Current Account with Clay Lowery

Episode 140 – Let’s Get This Strait: Iran, Oil, and Global Markets

Mon, 30 Mar 2026 14:00:00 -0000

In this episode of Current Account, Clay is joined by Helima Croft, Managing Director and Head of Global Commodity Strategy at RBC Capital Markets, to discuss the conflict in Iran and the resulting market implications as the conflict enters its fourth week. With continued attacks on oil and gas infrastructure across the Gulf and the Strait of Hormuz still nearly shut, global markets are confronting the consequences of an energy shock unlike anything seen in decades. Oil remains above $100 a barrel, supply routes are strained, and consumers around the world are feeling the pressure at the pump. To help make sense of the rapidly changing energy picture, they explore why this shock is proving so disruptive, how markets have responded so far, and which regions are most exposed if elevated prices persist.

The conversation examines the broader macroeconomic risks: when a tight oil market stops being a short‑term nuisance and begins to bleed into inflation expectations, how long supply disruptions can be sustained before strategic reserves or alternative routes come into play, and what a delayed reopening of the Strait might mean for energy‑importing economies. Clay and Helima also discuss the political dimension, including President Trump’s self‑imposed deadline for a negotiated end to the conflict, and the uncertainty surrounding whether flows through the Strait can ever return to pre‑war levels.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

Episode 139 – The Plot Thickens: Broader Implications of the War in Iran

Mon, 23 Mar 2026 14:00:00 -0000

In this episode of Current Account, Clay is joined by Richard Fontaine, CEO of the Center for a New American Security, to return to the rapidly evolving conflict in Iran as the fighting enters its third week. What began as a regional confrontation has now produced far‑reaching political and economic consequences, both within Iran and across global markets. Oil remains near $100 per barrel, energy infrastructure in the Gulf has been repeatedly struck, and the killing of another senior Iranian figure has escalated uncertainty around the trajectory of the conflict.

Richard provides insight into how Iran’s battlefield setbacks, leadership losses, and retaliatory strikes on Gulf cities are shaping the country’s strategic posture, and how these dynamics are influencing regional partners who once viewed themselves as insulated from direct conflict. The conversation also explores why European countries have declined to join U.S. efforts near the Strait of Hormuz despite their heavy reliance on energy flows through the corridor, and how President Trump’s assertion that the U.S. “doesn’t need help” from NATO is shaping transatlantic tensions.

Clay and Richard examine the roles of China and Russia, both of which have publicly expressed support for Iran, and discuss what this alignment reveals about the broader geopolitical relationship among the three countries. The episode concludes with a look at possible scenarios going forward, from prolonged fighting to broader regional spillover, what policymakers should watch as the conflict evolves, and the sentiment within the United States of entering into this conflict.

Episode 138 – The War in Iran - Two Weeks In

Tue, 17 Mar 2026 16:00:00 -0000

In this episode of Current Account, Clay is joined by Negar Mortazavi, a Journalist, Political Analyst and Senior Fellow at the Center for International Policy (CIP), for a clear, timely breakdown of the rapidly unfolding conflict in Iran. Less than two weeks after U.S. and Israeli strikes targeted key Iranian government and military sites, retaliatory actions have rippled across the region, impacting energy infrastructure, shipping lanes, and global markets.

Negar explains what has transpired since the initial strikes, including the dramatic succession of Mojtaba Khamenei as Iran’s new leader. She discusses the internal political dynamics in Tehran, the likelihood of domestic unrest, and how the Iranian government is framing this moment both internally and regionally. Clay and Negar also examine Iran’s attempts to broaden the conflict geographically and the strategic calculations behind attacks on neighboring countries.

The conversation closes with a look ahead: what escalation or de‑escalation could realistically look like, what all of this means for energy markets and geopolitical stability, and what next steps may be in store.

Episode 137 – Can Europe Move From Diagnosis to Delivery?

Mon, 09 Mar 2026 14:00:00 -0000

In this episode of Current Account, Clay is joined by Meghan Milloy, the IIF’s Managing Director and Head of Corporate Communications, and Martin Boer, General Manager of the IIF’s Brussels Office and Chief Representative, Europe, to revisit Europe at a moment of mounting complexity - fresh off the IIF’s European Summit in Brussels on March 4-5.

Clay reflects on the policy conversations shaping Europe’s agenda; conversations that were already wide‑ranging before a sudden escalation of conflict in the Middle East reshaped the economic backdrop. With crude prices sharply higher and natural gas prices surging, Europe finds itself confronting an immediate energy shock just as it enters the spring with unusually low inventories and reduced access to energy resources.

To begin to unpack these developments and the priorities emerging across the continent, Meghan shares insights from her conversations with policymakers and industry leaders at the Summit, highlighting what is top of mind for European stakeholders, from immediate concerns about energy security to the broader challenge of sustaining growth. Martin brings a view from the ground on regulatory simplification efforts, noting that while the topic is gaining attention, meaningful progress remains uneven. He also discusses the rapid rise of defense financing as a central policy priority and how governments, banks, and investors are weighing ways to support defense needs without crowding out other long‑standing commitments.

Together, Meghan and Martin reflect on the evolving transatlantic relationship and what recent shifts mean for financial cooperation, especially as Europe and the United States grapple with geopolitical uncertainty, supply chain adjustments, and diverging regulatory pathways.

Episode 136 – When Regulatory Simplification Gets Complicated

Mon, 02 Mar 2026 15:00:00 -0000

In this episode of Current Account, Clay is joined by Doug Elliott, Partner at Oliver Wyman, and Andrés Portilla, Managing Director of Regulatory Affairs at the IIF, to take a closer look at the growing global debate over regulatory modernization. Fifteen years after the Global Financial Crisis led policymakers to introduce an expansive set of rules designed to reinforce financial stability, many jurisdictions are now questioning whether the existing framework has become overly complex, duplicative, or limiting to growth.

Together, Clay, Doug, and Andrés unpack what modernization really means today, whether it is simplification, de‑layering, right‑sizing, or true deregulation, and why the conversation is gaining urgency across markets. Doug lays out the philosophical and practical forces behind modernization efforts globally, while Andrés discusses the findings of the recent IIF Report, "Modernization and Simplification — Revamping the Global Banking Regulatory Framework" - underscoring how overlapping constraints and diverging national interpretations create unnecessary friction for banks operating across borders.

The discussion also turns to the ongoing debate over central bank independence, an issue increasingly intertwined with the regulatory modernization agenda. They examine how these debates differ across jurisdictions, how they may influence regulatory decision‑making, and why a credible, independent regulatory framework remains essential for market confidence. In addition, the conversation assesses the role of global standard setters, including the Financial Stability Board and the Basel Committee, in helping ensure consistency as countries revise their approaches at different paces. Clay and his guests discuss why maintaining coherence across borders is critical, even as national politics, growth priorities, and competitive pressures pull policymakers in different directions.

Emergency Episode - Supreme Court Overturns IEEPA Tariff Authority

Wed, 25 Feb 2026 14:00:00 -0000

In this emergency episode of Current Account, Clay continues the discussion on tariffs with Chris Padilla from the Brunswick Group after the U.S. Supreme Court on Friday, February 20, ruled that the International Emergency Economic Powers Act (IEEPA) does not provide authority for the president to unilaterally impose tariffs. While much is unknown, the Court made one thing clear: major trade actions require clear legal grounding and a durable policy framework.

The episode contains a special web session recorded on Monday, February 23, where Clay is joined by Chris to analyze why the decision is a meaningful marker for markets, trading partners, and corporations and follows up on on Episode 134, where they discuss a variety of United States trade and policy topics including the possible ruling against the use of IEEPA.

The full video session can be found for IIF members here.

Episode 135 – When the Questions Are Better Than the Answers: Signals From Japan and the Dollar

Mon, 23 Feb 2026 15:00:00 -0000

In this episode of Current Account, Clay is joined by Nathan Sheets, Global Chief Economist at Citi and former U.S. Undersecretary of the Treasury for International Affairs, to explore Japan’s shifting economic landscape following a historic political moment.* Just over 100 days into her term, Prime Minister Sanae Takaichi called a snap election that delivered a rare supermajority for the Liberal Democratic Party. With such a decisive mandate, Japan enters 2026 with renewed political strength and major policy opportunities.

Together, they discuss what Prime Minister Takaichi’s victory means for economic policymaking, how the U.S.-Japan alliance is shaping the outlook, and the growing debate around possible U.S. intervention in the yen. Nathan offers insight into why intervention is being discussed now, what it would aim to accomplish, and whether it is truly likely given recent messaging from Washington.

The conversation also examines the broader dollar debate, Japan’s uniquely high debt levels, and the pressures facing both the U.S. and Japanese economies. Clay and Nathan conclude with a look at geopolitics, specifically the delicate triumvirate relationship between the U.S., Japan and China, and how this balance could impact the global economy in the year ahead.

Episode 134 – The Best of Times and the Worst of Times: A Tale of Trump’s Tariffs

Tue, 17 Feb 2026 15:00:00 -0000

In this episode of Current Account, Clay is joined by Chris Padilla, Senior Advisor at Brunswick Group and former U.S. Under Secretary of Commerce for International Trade, to revisit U.S. trade policy. After a turbulent 2025 marked by sweeping tariffs, new negotiation frameworks, and significant legal uncertainty, trade may feel quieter entering 2026, but remains a central priority for the Trump administration.

Drawing on his years of government and corporate experience, Chris offers perspective on the issues likely to dominate trade policy this year, from the durability of recent agreements with China, the EU, Japan, and Korea to the broader geopolitical shifts driven by tariff realignments and new partnerships.

The conversation also covers the ongoing U.S.-Mexico-Canada Agreement (USMCA) review, an area of heightened uncertainty as political tensions rise among member countries. Clay and Chris discuss how the process could unfold, whether renewal or restructuring is more realistic, and what the implications may be for North American supply chains. They also examine the pending Supreme Court decision on the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs - an outcome with major consequences for U.S. trade strategy.

Episode 133 – China's Economy: A Little Less Conversation, a Little More Control

Mon, 09 Feb 2026 15:00:00 -0000

In this episode of Current Account, Clay is joined by two IIF colleagues, Marcello Estevão, Managing Director and Chief Economist, and Gene Ma, Head of China Research and Chief Representative for the Asia-Pacific region, to take a closer look at China’s evolving role in the global economy at a time when growth is no longer the country’s top priority. Long viewed as the engine of global expansion, China is now emphasizing domestic stability, reshaping trade patterns and global economic dynamics in the process.

Drawing on recent travel across the region and insights from the IIF China Economic Forum, they discuss how policymakers and market participants are interpreting China’s shift away from growth-driven stimulus toward a more measured approach. The conversation explores the drivers behind China’s record trade surplus, including the role of weak imports alongside steady exports, ongoing challenges in the housing sector, rising household savings, and persistent deflationary pressures.

Clay, Marcello, and Gene also examine how China’s increasing focus on trade with emerging markets—and reduced engagement with advanced economies—is reshaping global trade flows. The episode concludes with a forward-looking discussion on what really matters for understanding China in 2026, and why the key question may no longer be how fast China grows, but how its new economic posture affects the rest of the world.

Episode 132 – The Transformation of Finance — It’s Actually Nuanced: Let’s Look at Digital Money for Instance

Mon, 02 Feb 2026 17:00:00 -0000

In this episode of Current Account, Clay sits down with Hannah Anderson, Senior Policy Advisor in the IIF’s Digital Finance department, to discuss how digital payments, tokenization, and emerging stablecoin frameworks are shaping global financial innovation in early 2026.

Clay and Hannah explore why digital payments and tokenization have transitioned from experimental concepts to core priorities for both the official and private sectors. They examine the surge in tokenization initiatives—particularly in Asia—where public–private pilots are expanding rapidly and jurisdictions are working to establish the regulatory infrastructure needed to scale digital asset markets.

The conversation also looks at the growing momentum behind stablecoin development, what these launches could mean for global payments, how they might interact with existing dollar‑backed stablecoins, and what financial institutions should watch as regulatory clarity evolves. Finally, they consider the broader implications for cross‑border payments, including opportunities to modernize settlement systems, improve efficiency, and support interoperability as tokenized and digital payment rails mature.

Episode 131 – Myth Busted? - Europe's Path for Growth and Competition

Mon, 26 Jan 2026 17:00:00 -0000

In this episode of Current Account, Clay is joined by Christian Mumenthaler, former CEO of Swiss Re and current chair of the UBS Center for Economics in Society, to examine Europe’s economic competitiveness at a pivotal moment for the global economy. Recorded live from Zurich, Switzerland, the episode situates Europe’s outlook amid intensifying geopolitical pressures, regulatory debates, and shifting transatlantic dynamics.

Drawing on his experience leading a global financial institution, Christian offers his assessment of Europe’s competitive position following the release of the Draghi report and weighs in on whether concerns about stalled innovation and productivity are overstated.

The conversation explores how Europe’s financial regulatory and supervisory framework affects growth, whether the continent can balance increased defense spending with ambitions in digital innovation and the green transition, covers some common themes or myths around Europe and its progress, and how Europe should approach its economic relationships with the United States and China as fragmentation deepens.

Episode 130 – The Three Rs of International Finance: Rapid Growth, Resilience, and Reengineering - with IIF CEO Tim Adams

Tue, 20 Jan 2026 18:00:00 -0000

In this episode of Current Account, Clay is joined by Tim Adams, President and CEO of the IIF, to kick off the new year with a forward-looking discussion on the forces set to shape global finance in 2026 as financial leaders prepare for the IIF’s annual board meetings and convene in Davos.

Drawing on Tim’s extensive global engagement with policymakers and industry leaders, the conversation explores the macro forces most likely to matter in the year ahead, from geoeconomic risk and innovation to growth opportunities and overlooked vulnerabilities. Clay and Tim also discuss the regulatory themes expected to shape strategy in 2026, including how financial institutions can navigate fragmentation in trade, sanctions, and industrial policy without overreacting.

The episode concludes with practical guidance for financial services leaders planning for the year ahead, as well as a look at what to expect from on-the-ground conversations at Davos and how increased U.S. engagement could influence the broader World Economic Forum agenda.

Episode 129 – Venezuela: Navigating the Aftermath and Path to Transition

Mon, 12 Jan 2026 14:30:00 -0000

In this episode of Current Account, Clay is joined by Eric Farnsworth, Partner at Continental Strategy and a veteran of U.S. government and international policy circles, to examine one of the most dramatic geopolitical developments in recent years: the U.S. military’s capture of Venezuelan President Nicolás Maduro and his wife on January 3. This unprecedented move has thrown Venezuela into political uncertainty and raised critical questions about the country’s future.

Together, Clay and Eric discuss the objectives behind the U.S. action, who is now in charge in Venezuela, and what this means for governance and stability. The conversation also explores Venezuela’s economic collapse, the state of its oil sector, and whether lifting sanctions could reopen the door for investors and financial services firms.

Finally, the episode looks ahead to what might come next for Venezuela, from potential regime change to the challenges of rebuilding infrastructure and restoring economic capacity.

For more from the IIF on Venezuela, read our recent publication here: LatAm Views: Venezuela’s Transition — Early Signals and Market Implications.

Episode 128 – Too Many Cooks in the Kitchen? - Insurance Outlook Amidst Regime Shifts

Mon, 15 Dec 2025 14:30:00 -0000

In this episode of Current Account, Clay is joined by two leading voices in the insurance sector, Jérôme Haegeli, Swiss Re Group Chief Economist and Head of Swiss Re Institute, and Philippe Brahin, IIF Director of Insurance and NBFI Regulation and Policy, to explore how economic uncertainty, regulatory changes, and shifting risk landscapes are reshaping global insurance markets.

Together, they discuss the forces driving change in the industry, from trade tensions and technological disruption to rising natural catastrophe exposures. The conversation highlights how insurers are responding to these pressures, the strategies they are pursuing to close protection gaps, and the initiatives underway to strengthen investment capabilities. They also talk through the recent announcement by Treasury about the future of the Financial Stability Oversight Council (FSOC) and what it means for insurance broadly.

The episode then looks ahead to 2026 and beyond, when global insurance premium growth is expected to slow to an average of 2.3 percent in real terms, slightly below the pace of the past five years. Clay and his guests consider what insurers must do to maintain resilience and profitability in a more challenging environment.

For more on insurance markets, find here Swiss Re's report: Shifting sands: Global economic and insurance market outlook.[](https://www.swissre.com/institute/research/sigma-research/sigma-2025-05-global-economic-insurance-outlook-shifting-sands.html "https://www.swissre.com/institute/research/sigma-research/sigma-2025-05-global-economic-insurance-outlook-shifting-sands.html")

Current Account programming will return in January 2026.

Episode 127 – Pushing on the Accelerator - The Rise of Global Debt in 2025

Mon, 08 Dec 2025 14:30:00 -0000

In this episode of Current Account, Clay is joined by Sonja Gibbs, IIF’s Managing Director of Global Policy Initiatives and Head of Sustainable Finance, to discuss the latest developments in global debt as the year comes to a close.

Clay and Sonja examine what the rise of global debt, now standing at a total of nearly $346 trillion, means for financial markets and private sector firms and explore the factors driving this increase - particularly the concentration of debt in the government sector, with China and the United States leading the way. The conversation also looks at corporate debt, which is approaching $100 trillion, and considers the implications of record-high issuance by high-yield borrowers.

Finally, the episode looks ahead to 2026, discussing which trends are likely to continue and what new dynamics could shape debt markets in the coming year.

Episode 126 – Stop! In the Name of Tariffs - The Supremes (Court) & IEEPA

Mon, 24 Nov 2025 14:30:00 -0000

In this episode of Current Account, Clay provides an update on the Supreme Court case challenging President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to justify sweeping tariffs.

Clay explains how the administration relied on IEEPA to impose tariffs on nearly all imported goods, including a 10 percent baseline tariff on all countries - with targeted measures on Mexico, Canada, China, and Brazil. He reviews the legal arguments presented before the Supreme Court, including whether these tariffs constitute taxation or fall under the President’s emergency authority to regulate imports.

The episode also explores what could happen if the Court rules against the administration. Potential outcomes include a massive refund process for more than $89 billion in tariff revenue, a shift toward sector-specific tariffs under Section 232 and possible use of alternative statutes such as Section 122 of the Trade Act of 1974 or Section 338 of the Tariff Act of 1930. Clay considers the political and economic implications of these scenarios and why this decision could reshape U.S. trade policy.

For more on IEEPA, check out Episode #109: An Eye for an IEEPA: Trump Tariffs - Where Are They Now?

Episode 125 – India and Korea in the Whirlwind of U.S. Tariffs, China’s Dynamics and the Future of Finance

Mon, 17 Nov 2025 14:30:00 -0000

In this episode of Current Account, Clay is joined by Ashok Bhundia, IIF Deputy Chief Economist and Head of Asia Macroeconomic Research, to discuss Asia’s global economic and geopolitical trends.

The conversation focuses on how Asian economies are responding to evolving U.S.–China trade negotiations and strategic competition. Clay and Ashok explore the increasing importance of digital finance in shaping regional priorities, as well as the surge in investment and innovation in artificial intelligence and stablecoins. They also consider which countries are best positioned to benefit from the AI boom amid intensifying technology rivalry.

The episode addresses currency trends and whether Asian currencies could appreciate against the U.S. dollar as part of broader efforts to rebalance trade. Finally, Clay and Ashok discuss whether Asia will lead global growth and innovation or face pressure to choose sides between the United States and China.

Episode 124 – Argentina's Midterms - Will This Time be Different?

Mon, 03 Nov 2025 14:30:00 -0000

In this episode of Current Account, Clay is joined by Kezia McKeague, Regional Director for Latin America at McLarty Associates and IIF's Martín Castellano, Head of Latin America Research, to unpack the results and implications of Argentina’s recent midterm elections.

The conversation explores President Javier Milei’s strengthened political mandate, the role of U.S. financial support in shaping the electoral outcome, and how markets have responded. Kezia and Martín also discuss the short- and medium-term risks to Milei’s economic stabilization plan, including persistent inflation, a widening current account deficit, and pressure on real wages and growth. Finally, the discussion considers whether this moment marks a turning point for reform in Argentina and broader Latin America.

Episode 123 – I’ll Take Mine Rare — Critical Minerals Negotiations with China

Mon, 27 Oct 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies (CSIS), to discuss a topic on the rise: critical minerals and rare earths.

First, Gracelin explains the difference between critical minerals and rare earths and their relative importance as resources. The discussion that follows includes how China has monopolized the mining, manufacturing and production of critical minerals, how these circumstances may play a part in upcoming discussions between U.S. President Donald Trump and Chinese President, General Secretary Xi Jinping, how the state of these markets may drive global connections - as seen with the recent trade deal between the United States and Australia - and much more.

Episode 122 – A New Equilibrium - G20 Priorities with Chair Sim Tshabalala

Mon, 20 Oct 2025 14:00:00 -0000

In this episode of Current Account, Clay talks to Sim Tshabalala, Group Chief Executive Officer of the Standard Bank Group and Chair of the B20 South Africa Finance & Infrastructure Task Force, to discuss a variety of topics within the G20 and B20 agenda.

Clay and Sim first discuss takeaways from the 2025 IMF/World Bank and IIF Annual Meetings, including an underlying theme of unexpected hope, before shifting to the role of the B20 within the G20 agenda, key milestones and accomplishments of the Finance & Infrastructure Task Force, how the private sector can assist in building confidence in infrastructure projects - specifically in Africa, what priorities the United States may have as it transitions to G20 Chair in 2026, how a transition from South Africa to the United States might play out and much more.

Episode 121 – Growth and Innovation in an Uncertain World - Previewing the 2025 Annual Meetings

Mon, 13 Oct 2025 13:30:00 -0000

In this episode of Current Account, Clay previews a variety of themes and topics poised to be the center of many discussions during the upcoming 2025 IIF Annual Membership Meeting and IMF/World Bank Annual Meetings.

Clay breaks down the major themes from the upcoming meetings into three main categories: (1) Risks, such as geopolitical risk, policy uncertainty and the rise of global debt; (2) Opportunities, including the rise of gold, increased role of artificial intelligence and further developments in digital asset expansion and regulation; and (3) Potential Institutional Issues, highlighted by the role and demand for critical minerals, shifts in supply chains and tariff implications, a call for simplification in the realm of supervision and regulation, and region-specific issues - as recently brought to light in Argentina.

Click here for more information on the 2025 IIF Annual Membership Meeting.

IIF Members can watch the "Countdown to the AMM!" here.

Episode 120 – One Ring (Fence) to Rule Them All - A Discussion on Geopolitical and Geoeconomic Risk

Mon, 06 Oct 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Ziad Haider, Partner and Global Director of Geopolitics, Singapore, McKinsey & Co., to discuss one of the most important topics in the financial services industry: Geopolitics.

Clay and Ziad begin the podcast by detailing the increased prominence of geopolitics in recent years, before discussing the role of resilience for financial services firms, what risks are front of mind in the near future, preparation approaches for dealing with risks that are unpredictable in nature, whether geopolitics will become a permanent risk to monitor, or not, and much more.

Episode 119 – O Fortuna — The Fed Cuts Rates While Facing Two-Sided Risk

Mon, 29 Sep 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by IIF's Managing Director and Chief Economist, Marcello Estevão, to give an update on the Federal Reserve and discuss its recent decision to make a 25-basis point rate cut. Clay and Marcello begin by discussing the rate cut and what it signifies for the U.S. economy as a whole, including the state of inflation, unemployment and overall growth.

The discussion then shifts to answering forward-looking questions: What does this rate cut mean for the economy? How will this impact policymaking, wage pressure, and labor fragmentation?

Finally, Clay and Marcello discuss how the Fed - specifically Chair Jerome Powell - may view the labor market and what moves may come from other global markets following the most recent rate cut.

Episode 118 – It's a bird! It's a plane! No, it's Supervision! - Talking Recent Developments in Banking Supervision

Mon, 15 Sep 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by IIF's Andrés Portilla, Managing Director of Regulatory Affairs, and Katie Rismanchi, Deputy Director of Regulatory Affairs, to talk about banking supervision - namely developments and recent trends in how supervision is approached across the globe. The discussion begins with a key question: Why is banking supervision important?

The podcast continues with a discussion on the response to supervisory turmoil in recent years, issues and flaws within current supervisory procedures and processes, potential solutions to aid in increased supervisory effectiveness and transparency, how progress can be - and may already have been - measured and much more.

For more information about this topic, read the IIF's recent paper on supervisory effectiveness here.

Episode 117 – What Do Onions, Movie Tickets and Stablecoins Have in Common? - A Discussion on Digital Asset Legislation and Regulation

Mon, 08 Sep 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Scott Lee, IIF's Deputy Director and Senior Counsel in the Digital Finance department, to discuss recent developments in the world of digital asset regulation and legislation. Clay and Scott begin with the status and background on three pieces of digital asset legislation in the U.S.: The GENIUS Act, the CLARITY Act and the Anti-CBDC Surveillance State Act.

Afterwards, the discussion shifts to the role of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in balancing regulatory authority, how jurisdictions outside of the U.S. are approaching digital asset regulation, what key signs are to come on the horizon and much more.

Episode 116 – This One Goes Up to 11 - Pressure on the Federal Reserve

Mon, 04 Aug 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Don Kohn, the Robert V. Roosa Chair in International Economics and a Senior Fellow in the Economic Studies program at the Brookings Institution, to discuss recent developments and the overarching role of the Federal Reserve - the central bank of the United States.

Don and Clay begin with the traditional importance of the Fed's independence from elected officials before analyzing how prior administrations have seemingly pressured it to varying degrees, what impact these pressures have on the risk of inflation, ongoing discussions, including historic dissenters, around Fed policy, what upcoming personnel changes - including a new Chair in 2026 - the Fed will have to endure, how the Fed may approach the rest of the calendar year and much more.

Programming Note: Current Account will return from summer break in September.

Episode 115 – Evolution, Revolution, and a Revelation - A Midyear Check-In with IIF CEO Tim Adams

Mon, 28 Jul 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by IIF's President and CEO, Tim Adams, to assess key takeaways from the first half of 2025, with an eye on major themes to keep track of for the remainder of the year.

Tim begins by providing a brief highlight of his recent travels across the globe and their subsequent conversations before jumping into a host of crucial topics in the financial industry, such as the agenda for more simplified regulation and steps toward Basel III implementation in the U.S. and discussing the wide range of risks and challenges facing the industry at large.

Tim and Clay also discuss how recent digital asset legislation - such as the GENIUS Act - is shaping the view of emerging and developing technologies, the role of global geopolitics and geoeconomics within the financial industry, how U.S. trade policy is viewed internationally and much more.

Episode 114 – The Dollar: It Really is All About the Benjamins

Mon, 21 Jul 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Mark Sobel, a Senior Advisor at the Center for Strategic and International Studies (CSIS) and U.S. Chairman at the Official Monetary and Financial Institutions Forum (OMFIF), and Josh Lipsky the Chair of International Economics at the Atlantic Council and Senior Director of the Atlantic Council's GeoEconomics Center, to discuss the dollar and the first six months of the Trump administration's dollar policy.

The discussion begins with a brief overview of recent developments in the dollar and dollar policy before diving into other factors that may impact the dollar such as geopolitics and economic statecraft, what impact other ongoing events - such as the rise of stablecoins and open clashes in the public sector - have on dollar markets, why the U.S. may have a "plumbing problem" and how to combat it*, how these and other issues impact global economies, why dollar volatility is or isn't a bad sign, and much more.

*For more on this topic, read Josh's recent op-ed in the NYTimes here.

Episode 113 – Six Months Down, 42 To Go - Updating the Trump Economic Agenda

Mon, 14 Jul 2025 13:30:00 -0000

In this episode of Current Account, Clay dives into a few recent developments coming out of Washington surrounding the Trump Administration's economic policy - aimed at strengthening financial stability and economic growth. He divides the developments into three categories: Trade and tariffs, tax incentives and a focus on deregulation. Clay analyzes the categories by detailing the recent history of the administration's tariff policy and status of various trade deals, how "The One, Big, Beautiful Bill Act" impacts the fiscal aspect of the larger economic strategy, what recent policy and personnel developments mean in terms of a regulatory environment and clarity regarding digital asset regulation, and much more.

Episode 112 – Payments - I Have a Need for Speed (Oh... and Security and Efficiency)

Mon, 23 Jun 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Conan French, IIF Director of Digital Finance, to discuss recent shifts and developments in digital payments and fraud. Conan starts with where the payments landscape stands at this moment before diving into the ongoing status of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, how tech enabled fraud has developed alongside modern payment technology, how different jurisdictions are approaching these and other issues, and much more.

Episode 111 – The German Economy - A Fiscal U-Turn to Growth and Competitiveness?

Mon, 16 Jun 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Carsten Brzeski, the Global Head of Macro at ING Research, to discuss developments in the German economy following the recent federal elections - held in February 2025.

Clay and Carsten begin with notable changes in the economy since the elections were held before analyzing the recent redefinition of Germany's debt brake, how this constitutional reform aligns with Germany's goals and priorities, how U.S.-imposed tariffs on the E.U. impact U.S.-German relations, the path for Germany to reclaim its historical role as one of Europe's leading economies and much more.

Episode 110 – A New Era and End of the Shale Boom? - A MENA & Oil Market Check-In

Mon, 09 Jun 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by two IIF colleagues, Garbis Iradian, Chief Economist for the MENA region, and Ivan Burgara, Economist, to give updates on the greater Middle East and North Africa (MENA) region and recent developments in oil markets. The discussion begins with a brief summary of recent events in the region before narrowing in on Egypt and how the country looks to bounce back thanks to recent investments, what the implications are of the U.S. tariff policy for MENA and its countries, why oil market prices have dropped as a whole, how the Trump administration aims to both increase production and keep low prices, and much more.

Episode 109 – An Eye for an IEEPA: Trump Tariffs - Where Are They Now?

Tue, 27 May 2025 13:30:00 -0000

In this episode of Current Account, Clay gives an update on the current state of the U.S. tariff policies, namely with reaction and implications of the April 2nd "Liberation Day" tariff announcements. Clay begins with a scene-setting of what tariffs are currently in place and on hold, before providing a framework for how the current Trump Administration may be approaching tariff implementation - broken down into four main categories: (1) Market reaction, as demonstrated by the immediate market reaction following the April 2nd tariff policy announcements, (2) negotiations and diplomacy, highlighted by trade deals and discussions with many of the United States' main trade partners, (3) political backlash, with most impact likely to be shown at the upcoming 2026 Midterm Elections, and (4) litigation, mainly from legal challenges to the use of the International Emergency Economic Powers Act (IEEPA).

*please note that the Institute of International Finance does not provide legal advice

Episode 108 – Speed Dating - Trump Foreign Policy Thus Far

Mon, 19 May 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Richard Fontaine, CEO of the Center for a New American Security, to discuss U.S. foreign policy as President Trump wraps up his first official foreign visit this term. Clay and Richard begin with takeaways from President Trump's trip to the Middle East, what the White House may be thinking in relation to Iran and the Joint Comprehensive Plan of Action (JCPOA), where things stand between the U.S. and China outside the realm of tariffs, how the President and his cabinet are approaching the recent and ongoing conflicts between Israel and Gaza, Russia and Ukraine, and India and Pakistan, what the reaction of the United States's major trade partners has been to its foreign policy approach and much more.

Episode 107 – Uh-Oh? - Explaining the U.S. Treasury Markets

Mon, 12 May 2025 13:30:00 -0000

In this episode of Current Account, Clay is joined by Ashok Bhundia, IIF's Deputy Chief Economist, to discuss developments in the U.S. Treasury markets in reaction to the recent implementations of tariff and trade policies by the United States. Clay and Ashok walk through the ripple effects of the April 2nd "Liberation Day" and ensuing seven-day tariff pause, how the market disruption compares to other shocks, reasons behind Bond market stability post-April 9th, why the Treasury market is important to the average consumer compared to the stock market, what potential measures may come in the short and medium terms, and much more.

Episode 106 – Elbows Up - A Summary of the Canadian Elections

Mon, 05 May 2025 13:00:00 -0000

In this episode of Current Account, Clay is joined by David Ljunggren, a Correspondent covering politics for Reuters in Canada, to discuss the 2025 Candian Federal Election held on April 28. Clay and David begin with the results of the election, which saw Mark Carney of the Liberal Party become the country's 24th Prime Minister. After, the discussion centers on events leading up to the election, including the resignation of former Prime Minister Justin Trudeau, impact of the recent tariffs implemented by the U.S. and President Donald Trump, how Canada may pivot to other trade partners, what Prime Minister Carney aims to accomplish in the short-to-medium term, and much more.

Episode 105 – America First, Not America Alone - Thoughts on the IMF, World Bank and IIF Spring Meetings

Mon, 28 Apr 2025 13:30:00 -0000

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

Episode 104 – Taking the Temperature - A Financial Services Update with Gene Ludwig

Mon, 14 Apr 2025 14:30:00 -0000

In this episode of Current Account, Clay is joined by Eugene Ludwig, Founder and CEO of Ludwig Advisors, to discuss a variety of updates within financial regulation - specifically those in the spotlight as President Trump continues to fill his regulatory cabinet. Clay and Gene start the discussion by assessing how the current administration seems to be approaching regulation, before diving into topics such as increased White House supervision on regulators, plans for potential Basel III implementation, a drastic change from the previous administration in approaching digital assets, how the U.S. is varying its approach from other jurisdictions, how financial institutions are approaching this period of transition and much more.

Episode 103 – The Complexity of a Five Step Recipe: Analyzing a Potential Mar-a-Lago Accord

Mon, 07 Apr 2025 13:00:00 -0000

In this episode of Current Account, Clay is joined by Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and globally recognized investor and economic researcher, to discuss a potential new feature of the Trump Administration - A Mar-a-Lago Accord. Clay and Rebecca begin by explaining potential motives behind such an accord, followed by detailing the process of making it a reality, the impact the accord may have on the dollar, evaluating this potential scenario to similar measures in the past, how the U.S. may aim to get international support and the feasibility of this process leading to a real Mar-a-Lago accord.

Episode 102 – Sailing on the Three C's: Navigating the Choppy Waters of Market Volatility

Mon, 24 Mar 2025 15:15:00 -0000

In this episode of Current Account, Clay is joined by Jenny Cosco, Global Head of Government Relations & Regulatory Strategy at LSEG, to discuss recent trends related to market risk and vulnerability. Jenny and Clay discuss some of the key market trends in 2025, how deeply volatile trends could be the pattern of the future, how markets seem to be combating volatility with resilience, regulatory frameworks that may bolster market stability and resilience, an overview of front-of-mind regulatory and market issues and much more.

Episode 101 – Is This Thing On? The E.U.'s Path for Growth and Independence

Mon, 17 Mar 2025 13:00:59 -0000

In this episode of Current Account, Clay is joined by IIF's Martin Boer, General Manager and Chief Representative, Europe, to discuss some of the recent developments captivating the European economy. Joining Clay from Brussels, Martin is able to dive into a number of key areas of focus in the region, including the path of Europe on the road to greater growth and competitiveness, potential implications for the financial industry on a broader consumer level, how things may have shifted since President Trump recently took office, how the European Union is balancing its trade relationship with the U.S. and other major partners, what the near-term outlook may look like for the European economy and much more.

Episode 100 – Riders on the Storm - China’s Economy in the Age of Trump

Mon, 10 Mar 2025 13:00:59 -0000

In this landmark 100th episode of Current Account, Clay is joined by IIF's Gene Ma, Head of China Research and Chief Representative of the Asia/Pacific Region, to provide an update on China. Fresh off of the "Two Meetings" sessions, Clay and Gene first provide an update on economic trends from China, before analyzing a potential shift to a more consumption-led economy, how China is responding to President Trump's tariff policy, other ripple effects on China's economy from the U.S.-China relationship and more.

Episode 99 – Is Black (CDU) the New Red (SPD)? - Germany’s Election, Coalition Building and the Future

Mon, 03 Mar 2025 14:00:59 -0000

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

Episode 98 – Tiptoe Through the Minefield: Mexico’s Economic and Policy Journey

Mon, 24 Feb 2025 14:00:59 -0000

In this episode of Current Account, Clay is joined by IIF's Martín Castellano, Head of LatAm Research, to discuss recent economic developments in Mexico, fresh off a recent investor trip to Mexico City. The discussion centers around the impact of President Sheinbaum's initial few months in office, response to recent actions and discussions led by the Trump administration, Mexico's outlook for growth, overall economic trends in the region and more.

Episode 97 – No Money, Mo' Problems - How Would a U.S. Sovereign Wealth Fund Work?

Tue, 18 Feb 2025 14:00:59 -0000

In this episode of Current Account, Clay analyzes a topic gaining momentum in recent weeks - sovereign wealth funds and the potential of one in the United States. Clay first gives some background on sovereign wealth funds at large and examples of successful funds across the globe, before diving into three main points: How sovereign wealth funds are funded, what the objectives of these funds are and how a new U.S. fund may fit into existing legal frameworks.

Episode 96 – Tariff-o-Rama: Explaining U.S. Tariff Implications

Mon, 10 Feb 2025 14:00:59 -0000

In this episode of Current Account, Clay discusses developments around the recent tariffs and threatened implemented by United States President Donald Trump on countries and regions such as Colombia, Canada, Mexico, China and the European Union. Clay dives into why and how the Trump administration may use tariffs as a bargaining tool in trade discussions, describing the International Emergency Economic Powers Act (IEEPA) and its role, how these tariffs are impacting markets and international relationships, and much more.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

Episode 95 – South Korea - A High Stakes Gamble That Came Up Snake Eyes

Mon, 27 Jan 2025 14:00:59 -0000

In this episode of Current Account, Clay is joined by IIF's new Deputy Chief Economist, Ashok Bhundia, to discuss economic developments amid South Korea's recent political events. Clay and Ashok recap key points over recent months before discussing the impact these events have on both monetary and fiscal policy, how markets have reacted to the political uncertainty, the forthcoming process to gain clarity on a political leader and much more.

Episode 94 – Is 47 > 45? - Inauguration Day Landscape

Tue, 21 Jan 2025 14:00:59 -0000

In this episode of Current Account, Clay kicks off 2025 by looking ahead to agenda of the recently inaugurated 47th President of the United States, Donald Trump. This discussion includes highlighting key points such as economic strategy surrounding tariffs, inflation and trade relations, the ongoing nomination and confirmation process of many key cabinet members and potential recurring characteristics of these appointees, and the approach President Trump and his team may use to enact policy and regulation changes, including potential reconciliation methodologies.

Episode 93 – Twenty, Twenty, 2024 – I Wanna be Sedated: Closing Out 2024

Mon, 16 Dec 2024 15:00:59 -0000

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

Episode 92 – Maturing Past the Shiny Object - An Update on Digital Assets

Mon, 09 Dec 2024 14:00:00 -0000

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

Episode 91 – Who is Going to Pay for This? - A COP29 Recap

Mon, 25 Nov 2024 14:00:00 -0000

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

To sign up for the new Current Account newsletter, please click here.

Episode 90 – Zeitenwende - A Turning Point for Germany?

Mon, 18 Nov 2024 14:00:00 -0000

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

To sign up for the new Current Account newsletter through the IIF website, please click here.

Episode 89 – Don't Call it a Comeback, I've Been Here for Years - Economic Impacts of Trump's Second Term

Tue, 12 Nov 2024 14:00:00 -0000

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

To sign up for the new Current Account newsletter through the IIF website, please click here.

Episode 88 – A Panoply of Surprises - Update on Japanese Economic and Political Developments

Mon, 04 Nov 2024 14:00:00 -0000

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

Episode 87 – Unexpected Optimism? - Live from the 2024 IIF Annual Membership Meeting

Mon, 28 Oct 2024 13:00:00 -0000

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

Episode 86 – Thriving in Turbulence - Previewing the 2024 IIF Annual Membership Meeting

Sun, 20 Oct 2024 21:00:00 -0000

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

Make sure to follow the 2024 IIF Annual Membership Meeting throughout the week!

Episode 85 – The Battle for Washington - Counting the Final Days Until the U.S. Elections

Mon, 14 Oct 2024 13:00:00 -0000

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

Episode 84 – A Blizzard of Ideas - Takeaways from New York Climate Week

Mon, 07 Oct 2024 13:00:00 -0000

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

Episode 83 – Draghi’s Choice – What Does the Draghi Report Mean for the Future of European Competition?

Mon, 30 Sep 2024 14:00:40 -0000

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

Episode 82 – Can We Make a Discussion about Basel III Even More Interesting?

Mon, 23 Sep 2024 13:00:40 -0000

In this episode of Current Account, Clay is joined by IIF's Andrés Portilla, Managing Director of Regulatory Affairs and Richard Gray, Director of Prudential Policy, to revisit the topic of Basel III implementation. The podcast covers how the United States Federal Reserve may look to repropose implementing Basel III, what metrics are being suggested in the reproposal process, the shifting implementation timeline, thinking of how other jurisdictions may monitor the Federal Reserve's process, the impact of the 2024 U.S. Presidential elections on impending steps and more.

For more information on Basel III, tune in to Episode 55: "Can We Make a Discussion about Basel Capital Accords Interesting?" where Clay, Andrés and Richard analyze the Basel III Endgame.

Episode 81 – Global Economic Forecast with New IIF Chief Economist Marcello Estevão - Cloudy with a Chance of Optimism?

Mon, 09 Sep 2024 13:00:40 -0000

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

Episode 80 – Should I Stay or Should I Go: What Market Volatility Tells Us About Economic Fundamentals and Policy

Mon, 12 Aug 2024 13:00:40 -0000

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

Episode 79 – U.S. Elections: The Summer of Bizarre

Mon, 29 Jul 2024 13:00:40 -0000

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

Episode 78 – Sanctions Policy: Is Secondary Becoming Primary?

Mon, 22 Jul 2024 13:00:00 -0000

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

Editor's note: This episode was taped on Friday, July 19th, 2024.

Episode 77 – Liberty, Equality, No Clarity - Recap of the French Snap Elections

Mon, 15 Jul 2024 13:00:00 -0000

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

Episode 76 – The ECB Cuts Rates: Is the Last Kilometer Shorter than the Last Mile?

Mon, 17 Jun 2024 13:00:00 -0000

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

Episode 75 – You Can Count on Me Like 1-2-3... or Maybe You Can’t - Recapping the Indian, Mexican and South African Elections

Mon, 10 Jun 2024 13:00:00 -0000

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

Episode 74 – The Yen: Down, Down, Down into the Ring of Fire?

Mon, 06 May 2024 13:00:00 -0000

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

Episode 73 – AI-Yi-Yi: Deepening the Conversation about A.I. and the Financial Sector

Mon, 29 Apr 2024 13:00:00 -0000

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

Episode 72 – China’s Economy - No Walk in the Park

Mon, 22 Apr 2024 13:00:00 -0000

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

Episode 71 – 2024 Spring Meetings Week Preview: A Cauldron of Ideas

Mon, 15 Apr 2024 13:00:00 -0000

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

Episode 70 – In a New York State of Mind – Proposed Sovereign Debt Legislation and its Consequences

Mon, 25 Mar 2024 13:00:00 -0000

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

Episode 69 – Lessons from the Banking Turmoil of Spring 2023

Mon, 18 Mar 2024 13:00:00 -0000

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

Episode 68 – Oh Mexico: Investor Interest and Presidential Elections

Mon, 11 Mar 2024 13:00:00 -0000

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

Episode 67 – Surfing the Debt Tsunami

Mon, 04 Mar 2024 14:00:00 -0000

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

Episode 66 – Economic Impact of Russia-Ukraine Conflict: Resetting the Scene Two Years Later

Mon, 26 Feb 2024 14:00:00 -0000

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

Episode 65 – Economic Impact of Escalation of the Conflict in the Middle East

Tue, 20 Feb 2024 15:00:00 -0000

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

Episode 64 – Trump - the Sequel? Analyzing Economic Policy in a Second Trump Term

Mon, 12 Feb 2024 14:00:00 -0000

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

Episode 63 – Taiwan: A Predictable Trajectory?

Mon, 29 Jan 2024 14:00:00 -0000

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

Episode 62 – Geopolitical Risk in 2024: The Buckets are Full

Tue, 16 Jan 2024 14:00:00 -0000

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

Episode 61 – Shaving the Fuzz? A Recap of COP28

Mon, 08 Jan 2024 14:00:00 -0000

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

Episode 60 – 2024 – The Year of Growth?

Mon, 11 Dec 2023 14:00:00 -0000

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

Episode 59 – Russia and Ukraine – Sun Setting for a Cold Winter?

Mon, 04 Dec 2023 14:00:00 -0000

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

Episode 58 – Hoping for the Meteor: What to Watch in the 2024 U.S. Presidential Election

Mon, 20 Nov 2023 14:00:00 -0000

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

Episode 57 – Economic Spillover from Israel-Gaza Conflict

Mon, 13 Nov 2023 14:00:00 -0000

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

Episode 56 – Argentina Elections - Rage or Fear: Who Will Win?

Mon, 06 Nov 2023 14:00:00 -0000

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

For more information on the Argentine Elections, watch the recent IIF Event on the elections featuring Clay, Kezia and IIF's Head of Latin America Research Martin Castellano.

Episode 55 – Can We Make a Discussion about Basel Capital Accords Interesting?

Mon, 23 Oct 2023 13:00:00 -0000

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

Episode 54 – Annual Meetings in Marrakech: Key Takeaways

Mon, 16 Oct 2023 16:15:06 -0000

In this episode of Current Account, Clay records live from the IIF's Annual Membership Meetings in Marrakech, Morocco. He is accompanied by colleagues to cover a variety of key issues talked about both at the IIF and IMF/World Bank meetings. Martin Boer, Senior Director of Regulatory Affairs, joins to talk about key regulatory issues, Jeremy McDaniels, Deputy Director of Sustainable Finance, talks about a number of topics in the realm of sustainable finance, and Jessica Renier, Managing Director of Digital Finance, covers Data Policy, Digital Payments, Artificial Intelligence and more.

Episode 53 – Inflation, and Yields, and China...Oh My!

Mon, 09 Oct 2023 13:00:12 -0000

In this Episode of Current Account, Clay is joined by IIF's Managing Director and Chief Economist Robin Brooks to take a look ahead at various global economic issues ahead of the Annual Meetings of the IMF, IIF and World Bank.

Episode 52 – Executive Order Odyssey: Navigating the US-China Investment Seas

Mon, 25 Sep 2023 13:00:00 -0000

In this episode of Current Account, Clay breaks down a recent Executive Order from the Biden Administration focused on Outward Bound Investments. The episode features what the order details, what the impacts and implications it may have on the US-China relationship, Congressional reation within the United States and what the following steps may be.

Episode 51 – MDB Reform - Better Mousetrap or More Cheese?

Mon, 18 Sep 2023 13:00:00 -0000

In this episode of Current Account, Clay recaps the recent G20 meetings in India, focusing on the topic of Multilateral Development Bank (MDB) reform. The discussion covers the US approach, what impacts MDB reform may have and how the upcoming IMF/World Bank meetings will discuss this topic.

Episode 50 – China's Economy: Tobogganing Towards a Slowdown?

Mon, 11 Sep 2023 14:00:00 -0000

Clay is joined by Rhodium's Logan Wright to talk about China and its economy since its post-pandemic reopening.

Episode 49 – Let’s Go Quilting — ISSB Disclosure Standards

Mon, 24 Jul 2023 13:00:00 -0000

In this episode of Current Account, Clay is joined by two IIF colleagues, Jeremy McDaniels, Deputy Director of Sustainable Finance and Katie Rismanchi, Deputy Director of Regulatory Affairs, to help explain the recent developments in the standards set by the International Sustainability Standards Board (ISSB.) The discussion includes an explanation of the ISSB and its standards, international reaction to the standards, differences in approach in Europe and the US, and prognosticating the implementation of these standards. This will be the final episode of Current Account until September, make sure to look out for new episodes after our summer break.

Episode 48 – Howdy Modi: India Hosts the G20 and Visits Washington

Mon, 10 Jul 2023 13:00:00 -0000

In this episode of Current Account, Clay takes a look at the current state of India. Topics broadly cover India's role as this year's G20 chair, what the upcoming Central Bank Governor and Finance Minister meetings may look like, reviewing Indian Prime Minister Narendra Modi's recent visit to the United States and India's relationships with China and Russia.

Episode 47 – Is Japan’s Monetary Policy the Hotel California?

Mon, 26 Jun 2023 13:00:00 -0000

In this episode of Current Account, Clay is joined by Nathan Sheets, Global Chief Economist at Citi, to talk about Japan. The discussion centers on a recent history of Japanese economy, what a transition from Gov. Kuroda to Gov. Ueda is looking like, explaining the policy of Yield Curve Control and its pros and cons and what the future may look like for Japan.

Episode 46 – Paris or Bust? A Summit on Financing for the Poor

Tue, 20 Jun 2023 13:00:00 -0000

In this episode of Current Account, Clay takes a look at the upcoming meetings in Paris. The Summit for a New Global Financing Pact takes place on June 22-23, and Clay talks about many of its key points, but focuses mainly on Special Drawing Rights (SDRs). Other topics include Multilateral Development Bank (MDB) reform, taxes and innovative financing, and global debt.

Episode 45 – Mr. Toad’s Wild Ride to Regulate Digital Assets

Mon, 12 Jun 2023 13:00:00 -0000

In this week's episode of Current Account, Clay dives into a topic at the forefront of the minds of many - digital asset regulation in the United States. He begins by explaining what the recent developments have been, lawsuits filed by the Security and Exchange Commission (SEC) and a recent draft bill in Congress to establish a regulatory framework for digital assets with the SEC and Commodity Future Trading Commission (CFTC), before discussing what the impacts of these events might have immediately and what the process might look like as the US works its way to establishing a framework.

Episode 44 – Global Potpourri - Turkish Elections, Interest Rate Risk, AI & More

Mon, 05 Jun 2023 13:00:00 -0000

In this episode of Current Account, Clay touches on a variety of topics. First, he revisits the US Debt Ceiling and the Turkish Elections, highlights Banking Regulation security, Artificial Intelligence and China as the three major points of discussion in 2023 thus far and recaps recent IIF trips to Asia and Europe.

Trailer for Current Account with Clay Lowery

Wed, 24 May 2023 13:15:36 -0000

Welcome to Current Account with Clay Lowery, the Executive Vice President of the Institute of International Finance, the global association of the financial industry. On Current Account, Clay talks about a variety of impactful topics in international finance, while integrating his background in US Politics and Policy where applicable.

Topics on Current Account vary from those domestically, such as the US Debt Ceiling and wide-reaching impact of the US Midterm and Presidential Elections, to those on a global scale, including ongoing development of financial technologies like Central Bank Digital Currencies and overviews of topics such as Blended Finance. There are also some recurring topics, such as the Russian invasion of Ukraine, the relationship between China and the United States and Global Policy Implications, as seen in the Russian oil price cap.

Given the breadth of topics covered, Clay is always looking for fresh perspectives and expert opinions. Many episodes of Current Account feature guest speakers, primarily industry experts and specialists both within and outside of the IIF.

Join Monday morning for new episodes of Current Account, which can be found on Spotify, Apple Podcasts or wherever you get your podcasts.

Episode 43 – US Debt Ceiling - Still Under Renovation?

Mon, 15 May 2023 13:30:00 -0000

In this episode of Current Account, Clay revisits the timely topic of the United States Debt Ceiling. He outlines what the "X date" is and why it is important, analyzes what each political party will be negotiating for, gives a variety of scenarios as to how the issue may be resolved and lays out the potential impact these outcomes may have at a global scale.

Clay's initial explanation on the debt ceiling can be found in Episode 31: Dancing on the Ceiling: The Upside-Down World of the Debt Ceiling Debate.

Episode 42 – Turkish Elections – Erdogan Again?

Mon, 08 May 2023 13:30:00 -0000

In this episode of Current Account, Clay is joined by IIF's Head of EM Europe Research, Ugras Ulku, to discuss the upcoming Turkish Presidential Election on May 14th. The conversation includes an analysis of where Turkey is presently, what each candidate, President Recep Tayyip Erdoğan and challenger Kemal Kilicdaroglu, bring to the table, what may happen in each potential outcome and the impact either result will have in the US and other regions.

Episode 41 – Decoupling to De-Risking China

Mon, 01 May 2023 13:30:00 -0000

In this episode of Current Account, Clay revisits China, this time to analyze the processes of decoupling and de-risking China. This includes how the economic outlook of China has changed in the recent months, how Europe and the US differ in their approaches to this process and the different states of the United States's and Europe's respective relationships with China.

Episode 40 – Sovereign Debt Reform: Finding an Equilibrium of Fairness

Mon, 24 Apr 2023 14:02:00 -0000

In this episode of Current Account, Clay gives an explanation on the topic of sovereign debt. Mainly, he details the current landscape in the sovereign debt realm and how sovereign debt is handled, while providing an outlook as to what may happen in the future and what the direct implications may be.

Episode 39 – Breaking Glass — Reforming the International Financial Architecture

Mon, 17 Apr 2023 15:30:34 -0000

In this episode of Current Account, Clay is joined by Jay Collins, Vice Chairman of Banking, Capital Markets and Advisory at Citigroup to recap the recent Spring Meetings Week of the IMF and World Bank. They touch on key topics and takeaways from the busy week in Washington, including Multilateral Development Bank (MDB) reform, the Common Framework for sovereign debt restructuring and potential changes on the restructuring process going forward.

Episode 38 – Explainer: What’s Happening in the Banking Sector

Mon, 27 Mar 2023 16:00:00 -0000

In this episode of Current Account, Clay gives an overview of the current market volatility in the banking sector, including the failure of Silicon Valley Bank (SVB) and the sale of Credit Suisse. He explains recent developments and discusses what’s next, including U.S. Congressional hearings this week.

Episode 37 – AI Did Not Write This Podcast

Mon, 20 Mar 2023 13:00:00 -0000

In this episode of Current Account, Clay covers the broad topic of Artificial Intelligence, better known as AI. The discussion includes defining AI and its common applications, what potential uses of AI may look like in the future, the risks and unknowns surrounding AI use and the current landscape in AI policy making and regulation.

Episode 36 – The Nigerian Presidential Elections

Mon, 13 Mar 2023 13:00:00 -0000

In this episode of Current Account, Clay is joined by Mvemba Phezo Dizolele, Senior Fellow and Director of the Africa Program at the Center for Strategic and International Studies (CSIS). They discuss topics relating to the Nigerian Presidential Election that took place on February 25th, including the main candidates and their platforms, possible irregularities within the election process, what an assumed Bola Tinubu regime will look to complete over its four-year term and how the election may affect US-Nigerian relations.

Episode 35 – Talking Sanctions with the Senate

Mon, 06 Mar 2023 14:00:00 -0000

In this episode of Current Account, Clay reflects upon his time testifying in front of the Senate Banking Committee. His testimony revolves around three topics: The sanctions imposed on Russia, what a similar sanctions regime may look like against China and lessons learned from the Committee on Foreign Investment in the United States (CFIUS) and what a "Reverse-CFIUS" may entail.

Episode 34 – The Wild, the Innocent and the Eastern European Street Shuffle

Tue, 21 Feb 2023 14:00:00 -0000

In this episode of Current Account, Clay analyzes the present state of Eastern Europe as a whole, including the subjects of the outstanding impact in the region of the Russia-Ukraine conflict, the unlikely optimism throughout Eastern and Central Europe and how the negotiations with the IMF may shape Ukraine's outlook.

Episode 33 – Egypt and the IMF: There and Back Again?

Mon, 13 Feb 2023 14:00:00 -0000

In this episode of Current Account, Clay is joined by IIF's Chief Economist for the Middle East and North Africa Region, Garbis Iradian. The discussion hits on topics such as the current state of Egypt and its economy, details about the financial crisis in Lebanon and what the current outlook is for oil markets.

Episode 32 – CBDCs - Plenty of Angst

Mon, 06 Feb 2023 14:00:00 -0000

In this episode of Current Account, Clay is joined by IIF's Managing Director of Digital Finance, Jessica Renier, to discuss the topic of Central Bank Digitial Currencies (CBDCs). Topics include defining what a CBDC is, what the primary pros and cons are, the current state of development in Europe and where the US is in the process.

Episode 31 – Dancing on the Ceiling: The Upside-Down World of the Debt Ceiling Debate

Mon, 30 Jan 2023 14:00:00 -0000

In this episode of Current Account, Clay looks deeper into the issue of the debt ceiling in the United States. The discussion revolves around analyzing what a 'debt ceiling' is, what are the normal measures used to combat it are and the lingering uncertainties are for the upcoming months.

Episode 30 – China's Reopening Draws Uncertainty for 2023

Mon, 23 Jan 2023 14:00:00 -0000

This week, Clay takes a closer look at China, specifically what impacts the waning of the "Zero Covid" policy and other uncertain variables will have on the economy throughout the upcoming year.

Episode 29 – New Year - Still Gloomy Outlook

Tue, 17 Jan 2023 14:00:00 -0000

This week, Clay is joined by IIF's Chief Economist and Managing Director of Economic Research, Robin Brooks, to help analyze the economic outlook for 2023 across the world, including impacts in China, the US and emerging markets.

Episode 28 – New Year’s Resolution: “Will this Congress Get into Shape?”

Mon, 09 Jan 2023 14:00:00 -0000

This week, Clay analyzes what the newly-sworn in Congress may look to accomplish in the coming calendar year, including Crypto regulation and US-China relations.

Episode 27 – 3 Financial Stories, 2 Potential Pivots, and a Final Podcast of the Year

Mon, 19 Dec 2022 14:00:00 -0000

This week, Clay looks back on some of the most important moments of 2022, their potential pivot points and what is to come in 2023.

Episode 26 – The Elves are Building the Green Toolbox - An Introduction to Blended Finance

Mon, 12 Dec 2022 14:00:00 -0000

This week, Clay is joined by IIF's Managing Director and Head of Sustainable Finance, Sonja Gibbs, to help explain the concept of Blended Finance and its impact worldwide.

Episode 25 – ’Tis the Season… For an Oil Price Cap

Mon, 05 Dec 2022 14:00:00 -0000

This week, Clay gives a summary of the implementation process leading to the price cap on Russia's oil exports, set to go into effect shortly.

Episode 24 – Red Wave Barely a Ripple

Mon, 14 Nov 2022 14:00:29 -0000

This week, Clay gives an overview of the known outcomes from the US Midterm Elections and their impacts domestically and globally.

Episode 23 – Looking at Brazil: Lula Returns 12 Years Later

Mon, 07 Nov 2022 14:00:29 -0000

This week, Clay is joined by IIF's Head of LATAM Research, Martín Castellano, to discuss the recent Brazilian Presidential Election.

Episode 22 – U.K. Leadership Shuffle – A Poisoned Chalice?

Mon, 31 Oct 2022 13:00:29 -0000

This week, Clay gives an overview of the recent changes in the United Kingdom's leadership, centered around new Prime Minister Rishi Sunak.

Episode 21 – Post-Meeting Overview: All Doom and Gloom?

Mon, 24 Oct 2022 13:00:29 -0000

This week, Clay reflects on major points of the recent IIF Annual Membership Meetings.

Episode 20 – Global Financial Policy Potpourri

Mon, 10 Oct 2022 13:00:00 -0000

This week, Clay is joined by IIF President and CEO Tim Adams as they discuss a variety of issues surrounding Global Policy.

Episode 19 – US-China Tension

Mon, 01 Aug 2022 13:30:00 -0000

This week, Clay discusses US-China relations and US President Biden’s recent call with China’s President Xi.

Episode 18 – Summertime -- so let’s talk Crypto Winter

Mon, 25 Jul 2022 13:40:00 -0000

This week, Clay discusses the current crypto winter.

Episode 17 – Emerging Market Vulnerabilities

Mon, 18 Jul 2022 13:00:00 -0000

This week, Clay is joined by Sergi Lanau, Deputy Chief Economist at the IIF, to discuss capital flows and growing recession risk fears.

Episode 16 – Fall of the Yen

Mon, 11 Jul 2022 13:00:00 -0000

This week, Clay discusses the fall of the yen and gives an overview of Japan’s monetary policy.Fall of the Yen and Japan’s Monetary Policy

Episode 15 – Addressing Global Challenges: G7 Heads of State Meet in Germany

Mon, 27 Jun 2022 13:00:00 -0000

This week, Clay discusses the 2022 G7 Summit and the anticipated topics for discussion at this year’s meeting.

Episode 14 – Will the Food Crisis Be the Next World Health Crisis?

Mon, 20 Jun 2022 13:00:00 -0000

This week, Clay discusses the current food crisis and how world leaders are looking at trade negotiations as a possible solution to ease global food insecurity.

Episode 13 – Controversy and Anti-Incumbency: Looking at Latin America

Mon, 13 Jun 2022 13:00:00 -0000

This week, Clay interviews Shannon O’Neil, Vice President of Studies, Nelson and David Rockefeller Senior Fellow for Latin America Studies, Council on Foreign Relations, about the Summit of the Americas, as well as the Colombian and Brazilian elections.

Episode 12 – Pivot to Asia: Biden Administration’s Asia policy

Mon, 06 Jun 2022 13:00:00 -0000

This week, Clay discusses US President Biden’s recent trip to Asia and the White House’s push to foster stronger ties with the region.

Episode 11 – Elections Down Under: Key Issues for Australia

Mon, 23 May 2022 13:00:00 -0000

This week, Clay interviews Dr. Charles Edel, Australia Chair and a senior adviser at the Center for Strategic and International Studies, about the Australian elections.

Episode 10 – The Energy Wars Are On

Mon, 16 May 2022 13:00:00 -0000

This week, Clay is joined by Elina Ribakova, Deputy Chief Economist at the IIF, to discuss Russian sanctions.

Episode 9 – Pick Your Poison

Mon, 09 May 2022 13:00:00 -0000

This week, Clay gives his insights on key issues in Europe right now: the Russia-Ukraine war, the economic recovery, and the European green agenda.

Episode 8 – The Digital Asset 2-Step

Mon, 02 May 2022 13:00:00 -0000

This week, Clay gives an overview of digital assets, their potential risks and opportunities, and what policymakers are doing in regard to this evolving topic.

Episode 7 – China Slows Down

Mon, 25 Apr 2022 06:00:00 -0000

This week, Clay interviews Gene Ma, Head of China Research at the IIF, about China’s economy and forecasts for China’s economic growth.

Episode 6 – The World Gabs about Finance

Mon, 11 Apr 2022 13:00:00 -0000

This week, Clay discusses some major themes we’re expected to see during the Spring IMF/World Bank meetings, which start on April 18, 2022.

Episode 5 – France Goes to the Polls

Mon, 04 Apr 2022 13:00:34 -0000

This week, Clay interviews Guillaume de Calignon, economic journalist for Les Echos, about the upcoming French elections.

Episode 4 – Let’s Talk Commodities

Mon, 28 Mar 2022 13:00:00 -0000

This week, Clay tries to answer some of the key questions that have arisen regarding the financial sanctions that the international community has imposed on Russia for its invasion of Ukraine.

Episode 3 – Squeezing Russia: Sanctions Update

Mon, 21 Mar 2022 13:00:00 -0000

This week, Clay tries to answer some of the key questions that have arisen regarding the financial sanctions that the international community has imposed on Russia for its invasion of Ukraine.

Episode 2 – Here comes the Fed

Mon, 14 Mar 2022 13:00:00 -0000

This week, Clay interviews IIF Chief Economist Robin Brooks on his thoughts on this week’s Federal Reserve meeting where it is expected that the Fed will tighten monetary policy given the context of rising and more persistent inflation. The big question is whether the Russia/Ukraine situation changes the Fed’s trajectory.

Episode 1 – Sustainable Finance, Ukraine and the Global Economy

Mon, 07 Mar 2022 12:00:00 -0000

This week, Clay discusses what to watch for on the sustainable finance front, and gives a short update on the Russia-Ukraine conflict and its economic implications.