Podcasts about global head

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Latest podcast episodes about global head

The Impact Report
Communicating Climate in 2025 - Navigating Polarization with Action and Authenticity

The Impact Report

Play Episode Listen Later Oct 16, 2025 32:43


In this live episode recorded during Climate Week NYC 2025, Bard MBA professor Renay Loper hosts a conversation with Alec Turnbull, co-founder of Climate Tech Cities and the Climate Film Festival, and Lauren Kiel, Global Head of Community Innovation at Bloomberg Media. The panel tackles communicating climate action in a polarized environment, discussing why talking about 'value instead of values' resonates with business leaders and why 89% of people care about climate despite the stigma around discussing it. They explore the shift from headlines to action, the power of personal stories over macro messaging, and why record-breaking Climate Week attendance suggests real momentum continues. The conversation emphasizes that incremental progress matters, long-term planning persists despite political headwinds, and the most important climate action we can take is simply talking about it.

Wharton Marketing Matters
Highlights: Yahoo's Global Head of B2B Marketing, Sponsorships, and Events | DoorDash's Vice President of Ads

Wharton Marketing Matters

Play Episode Listen Later Oct 16, 2025 36:15


Shannon Shae Montoya, Global Head of B2B Marketing, Sponsorships, and Events at Yahoo, joins Barbara Kahn to discuss how Yahoo uses data, creativity, and nostalgia to craft immersive campaigns that connect with new generations. Plus, Toby Espinosa, Vice President of Ads at DoorDash, talks with Dr. Americus Reed, II about scaling the company from startup to global marketplace and the future of retail media innovation. Hosted on Acast. See acast.com/privacy for more information.

TreasuryCast
Shaping Tomorrow's Treasury through Steady Evolution

TreasuryCast

Play Episode Listen Later Oct 16, 2025 8:31


Trends and buzzwords come and go, but the real changes in treasury have come as a result of steady evolution. Drawing on years of dialogue with clients across the globe, Dick Oskam, ING's Global Head of Transaction Services Sales, reflects on treasury's transformation – from fragmented systems to real-time cash management – driven by technology, regulation, and resilience. 

The CyberWire
Prince of fraud loses crown.

The CyberWire

Play Episode Listen Later Oct 15, 2025 31:43


A record-breaking Bitcoin seizure. Patch Tuesday notes. Capita fined for unlawful access to personal data. Unity site skimmed by malicious script. Vietnam Airlines breached potentially exposing 20 million passengers. An automotive giant experiences a third-party breach. Tim Starks from CyberScoop is discussing how Sen. Peters tries another approach to extend expired cyber threat information-sharing. In our latest Threat Vector, David Moulton⁠ sits down with⁠ Harish Singh about hybrid work. And inside North Korea's blueprints for deception. Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CyberWire Guest Today we are joined by Tim Starks from CyberScoop is discussing how Sen. Peters tries another approach to extend expired cyber threat information-sharing law. Threat Vector Hybrid work has changed the game, but has your security kept up? In this segment of Threat Vector, David Moulton⁠ sits down with⁠ Harish Singh⁠, Vice President and Global Head of Infrastructure and Application Management at Wipro, to unpack the evolving cybersecurity landscape at the intersection of digital transformation, SaaS expansion, and AI-powered operations. You can listen to their full discussion here, and catch new episodes every Thursday on your favorite podcast app. Selected Reading Feds Seize Record-Breaking $15 Billion in Bitcoin From Alleged Scam Empire (WIRED) Microsoft October 2025 Patch Tuesday fixes 6 zero-days, 172 flaws (Bleeping Computer)  Patch Tuesday, October 2025 ‘End of 10' Edition (Krebs on Security) Capita Fined £14m After 2023 Breach that Hit 6.6 Million People (Infosecurity Magazine)                     Malicious Code on Unity Website Skims Information From Hundreds of Customers (SecurityWeek) Airline with over 20 million passengers a year involved in customer data breach (Daily Mail) Information Regarding Customer Data Breach (Vietnam Airlines) Auto giant Stellantis discloses data breach affecting North American customers (Top Class Actions) North Korean Scammers Are Doing Architectural Design Now (WIRED) Share your feedback. What do you think about CyberWire Daily? Please take a few minutes to share your thoughts with us by completing our brief listener survey. Thank you for helping us continue to improve our show. Want to hear your company in the show? N2K CyberWire helps you reach the industry's most influential leaders and operators, while building visibility, authority, and connectivity across the cybersecurity community. Learn more at sponsor.thecyberwire.com. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Important Part: Investing with Liz Young
Why Dan Ives Thinks this AI Boom Is Not Your Grandpa's Dot-Com Bubble

The Important Part: Investing with Liz Young

Play Episode Listen Later Oct 15, 2025 40:06


Dan Ives—Wall Street's most colorfully dressed tech bull—shares why the AI party is just getting started. As Managing Director and Global Head of Technology Research at Wedbush Securities, Dan predicts that autonomous vehicles will be so widespread, your kids won't need driver's licenses by 2029, and, he thinks, humanoid robots will be in millions of homes. Unlike the late '90s dot-com bubble built on PowerPoint dreams and venture capital fumes, this revolution is bankrolled by tech giants sitting on mountains of cash. Ives breaks down his “AI 30” stock picks, explains why he'd rather drive a Ferrari (tech stocks) than a beat-up minivan (value stocks), and admits the one thing that keeps him up at night: China. For more, read Liz's column every Thursday at ⁠⁠On The Money⁠⁠ by SoFi⁠⁠⁠, and follow Liz on Twitter ⁠⁠@LizThomasStrat⁠⁠. Additional resources: ⁠⁠On The Money⁠⁠: Sign up for SoFi's newsletter for intel, insights, and inspo to help you get your money right. ⁠⁠Investing 101 Center⁠⁠: At SoFi, we believe investing is for everyone — which is why we've created a hub with info for beginners and experts alike. Start exploring to get investment education, advice, resources, and more. ⁠⁠Wealth Investing Guide⁠⁠: Information you need to know to make your money work harder for you. This podcast should be used for informational purposes only and not deemed as a recommendation. Our Automated investing is via SoFi Wealth LLC, and is a registered investment advisor. Our Active investing is via SoFi securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest® platforms, please visit www.⁠⁠ SoFi.com/Legal⁠⁠. ©2025 Social Finance, Inc. All Rights Reserved.

The Running Effect Podcast
What Elite Performers Get Right: Sports Scientist Kristen Holmes on Sleep, Recovery, and the Psychology of Greatness

The Running Effect Podcast

Play Episode Listen Later Oct 15, 2025 62:53


Kristen Holmes has worn every hat in the world of performance, including athlete, coach, scientist, and innovator.Today, she's setting the standard at WHOOP.At the University of Iowa, she was a two-time First-Team All-American, the 1996 Big Ten MVP, and even pulled double duty on the women's basketball team. From there, she rose to the U.S. National Field Hockey Team, earning a spot as an Olympic alternate in 1996 and competing in the 1998 World Cup.When her playing days concluded, Kristen turned her competitive fire into coaching. From 2003 to 2015, she led Princeton University's field hockey program to a staggering 12 Ivy League titles, 11 NCAA tournament appearances, and the crown jewel of them all, first NCAA field hockey championship by an Ivy League team, in 2012. Then, in 2016, she joined WHOOP, where she's now the Global Head of Human Performance and Principal Scientist. With a Ph.D. in Psychology from the University of Queensland, she's helping athletes, executives, and everyday performers unlock their best through the science of recovery, sleep, and HRV.In just the past few months, Kristen helped launch Project FASTT, a groundbreaking collaboration to close the research gap on female athletes. She's sharing her knowledge on the WHOOP Podcast and Science & Soul.Tap into the Kristen Holmes Special.  If you enjoy the podcast, please consider following us on Spotify and Apple Podcasts and giving us a five-star review! I would also appreciate it if you share it with your friend who you think will benefit from it. Comment the word “PODCAST” below and I'll DM you a link to listen. If this episode blesses you, please share it with a friend!S H O W  N O T E S-The Run Down By The Running Effect (our new newsletter!): https://tinyurl.com/mr36s9rs-BUY MERCH BEFORE IT'S GONE: https://shop.therunningeffect.run-Our Website: https://therunningeffect.run -THE PODCAST ON YOUTUBE: https://www.youtube.com/channel/UClLcLIDAqmJBTHeyWJx_wFQ-My Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/therunningeffect/?hl=en⁠⁠⁠⁠⁠⁠-Take our podcast survey: https://tinyurl.com/3ua62ffz

One Woman Today
Thinking about the Future with Lisa Gralnek

One Woman Today

Play Episode Listen Later Oct 15, 2025 32:59 Transcription Available


I am thrilled to welcome Lisa Gralnek, a go-to resource on values driven leadership to discuss the importance of being present of our current state, while always planning for and thinking about tomorrow. Lisa's expertise also brings a unique perspective to our conversation about future-forward initiatives around brand and design.  Lisa is a driving force in strategy and brand building, Lisa is an influential business leader with a career spanning senior roles at adidas, Chobani, moo.com, The Boston Consulting Group, and Walmart. Currently the US Managing Director and Global Head of Sustainability & Impact at iF Design — the prestigious international design institution and host of the annual cross-disciplinary  iF DESIGN AWARD since 1953. Her independent consultancy LVG & Co. has pioneered future-forward growth initiatives since 2017, and is a corporate member of 1% for the Planet. Prior to pivoting into business innovation and transformation, she spent nearly a decade as a Photo Editor and Talent Agent in the global world of high fashion. A sought-after speaker, author, and thought leader on values-driven leadership, Lisa's work has graced publications like The New York Times, Fast Company and Fortune, while her insightful contributions have been featured at global conferences, corporate workshops, and media summits on five continents. Her award-winning interview series FUTURE OF XYZ, now in its 7th season, is presented by iF Design and is a proud member of Sandow's SURROUND Podcast Network. Lisa holds a BA in Political Science and French from Bates College and an MBA in International Business from INSEAD.(2:13) We start off learning about who Lisa Gralnek is in the world.(3:05) Lisa shares how she sees nature and how it has impacted her life and career.(4:56) How does Lisa reflect on her past experiences and how do they influence decisions today?(8:51) Lisa delves into how she feels that “values drive a brand”.(10:48) We learn more about one of Lisa's strength  “Today + Tomorrow”(13:10) How does “design” fit into everything?(16:02) What are the patterns and thinking that Lisa is seeing in her work?(20:20) How do we start having conversations to become more “human centered”?(22:30) Who does Lisa follow, and where does she find her inspiration?(25:30) What message does Lisa want to share with the Warrior Community?(28:10) Over the next 5 years, what does Lisa see about the impact she has had?Connect with Lisa Gralnekhttps://www.linkedin.com/in/lisagralnek/https://ifdesign.com/en/ Subscribe: Warriors At Work Podcasts Website: https://jeaniecoomber.comFacebook: https://www.facebook.com/groups/986666321719033/Instagram: https://www.instagram.com/jeanie_coomber/Twitter: https://twitter.com/jeanie_coomber LinkedIn: https://www.linkedin.com/in/jeanie-coomber-90973b4/YouTube: https://www.youtube.com/channel/UCbMZ2HyNNyPoeCSqKClBC_w

Resilient Cyber
Resilient Cyber w/ Mitch Herckis - Securing the Public Sector

Resilient Cyber

Play Episode Listen Later Oct 15, 2025 39:02


In this episode, I sit down with Mitchel Herckis, Global Head of Government Affairs at cloud security leader Wiz. We will be discussing all things public sector and cybersecurity, including the evolution of the FedRAMP program, modernizing vulnerability management, and the future of Continuous ATO (cATO).We covered a lot of ground, including:Mitch's background, both at Wiz and inside Government at roles such as OMBHow Wiz is working with Federal agencies and Defense Industrial Base (DIB) partners on Cloud Security, including the long-needed overhaul of FedRAMP with FedRAMP 20x's efforts.The move towards real Continuous Monitoring (ConMon) with real-time visibility of cloud environments, as well as the need for machine-readable artifacts, automations, and streamlined security control assessments.The modernization of vulnerability management, including factors such as attack paths, reachability, exploitability, known exploitation, and the importance of focusing on real risks versus noise.Moving away from paper-based compliance exercises and bridging the gap between security and compliance.Wiz's role as a CVE Numbering Authority (CNA) and the broader CVE program, including its importance for both the Government and industry when it comes to vulnerability management.To evolving usage of SBOMs and broader supply chain security.Disjointed efforts around the Government at both the Federal at State levels when it comes to Continuous ATO (cATO) and how we can move towards a more cohesive approach to modern system assessment and authorization.The importance of Government Affairs and bridging the divide between industry and Government, including bringing in tech leaders into Government, influencing policy, and improving outcomes for citizens and warfighters alike.The dual-edged sword that is AI adoption in the public sector.

GZero World with Ian Bremmer
How life sciences investment drives economic growth

GZero World with Ian Bremmer

Play Episode Listen Later Oct 14, 2025 29:54


Investing in health and science research isn't just about curing diseases. It has huge impacts across society, from creating jobs to driving economic growth to boosting national competitiveness. Study shows that every $ invested in the life sciences industry generates $3 in GDP globally, whereas every job created in the life sciences industry generates five in the global economy. Life sciences are one of the most powerful engines of prosperity, yet many governments still underestimate their economic return.In this episode of The Ripple Effect: Investing in Life Sciences, host Dan Riskin speaks with Patrick Horber, President of Novartis International, and David Gluckman, Vice Chairman of Investment Banking and Global Head of Healthcare at Lazard. Together, they break down the outsized economic impact of life science innovation, from trillions in US bioscience output to China's meteoric rise as a global R&D hub. The conversation delves into the ways governments can support innovation with not just money, but through policy and regulation; plus, some of the best ways that countries can help the sector secure investment, talent, and long-term growth.This limited series, produced by GZERO's Blue Circle Studios in partnership with Novartis, examines how life science innovation plays a vital role in fulfilling that commitment. Host: Dan RiskinGuests: Patrick Horber, David Gluckman  Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bringing the Human back to Human Resources
249. Future-Proofing Your Career: The Power of Upskilling & Continuous Learning feat. Tan Moorthy

Bringing the Human back to Human Resources

Play Episode Listen Later Oct 14, 2025 28:12


This week, Traci sits down with Tan Moorthy, CEO of Revature and accomplished business leader with over three decades of experience in the global IT services industry.After 23 years with Infosys—where he served as Executive Vice President across multiple functions including Head of Delivery Operations for US, Canada, and LATAM, Group Head of HR, and Global Head of Education—Tan now focuses on bridging the talent gap through workforce transformation. He's also a champion of sustainable development, having led UN work groups defining corporate metrics for Sustainable Development Goals.Spoiler alert: That knowledge you're protecting isn't as proprietary as you think—and hoarding it might be the very thing keeping you from growing.Tan reveals why learning at the speed of change is the only way to stay relevant, how upskilling existing employees delivers faster ROI than external hiring, and the three-pillar framework (education, engagement, exposure) that builds true competence. Plus, he shares the career-defining moment when a failed proposal taught him that content without communication means lost opportunities.What We Cover:The proposal that changed everything – How losing a client deal due to poor communication skills sparked Tan's transformation into a lifelong learner and eventually led him to share a stage with Steve BallmerWhy comfort zones are career killers – The counterintuitive move from a successful business role into corporate HR that everyone warned against, and why it opened doors Tan never imaginedThe three pillars of competence – Breaking down how knowledge, skills, and attitude combine through education, engagement, and exposure to create lasting workforce transformationLearning at the speed of change – Why continuous learning isn't about getting ahead anymore—it's about staying in the same place you are nowThe upskilling advantage over external hiring – How investing in people who already know your systems, culture, and ecosystem delivers immediate productivity versus the ramp-up time new hires requireWhy knowledge hoarding backfires – The fundamental truth that if you don't share what you know, someone else will—and why giving more means getting more in returnMentorship as a two-way street – How working with Gen Z employees (or any generation different from yours) creates peer-to-peer learning that benefits both sides equallyThe innovation power of different perspectives – Why surrounding yourself with people who think like you guarantees stagnation, and how diverse viewpoints spark breakthrough ideasBuilding elastic teams that bend without breaking – How creating learning ecosystems helps organizations adapt through pandemics, economic shifts, elections, and technological disruptionKey Quote: "You've got to learn at the speed of change for you to stay in the same place that you are, let alone to run." – Tan MoorthyConnect with Tan Moorthy: LinkedIn: Tan Moorthy Company: RevatureConnect with Traci here: https://linktr.ee/HRTraciDisclaimer: Thoughts, opinions, and statements made on this podcast are not a reflection of the thoughts, opinions, and statements of the Company by whom Traci Chernoff is actively employed.Please note that this episode may contain paid endorsements and advertisements for products or services. Individuals on the show may have a direct or indirect financial interest in products or services referred to in this episode.

GZERO World with Ian Bremmer
How life sciences investment drives economic growth

GZERO World with Ian Bremmer

Play Episode Listen Later Oct 14, 2025 29:54


Investing in health and science research isn't just about curing diseases. It has huge impacts across society, from creating jobs to driving economic growth to boosting national competitiveness. Study shows that every $ invested in the life sciences industry generates $3 in GDP globally, whereas every job created in the life sciences industry generates five in the global economy. Life sciences are one of the most powerful engines of prosperity, yet many governments still underestimate their economic return.In this episode of The Ripple Effect: Investing in Life Sciences, host Dan Riskin speaks with Patrick Horber, President of Novartis International, and David Gluckman, Vice Chairman of Investment Banking and Global Head of Healthcare at Lazard. Together, they break down the outsized economic impact of life science innovation, from trillions in US bioscience output to China's meteoric rise as a global R&D hub. The conversation delves into the ways governments can support innovation with not just money, but through policy and regulation; plus, some of the best ways that countries can help the sector secure investment, talent, and long-term growth.This limited series, produced by GZERO's Blue Circle Studios in partnership with Novartis, examines how life science innovation plays a vital role in fulfilling that commitment. Host: Dan RiskinGuests: Patrick Horber, David Gluckman  Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Polityka Insight Podcast
Will Trumponomics save or crash the global economy? | PI Podcast

Polityka Insight Podcast

Play Episode Listen Later Oct 14, 2025 65:26


In a bonus episode of “Value Added”, produced in cooperation with Citi Handlowy on the occasion of the Warsaw Macro Conference, we take a closer look at what the U.S. economic policy might look like during Donald Trump's second term. Our guests from Citi — who follow the American economy and politics daily — share their insights into the key challenges ahead. In the first part, Andrzej Bobiński, Managing Director of Polityka Insight, talks with Candi Wolff, Head of Global Government Affairs at Citigroup, about how politics shapes the fiscal landscape and what lies ahead for domestic policy. In the second part, Hanna Cichy, Head of the Business Desk at Polityka Insight, asks Andrew Hollenhorst, Chief U.S. Economist at Citi, how tariffs influence the labor market, the investment environment, and monetary policy. Finally, Johanna Chua, Global Head of Emerging Market Economics at Citi, explains the international effects of U.S. tariffs, especially on China.

Thoughts on the Market
An M&A Boom for Financials

Thoughts on the Market

Play Episode Listen Later Oct 13, 2025 9:38


Morgan Stanley analysts Betsy Graseck and Michael Cyprys discuss what's driving unprecedented consolidation for asset and wealth management firms.Read more insights from Morgan Stanley.----- Transcript ----- Betsy Graseck: Welcome to Thoughts on the Market. I'm Betsy Graseck, Morgan Stanley's U.S. Large Cap Banks Analyst and Global Head of Banks and Diversified Finance Research.Michael Cyprys: And I'm Mike Cyprys, Head of U.S. Brokers, Asset Managers and Exchanges Research.Betsy Graseck: The asset management and wealth management industries are on the cusp of major consolidation. We're going to unpack today what's driving the race for scale and what it means for investors and the industries at large.It's Monday, October 13th at 4pm in New York.Mike, before we dive into the setup for M&A, I did want to get out here on the table. What's your outlook for the asset management industry?Michael Cyprys: Sure. So, asset management today is, call it, $135 trillion industry, in terms of assets under management that are managed for a fee. We expect it to grow at about an 8 percent clip annually over the next five years. And that's driven by faster growth in private markets, solutions and passive strategies, while we expect to see slower growth in the core active arena.Two key drivers of growth there. First private markets. We expect to see rising investor allocations from both institutional investors, but also more importantly from retail investors that remain early days in accessing the asset class. So, as we look out in the coming years, we do expect this democratization of private markets to play out, and we see that being helped by product innovation, investor education and technology advances that are all helping unlock access.Second growth driver is solutions. And I think you're looking at me a little dazed on what's solutions. And by that we really mean products and strategies that are addressing demographic challenges around aging populations. So, think about that as solutions that provide for retirement income, as well as those that offer tax efficient solutions. So, think about that as model portfolios, as well as sub-advisory mandates. We also expect to see growth in outsourced Chief Investment Officer, OCIO mandates and broadly retirement focused products.So that's the asset management industry in terms of our outlook. Betsy, what's your outlook for the growth in the wealth management industry?Betsy Graseck: Well, somewhat similar, but a little bit slower – off of a larger base. What does that mean? So, we are looking for global growth in wealth management of 5.5 percent CAGR, and that is off of a base of [$]301 trillion, which is intriguing, right? Because that's larger than the [$]135 trillion you mentioned for asset management.So, in wealth, we were expecting [$]301 trillion in 2024 grows to [$]393 trillion in 2029. And within the wealth industry, what we see as the driver for incremental opportunities here is both in the ultra high net worth segment as well as the affluent segments, as client needs evolve and technology delivers improving efficiencies.And I think one of the interesting things here – as we think about the look forward from industry perspective – is the fact that both asset management and wealth management industries have been very fragmented for a very long time, especially relative to other financial industries. I think one reason is that they need less capital to operate successfully.But Mike, back to the asset management industry, specifically – deal activity seems to be inching up. What are you attributing this increase in M&A to?Michael Cyprys: Yeah, so we do see M&A picking up, and we expect that to continue over the next couple of years. A number of reasons for that. First growth is becoming a bit more scarce, with clients working with fewer partners. And over the next five years, we expect the number of available slots to continue to decline upwards of a third, which concentrates growth opportunities.Betsy Graseck: Wait, wait, wait. Upwards of a third. And number of slots. When you say number of slots, you're talking about it from the asset manager client perspective…Michael Cyprys: Correct. From the asset owner standpoint or intermediary standpoint.Betsy Graseck: They're looking to consolidate their providers?Michael Cyprys: Correct.Betsy Graseck: Okay.Michael Cyprys: They're looking to work with fewer asset managers.Betsy Graseck: Mm-hmm.Michael Cyprys: At the same time, the winners are taking more share, right? So, our work shows that the largest firms are disproportionately capturing a larger share of net new money as they leveraged their scale to reinvest in capabilities as well as in relationships.And also, I'd point to the fact that we have seen a pickup in deal activity already. And we think that's going to lead more firms to consider strategic activity themselves, as they think and rethink what constitutes scale. And we think that that bar is rising…Betsy Graseck: Mm. Michael Cyprys: And firms are thinking about how to compete effectively as the landscape evolves. And look, this is all in the context of already a lot of challenges and changes happening as you think about evolving client needs. The rising cost of doing business, whether it's investing for growth or even harnessing AI, and that's all pressuring profitability. We think this is particularly a challenge for those mid-size money managers that are multi-asset, multi-liquid and global. Those with, call it, [$]0.5 trillion to [$]2 trillion in size, making them more likely to pursue consolidation, opportunities to bolster their capabilities and scale while also generating cost efficiencies.Betsy Graseck: So now looking forward, what type of deals do you expect and how does it differ from past years?Michael Cyprys: Sure. So, a few things are different than past years. First is that the deal activity is encompassing many forms of partnership. And we think that this experimentation around partnership will only accelerate. That allows, for example, for private market managers to access retail distribution without owning the end infrastructure and the last mile to the customer. It also allows traditional managers to provide their retail customers with access to high quality private market strategies from well-known and branded firms.Second is we see a broadening out of the types of acquisitions themselves when we talk about M&A, right? So, three types of deals. First are deals within the same vertical or intersector. So, think about this as an asset manager buying another asset manager to acquire capabilities, to gain cost synergies or bolster distribution.Second type of deals that we're seeing are ones that expand beyond one's own vertical. So intersector deals. So, asset management combining with wealth or insurance, for example, where firms would seek to own a larger, greater portion of the overall value chain. And so, these firms are getting closer to that end client. For example, an asset manager getting closer to that end customer. And the third type being financial sponsor deals where a sponsor is investing either as an in an asset or a wealth manager.Now you didn't ask me around the historical outcomes of M&A. But I would say that the historical outcomes have been mixed in the asset management space. But here we think that the opportunity ahead is so bright that we think firms will find ways to navigate and pursue strategic activity. But it does require addressing some of the culture and integration challenges that have plagued some of the deals in the past.Betsy Graseck: Okay.Michael Cyprys: So, Betsy, what do you see as the key drivers of consolidation in wealth management?Betsy Graseck: There's several. From the wealth manager side, number one is an aging population of advisor and advisor-owners, and the need to address succession and how to best serve their clients when passing on their book of business. So, we've got succession issues as the number one driver. But additionally, the need for scale is clearly getting higher and higher – given the costs of IT infrastructure rising, the needs to be able to leverage AI effectively and to manage your cyber risk effectively. These are just some of the drivers of desire to merge from the wealth manager perspective.Second. We have an increasing buying pool. If you just look at the large cap banks, for example. Significant amount of excess capital. Could we see some of that excess capital be put to work in the wealth management industry? To me, that would make sense. Why? Because wealth management is one of the best, if not the best financial institution service for shareholders. It is a high ROE business. It also is a business that commands a high multiple in the stock market.So, we would not be surprised to see activity there over the course of the next several years. So, Mike, thanks for joining me on the show today.Michael Cyprys: Thanks, Betsy. Always a pleasure.Betsy Graseck: And to our listeners, 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.

It's No Fluke
E249 How Giant Spoon Revved Up a "Driven" Campaign Starring Timothée Chalamet for Lucid Motors

It's No Fluke

Play Episode Listen Later Oct 13, 2025 40:00


If you haven't seen the ad just yet, “Driven” kicks off with a high-octane brand campaign starring Chalamet and directed by Oscar-nominee James Mangold (A Complete Unknown, Ford v. Ferrari). The spot blends cinematic flair with automotive innovation, with Chalamet and a bride (played by Larsen Thompson) hijacking the Lucid Gravity SUV from a top-secret desert facility in a two-minute “director's cut.” Akerho “AK” Oghoghomeh is the Senior Vice President & Global Head of Marketing at Lucid Motors, where he's redefining what it means to build a premium brand in the EV space. Known for blending creativity, culture, and strategy, AK has led some of the most transformative campaigns in food, beverage, and now mobility. At Lucid, he's steering global storytelling and cultural partnerships around the launch of the Gravity SUV and beyond.Before Lucid, AK was Chief Marketing Officer at Beyond Meat, where he helped reshape how people think about food, and Senior Vice President of Marketing at Red Bull North America, where he drove record-breaking U.S. growth. From scaling Amazon's recruitment engine to building lifestyle movements with Red Bull, AK thrives on turning bold ideas into brands that inspire.Ian Grody is Chief Creative Officer of Giant Spoon, an independent, integrated agency that expands the ways people experience brands. As the only creative agency on Fast Company's Top 50 Most Innovative Companies 2023 and #1 in its Advertising category, Giant Spoon is known for turning marketing upside down. Obsessed with culture and driven by insatiable curiosity, the agency is composed of teams across creative, media, and strategy to stir shit up for ambitious brands.Leading creative at Giant Spoon, Ian has produced award-winning work for clients like Lucid, Autodesk, HBO, Johnnie Walker, Netflix, Away, Marvel, and Savage x Fenty across offices in New York City and Los Angeles.Over the course of his career, Ian has been named one of Adweek's 100 People Shaping Culture and Media and included on The Drum's 100 Most Awarded Creative Directors in the World. Ian has written superhero shows, dystopian thrillers, and raunchy country musicals for networks like MTV, SyFy, and CMT; optioned features domestically and abroad; and published a graphic novel with AWA Studios and The Tribeca Film Festival.

Spark of Ages
How to Finance a Law That Saves Women's Lives/Bhairavi Parikh, Richard Arney - 2%, WHIC, Voter Initiative ~ Spark of Ages Ep 48

Spark of Ages

Play Episode Listen Later Oct 10, 2025 59:39 Transcription Available


We map the data, policy, and funding failures that created the women's health gap and lay out a California-led plan to fix it with research built for women, agile AI governance, and voter-backed capital. The goal: better outcomes, lower costs, and a template to repair healthcare at large.• two percent venture funding and underpowered trials• AI amplifying bias without sex-specific datasets• misdiagnosis, adverse drug reactions, and cost burden• why subgroup analysis must be mandated• ballot initiatives as a research funding engine• learning from California's stem cell model• WHIC's scope: basic science to real‑world translation• agile governance for AI and data privacy• workforce constraints versus knowledge deficits• value‑based care's attribution math problem• women's health as a system-wide blueprint• tangible moonshot: closing the measured gapIf anyone is out there is interested in becoming the part of future healthcare for women in California, we welcome your input. We welcome your views, your time, and your treasure to be part of this campaign that's going to change the course of history for women's health in California, if not the United States.  Please reach out to Bhairavi or Rick on LinkedinThe numbers are brutal: women receive a fraction of research attention, a sliver of venture funding, and face later diagnoses with higher adverse drug reactions—then AI threatens to accelerate the bias baked into that history. We take this on head‑first with Bhairavi Parikh, a serial medtech founder behind the proposed Women's Health Institute of California (WHIC), and Rick Arney, co-author of California's landmark privacy laws and a strategist who knows how to turn public will into policy.We unpack why clinical trials still fail to power for sex differences, how underrepresentation turns into misdiagnosis and higher costs, and what it will take to build datasets and decision tools that actually work for women. From agile AI governance to rigorous privacy protections, we explore how to enable research without sacrificing trust, and why California's ballot initiative model—proven in the state's stem cell program—offers a practical way to fund the missing science and speed real-world translation. Bhairavi Parikh: https://www.linkedin.com/in/bhairavi-parikh-9732071/Founder of the Women's Health Institute of California (WHIC), a proposed statewide research initiative which we'll be discussing in depth today.  She is also the Founder and CEO of Clarity Health Alliance.  Previously Bhairavi served as COO at Health Rhythms and Wildflower Health. As a serial founder, Bhairavi has built multiple med tech companies, including CellScape and Apieron, collectively raising over $75 millionRichard Arney: https://www.linkedin.com/in/richard-arney-3a23731a/A recognized authority on privacy, having co-authored the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA). Rick previously served as BlackRock's Global Head of Alternatives Distribution and led BlackRock's hedge fund product strategy and served as Head of Investment Strategy for the Global Market Strategies Group, which managed BlackRock's largest ($10B AUM) hedge fund.  Website: https://www.position2.com/podcast/Rajiv Parikh: https://www.linkedin.com/in/rajivparikh/Sandeep Parikh: https://www.instagram.com/sandeepparikh/Email us with any feedback for the show: sparkofages.podcast@position2.com

The Joint Venture: an infrastructure and renewables podcast
Intesa Sanpaolo's Luca Matrone on the state of renewables financing

The Joint Venture: an infrastructure and renewables podcast

Play Episode Listen Later Oct 10, 2025 15:54


In this episode recorded live at our Investing in the Energy Transition event in Milan, inspiratia speaks with Luca Matrone, Global Head of Energy at Intesa Sanpaolo, about how Europe's leading lenders are navigating a rapidly changing energy market. Maya and Luca discuss the bank's global renewable strategy, the outlook for hydrogen and storage, and why Italy's regulatory framework continues to attract capital. From blended finance models to the future of SMRs, this episode explores where institutional finance meets the next wave of clean energy investment.Interested in tickets for our Munich event? Email conferences@inspiratia.com or buy them directly on our website.Reach out to us at: podcasts@inspiratia.comFind all of our latest news and analysis by subscribing to inspiratiaListen to all our episodes on Apple Podcasts, Spotify, and other providers. Music credit: NDA/Show You instrumental/Tribe of Noise©2025 inspiratia. All rights reserved.This content is protected by copyright. Please respect the author's rights and do not copy or reproduce it without permission.

Negotiate Anything: Negotiation | Persuasion | Influence | Sales | Leadership | Conflict Management
They Said Vulnerability Was Weakness… But We Discovered Freedom Anyway

Negotiate Anything: Negotiation | Persuasion | Influence | Sales | Leadership | Conflict Management

Play Episode Listen Later Oct 9, 2025 63:32


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.

Outrage and Optimism
Inside COP: A New Economy Rising - from promises to progress

Outrage and Optimism

Play Episode Listen Later Oct 9, 2025 46:56


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:

Thoughts on the Market
When Will the Shutdown Affect Markets?

Thoughts on the Market

Play Episode Listen Later Oct 8, 2025 3:16


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.

The Wharton Moneyball Post Game Podcast
From Ice to Insight: SAP and the NHL's Partnership Driving Smarter Hockey

The Wharton Moneyball Post Game Podcast

Play Episode Listen Later Oct 8, 2025 61:00


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.

All The Credit
From Buyers to Builders: Assessing the U.S. Housing Market

All The Credit

Play Episode Listen Later Oct 7, 2025 29:56


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.

STANDARD H Podcast
Ep. 164 - Geoff Hess (Global Head of Sotheby's Watch Department / Rolliefest)

STANDARD H Podcast

Play Episode Listen Later Oct 7, 2025 61:37


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

Greater Possibilities
The government shutdown, gold prices, and the state of the economy

Greater Possibilities

Play Episode Listen Later Oct 7, 2025 26:02


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.)

The Business Case For Women's Sports
Ep. #169 Why Pinterest Chose The New York Liberty For Its First-Ever Sports Partnership, ft. Sara Pollack

The Business Case For Women's Sports

Play Episode Listen Later Oct 7, 2025 32:18


New Books Network
Richard Duncan, "The Money Revolution: How to Finance the Next American Century" (John Wiley & Sons, 2022)

New Books Network

Play Episode Listen Later Oct 6, 2025 55:06


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

The Big Unlock
Bridging the AI Gap in Healthcare with AI Literacy and Trust

The Big Unlock

Play Episode Listen Later Oct 6, 2025 25:37


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.

It's No Fluke
E245: Vikki Chowney: The Power of Community Influence, What's Real with AI and What's Possible

It's No Fluke

Play Episode Listen Later Oct 6, 2025 36:17


Vikki Chowney has spent over 20 years shaping how brands create and connect through content - spanning social, partnerships, and influencer strategy. At Burson, she leads the global influencer team, helping protect and build brand reputation through credible, creative, and data-driven collaboration.Previously, she was Global Head of Content & Publishing and U.S. Innovation & Creative Lead at Hill & Knowlton, where she built the agency's U.S. Innovation & Creative Hub and led a global network across editorial, branded content, social, and influencer marketing - delivering award-winning work for Pfizer, ANA, Intel, Huawei, and the United Nations.Vikki has also held senior roles at TMW Unlimited, where she launched the agency's social media department for clients including Unilever, INFINITI, Canon, and Sony, and at Condé Nast Britain, where she developed brand-owned content strategies with the talent behind iconic titles such as Vogue, GQ, and Vanity Fair. A former journalist, she has written and edited for titles like Econsultancy, Contagious, The Guardian, and Marketing Week.Recognized as a PRWeek U.S. 40 Under 40 and in PRovoke's inaugural EMEA Innovator list, Vikki is also a sought-after speaker and mentor, sharing her expertise at events such as Cannes Lions and SXSW. Outside of work, she enjoys traveling with her three children, Reformer Pilates, and curating the perfect playlist.

EUVC
E615 | EUCVC Summit 2025: Simon Boas Hoffmeyer, Carlsberg & Kasper Hulthin, Future Five: Resetting ESG: Beyond Compliance to Real Change

EUVC

Play Episode Listen Later Oct 5, 2025 9:51


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.

XChateau - Navigating the Business of Wine
The Tip of the Spear, Global Wine Auctions w/ Adam Bilbey, Christie's

XChateau - Navigating the Business of Wine

Play Episode Listen Later Oct 3, 2025 35:27


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.

ESG Insider: A podcast from S&P Global
How the biggest bank in the US is approaching climate risk

ESG Insider: A podcast from S&P Global

Play Episode Listen Later Oct 3, 2025 23:54


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.

The Baer Faxt Podcast
The Baer Faxt Podcast: Art, Cars and Luxury with Shelby Myers

The Baer Faxt Podcast

Play Episode Listen Later Oct 2, 2025 34:28


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.

The Road to Accountable AI
Heather Domin: From Principles to Practice

The Road to Accountable AI

Play Episode Listen Later Oct 2, 2025 34:38 Transcription Available


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

Fair Market Value: Christie's Art Market Insights
Devang Thakkar, The Future of the Art Market

Fair Market Value: Christie's Art Market Insights

Play Episode Listen Later Oct 2, 2025 40:09


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. 

Talent Intelligence Collective Podcast
The one where Kim Bryant returns

Talent Intelligence Collective Podcast

Play Episode Listen Later Oct 2, 2025 71:17


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

Rox Lyfe
Inside HYROX HQ: Mat Lock & Ralf Iwan on Elite Racing, Coaching, and the Future of the Sport

Rox Lyfe

Play Episode Listen Later Oct 2, 2025 73:10


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.

SunCast
859: Patrick Crane's Plan to Cut Solar Costs in Half

SunCast

Play Episode Listen Later Sep 30, 2025 48:46


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:

Remarkable Marketing
Clue: B2B Marketing Lessons on Creating a Cult Classic with Chief Marketing Officer at Wrike, Christine Royston

Remarkable Marketing

Play Episode Listen Later Sep 30, 2025 42:14


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.

Workplace Innovator Podcast | Enhancing Your Employee Experience | Facility Management | CRE | Digital Workplace Technology
Ep. 371: “We Want To Do Better” – Navigating Hybrid Work with a Holistic Approach to Workplace Strategy with Pallavi Shrivastava, MRICS, LEED AP of Arcadis

Workplace Innovator Podcast | Enhancing Your Employee Experience | Facility Management | CRE | Digital Workplace Technology

Play Episode Listen Later Sep 30, 2025 22:09


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/  

The Voices of Risk Management
Insurance for Every Sector, Including Nuclear Energy with Kate Fowler

The Voices of Risk Management

Play Episode Listen Later Sep 30, 2025 30:07


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.”  

SRI360 | Socially Responsible Investing, ESG, Impact Investing, Sustainable Investing
Accidental Father of Impact: Nick O'Donohoe on Leading BSC, BII & Building Investability in Emerging Markets (#106)

SRI360 | Socially Responsible Investing, ESG, Impact Investing, Sustainable Investing

Play Episode Listen Later Sep 30, 2025 94:56


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

Knowledge Cast by Enterprise Knowledge
Daan Hannessen - Global Head of Knowledge Management at Shell

Knowledge Cast by Enterprise Knowledge

Play Episode Listen Later Sep 29, 2025 39:08


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 Learning Hack podcast
LH117 AI, Productivity & Humans in Charge with Brian Murphy

The Learning Hack podcast

Play Episode Listen Later Sep 29, 2025 52:37


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

Smarter Markets
Catching Up On Climate Episode 4 | Hannah Hauman, Global Head of Carbon Trading, Trafigura

Smarter Markets

Play Episode Listen Later Sep 27, 2025 32:43


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.

Thoughts on the Market
Investors Monitor Washington's Ticking Budget Clock

Thoughts on the Market

Play Episode Listen Later Sep 26, 2025 4:43


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.

Thoughts on the Market
When Will the U.S. Housing Market Reactivate?

Thoughts on the Market

Play Episode Listen Later Sep 25, 2025 15:01


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.

Thoughts on the Market
Capital Markets Pick Up as U.S. Policy Settles

Thoughts on the Market

Play Episode Listen Later Sep 24, 2025 4:23


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.

UBS On-Air
Meet Ulrike Hoffmann-Burchardi, CIO Americas and Global Head of Equities

UBS On-Air

Play Episode Listen Later Sep 24, 2025 11:01


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

Late Confirmation by CoinDesk
PayPal's PYUSD Launches on Stellar to "Revolutionize Commerce" | Markets Outlook

Late Confirmation by CoinDesk

Play Episode Listen Later Sep 20, 2025 7:50


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.

Thoughts on the Market
Weighing Fed Cut Against Jobs and Inflation Risks

Thoughts on the Market

Play Episode Listen Later Sep 18, 2025 11:16


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.