The need for robust and enhanced defense spending in an increasingly fragmented world is a policy objective agreed upon across the political divide. Few are better positioned to comment on the obstacles and opportunities of the process than Sir Ben Wallace, a former Captain in the British Army, a member of Parliament for 20 years and Secretary of State for Defense of the United Kingdom between 2019 and 2023. In his post-government life as an investor, he offers a singular perspective on the gaps in manpower and equipment faced by most Western powers and how we can begin to address them.

The need for robust and enhanced defense spending in an increasingly fragmented world is a policy objective agreed upon across the political divide. Few are better positioned to comment on the obstacles and opportunities of the process than Sir Ben Wallace, a former Captain in the British Army, a member of Parliament for 20 years and Secretary of State for Defense of the United Kingdom between 2019 and 2023. In his post-government life as an investor, he offers a singular perspective on the gaps in manpower and equipment faced by most Western powers and how we can begin to address them.

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Markets. Leveraging new tools, proprietary data and deep expertise, the Markets research team delivers highly valued market analysis on a daily basis to the world’s leading institutional investors. Join Street Signals' host, Tim Graf, State Street’s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide. 

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Markets. Leveraging new tools, proprietary data and deep expertise, the Markets research team delivers highly valued market analysis on a daily basis to the world&rsquo;s leading institutional investors. Join Street Signals' host, Tim Graf, State Street&rsquo;s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide.&nbsp;

Street Signals

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Markets. Leveraging new tools, proprietary data, and deep expertise, the Markets research team delivers highly valued market analysis on a daily basis to the world’s leading institutional investors. Join Street Signals' host, Tim Graf, State Street’s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide.

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Markets. Leveraging new tools, proprietary data, and deep expertise, the Markets research team delivers highly valued market analysis on a daily basis to the world&rsquo;s leading institutional investors. Join Street Signals' host, Tim Graf, State Street&rsquo;s Head of Macro Strategy for EMEA, as he discusses the most important matters moving markets with guests from State Street and industrywide.

Sir Ben Wallace: Defense, Deterrence and Lessons of Modern Warfare

It's easy to get side-tracked by the day-to-day minutiae of markets, and taking a step back to get the bigger picture is often a good idea. Chris Pizzotti, Global Head of FX Sales and Trading at State Street Markets, is an ideal person to have just such a conversation. This week, we get Chris’ thoughts on the big trends in currency markets in 2026 and how he thinks they’ll play out in the coming months. More importantly, we talk through the future of the FX business and the value proposition for its clients, with some exciting news about the business he runs coming at the end of the episode.

It's easy to get side-tracked by the day-to-day minutiae of markets, and taking a step back to get the bigger picture is often a good idea.&nbsp;Chris Pizzotti, Global Head of FX Sales and Trading at State Street Markets, is an ideal person to have just such a conversation. This week, we get Chris&rsquo; thoughts on the big trends in currency markets in 2026 and how he thinks they&rsquo;ll play out in the coming months. More importantly, we talk through the future of the FX business and the value proposition for its clients, with some exciting news about the business he runs coming at the end of the episode.

Bytes, Bonds and the Yen: The Big Picture In FX

FX carry trades - earning the yield spread available between two typically risky and safe currencies - is a long-standing theme in markets, which has also enjoyed excellent risk-adjusted returns over the last year. But with rate markets becoming more disruptive, are these strategies at risk? This week, we look at the positioning and pricing in currencies exposed to carry trades, on both the long and short side, to determine if any complacency persists. Host Tim Graf, Head of Macro Strategy for EMEA, puts his volatility hat on to talk through these risks.

FX carry trades - earning the yield spread available between two typically risky and safe currencies - is a long-standing theme in markets, which has also enjoyed excellent risk-adjusted returns over the last year. But with rate markets becoming more disruptive, are these strategies at risk? This week, we look at the positioning and pricing in currencies exposed to carry trades, on both the long and short side, to determine if any complacency persists.&nbsp;Host Tim Graf, Head of Macro Strategy for EMEA, puts his volatility hat on to talk through these risks.

There's Something About Carry

Last week's strong US CPI data left a Fed rate hike this week a foregone conclusion and likely inaugurates at least a modest hiking cycle. Inflation pressures are broad and not strictly energy-related, arguing for tighter policy globally. But does one key source of inflation, the AI build-out, need to break, to get price stability back on target? And what does that mean for an asset allocation strategy over the remainder of this year, into 2027? We discuss these questions, as well as how the US dollar might fare in an environment of constant flux, with Cayla Seder, Senior Macro Strategist at State Street Markets.

Last week's strong US CPI data left a Fed rate hike this week a foregone conclusion and likely inaugurates at least a modest hiking cycle. Inflation pressures are broad and not strictly energy-related, arguing for tighter policy globally. But does one key source of inflation, the AI build-out, need to break, to get price stability back on target? And what does that mean for an asset allocation strategy over the remainder of this year, into 2027? We discuss these questions, as well as how the US dollar might fare in an environment of constant flux, with Cayla Seder, Senior Macro Strategist at State Street Markets.

Sir Ben Wallace: Defense, Deterrence and Lessons of Modern Warfare

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