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    Global macro conditions today

    Global macro conditions today

    04 November 2025 Video, Global macro

    In this session, Adam Whiteley, Head of Global Credit, explores the current state of the global economy and financial markets. He shares his thoughts on the key forces shaping the landscape and discusses where these dynamics could lead fixed income markets next.

    Key takeways

    • Investment market dynamics: Whether you think AI is in bubble territory or not, US corporate profitability appears strong and capex trends from megacap companies, much of which centres on AI and its infrastructure are providing tailwinds despite uncertainty.
    • Policy, rates, and debt: Slowing payroll growth, revisions to nonfarm payrolls, credit spreads, and the sustainability of public debt in major economies all throw up questions. Yet despite all the uncertainty surrounding policy, rates and debt levels, markets appear to be priced for a no-surprises scenario.
    • Outlook and strategic views for 2026: Macro volatility is here to stay, with sluggish sub-par growth, erratic but softening inflation, accompanied by the anticipation of more rate cuts in the US and UK.
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