mean, in addition to that unemployment rate forecast where it's 4.5 percent for the average of the fourth quarter, which could mean December's as high as 4.6; we don't know what their monthly forecast is.But that would mean the unemployment rate's risen about a half a percentage point from its lows a few months ago. And they have inflation rising to 3 percent. Core PCE is already 2.9. So, inflation is about where it is today; [it's] a touch firmer. But the unemployment rate has moved higher. And so, what I would say is they haven't seen a lot of evidence by December that inflation's coming back down, and the labor market has stabilized.So, this is why we think they will be more likely to get to a neutral-ish or something closer to neutral in 2026 than they're prepared to communicate now. So, I think that's a good point. So, Matt, if I could turn it back to you, I would just like first to ask you about the general market reaction. The 25 basis point cut was universally expected. So really all the potentially new news was then about the forward path from here. So how did markets reply to this? Yields did initially sell off a bit, but they generally came back. What's your assessment of how the market took the decision?Matthew Hornbach: Yeah, so the initial five, 10 minutes after the statement and summary of economic projections is released, everybody's digesting all of the new information. And generally speaking, investors tend to see what they want to see initially in all of the materials. So initially we had yields coming down a bit, the yield curve steepened a bit. But then about half an hour later, it became clear – just right before the press conference had started; it became clear to people that actually this delivery in the documentation was a bit more moderate in terms of the forward look. That it was a fairly balanced assessment of where things are and where things may be heading.And that in the end, the Fed, while it does want to bring interest rates lower, at least in the modal case, that it is still not particularly concerned about downside risks to activity, I should say, than it is concerned about upside risks to inflation. It very much seems a balanced assessment of the risks. And I think as a result, the market balanced out its initial euphoria about lower rates with a moderation of that view. So, interest rates ended up moving slightly higher towards the end of the day. But then, the next day they came back a bit. So, I think, it was a bit more of a steady as they go assessment from markets in the end.Michael Gapen: And do you see markets as maybe changing their views on whether you know, it is a recalibration in the stance, therefore we should expect consecutive cuts? Or is the market now thinking, ‘Hey, maybe it is meeting by meeting.' And what about the Fed's forecast of its terminal rate versus the market's forecast of the terminal rate. So, what happened there?Matthew Hornbach: Indeed. Yeah. So, in terms of how market prices are incorporating the idea that the Fed may cut at consecutive meetings through the end of the year, I think markets are generally priced for an outcome about in line with that idea. But of course, markets, and investors who trade markets, have to take into consideration the upcoming dataset and with the Fed so data dependent; so, meeting by meeting in terms of their decisions – it could certainly be the case that the next employment report and/or the next inflation report could dissuade the committee from lowering rates again, at the end of October when the Fed next meets. So, I think the markets are, as you can expect, not going to fully price in everything that the Fed is suggesting. Both because the Fed may not end up delivering what it is suggesting; it might, or it may deliver more. So, the markets are clearly going to be data dependent as well. In terms of how the market is pricing the trough policy rate for the Fed – it does expect that the Fed will take its policy rate below where the summary of economic projections is suggesting. But that market pricing is more representative I think of a risk premium to the expectations of investors, which generally are in line or end up moving in line with the summary of economic projections over time. So, given that the Fed has changed the economic projections and the forecast for policy rates, investors probably also end up shifting a bit in terms of their own expectations. So, with that, Mike, I will bid you adieu until we speak again next time – around the time of the October FOMC meeting. So, thanks for taking the time to talk.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.

Send us a textThis week on The Wall Street Skinny, we sat down with Gene Tannuzzo, Global Head of Fixed Income at Columbia Threadneedle, right as the Federal Reserve's latest rate decision hit the wires. We walk through the live market reaction to the Fed's 25 basis point cut, the dissenting voices on the FOMC, and what this move signals about the central bank's shifting priorities. For those curious about how policy decisions ripple into real-time trading activity, this episode gives you a rare seat at the table during the announcement itself.As Gene explains, the flatness of today's yield curve and the Fed's projections for additional cuts this year underscore the tension between slowing labor market data and still-stubborn inflation. We dig into the nuances of steepeners versus flatteners, what the dot plot is really telling us, and how fiscal policy plays into the broader bond market narrative. Whether you're an experienced market watcher or just starting to understand the dynamics of Fed meetings, you'll come away with a much clearer framework for interpreting these moves.We also broaden the conversation to explore structural shifts in the economy, including labor force trends, immigration, and the role of AI in reshaping productivity and capital spending. Gene helps break down why funding markets matter, how balance sheet policy can contradict rate policy, and what investors should watch for as the Fed balances credibility, growth, and inflation risk. The result is a lively, insightful discussion that blends market theory, policy analysis, and practical trading perspective.For a 14 day FREE Trial of Macabacus, click HERE For 20% off Deleteme, use the code TWSS or click the link HERE! Sign up for our LIVE Virtual Bootcamps! 2-Day Financial Modeling Bootcamp Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE) Global Markets & Investing PlaybookA one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together. Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)