Financial markets cannot get a break from headlines. The Trump Administration is rolling out – and in some cases rolling back – trade tariffs at a frenzied pace. Negotiations over peace in Ukraine are only just beginning, with the shape of a resolution anyone’s guess. Fiscal policy is also front and center for bonds, with curbing deficits looking increasingly difficult as defense spending needs and the desire for growth-based policies rise. Ennui prevails as markets seem unwilling or unable to price for higher risk premia. To make sense of it, Peter Vincent, head of FX trading for EMEA at State Street Global Markets, shares his thoughts, walking through the best opportunities on offer.

Financial markets cannot get a break from headlines. The Trump Administration is rolling out &ndash; and in some cases rolling back &ndash; trade tariffs at a frenzied pace. Negotiations over peace in Ukraine are only just beginning, with the shape of a resolution anyone&rsquo;s guess. Fiscal policy is also front and center for bonds, with curbing deficits looking increasingly difficult as defense spending needs and the desire for growth-based policies rise. Ennui prevails as markets seem unwilling or unable to price for higher risk premia. To make sense of it, Peter Vincent, head of FX trading for EMEA at State Street Global Markets, shares his thoughts, walking through the best opportunities on offer.

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Global Markets. Leveraging new tools, proprietary data and deep expertise, the Global 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 Global Markets. Leveraging new tools, proprietary data and deep expertise, the Global 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

Street Signals is a weekly podcast packed with insights about the latest developments in financial markets from State Street Global Markets. Leveraging new tools, proprietary data, and deep expertise, the Global 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 Global Markets. Leveraging new tools, proprietary data, and deep expertise, the Global 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.

Tariffs, Truce Talks and 3-3-3: Flooding the Macro Zone

Market volatility is subsiding but risk managers are still determining whether the recent, sharp moves and unusual correlation dynamics in stocks, bonds and currencies have run their course, or if they were preludes to upsets to come. The trade discussion is sure to roll on for the next several months and fiscal policy dynamics are likely to evolve in ways markets must consider. The key question is whether the repricing thus far across assets is sufficient. This week, Street Signals changes its format to discuss these questions, as a roundtable of three senior members of the Macro Strategy Team talk about their current thinking and how outlooks have changed. Dan Gerard and Marvin Loh join from the team in Boston and your host, Tim Graf, sheds his usual agnostic stance in adding to the debate.

Market volatility is subsiding but risk managers are still determining whether the recent, sharp moves and unusual correlation dynamics in stocks, bonds and currencies have run their course, or if they were preludes to upsets to come. The trade discussion is sure to roll on for the next several months and fiscal policy dynamics are likely to evolve in ways markets must consider. The key question is whether the repricing thus far across assets is sufficient. This week, Street Signals changes its format to discuss these questions, as a roundtable of three senior members of the Macro Strategy Team talk about their current thinking and how outlooks have changed. Dan Gerard and Marvin Loh join from the team in Boston and your host, Tim Graf, sheds his usual agnostic stance in adding to the debate.

Bear With Us? Talking Markets Amidst the Maelstrom

Having underestimated the breadth and size of trade barriers imposed by the United States on all its trading partners, markets continue to come to grips with the short and long term implications across assets, while economists and observers try to wrap their heads around what the global trading system, with the US dollar sitting at its center, will look like in the coming months and years. Elliot Hentov, Head of Macro Policy Research at State Street Global Advisors joins the podcast this week, offering a robust framework for assessing the negotiability and sustainability of tariffs, as well as the long-term implications for asset and FX markets.

Having underestimated the breadth and size of trade barriers imposed by the United States on all its trading partners, markets continue to come to grips with the short and long term implications across assets, while economists and observers try to wrap their heads around what the global trading system, with the US dollar sitting at its center, will look like in the coming months and years. Elliot Hentov, Head of Macro Policy Research at State Street Global Advisors joins the podcast this week, offering a robust framework for assessing the negotiability and sustainability of tariffs, as well as the long-term implications for asset and FX markets.

Tariffs: The Price Is Fright

By the end of today, economists and financial market participants are hoping to be in a better position to understand and assess the impact of proposed tariffs on the United States’ largest trading partners. Of course, if the last three months are any guide, all such news on trade is subject to negotiation and compromise. Having had to deal with a barrage of ever-evolving headlines since the start of 2025, Dan Mazza, head of FX Forwards trading in the Americas, joins the podcast, to discuss how the market-making function has evolved in response, whether and where it makes sense to position for further trade-related disruption in FX and interest rate markets and how long-lasting he expects the effects of protectionism to last as a meaningful market driver.

By the end of today, economists and financial market participants are hoping to be in a better position to understand and assess the impact of proposed tariffs on the United States&rsquo; largest trading partners. Of course, if the last three months are any guide, all such news on trade is subject to negotiation and compromise. Having had to deal with a barrage of ever-evolving headlines since the start of 2025, Dan Mazza, head of FX Forwards trading in the Americas, joins the podcast, to discuss how the market-making function has evolved in response, whether and where it makes sense to position for further trade-related disruption in FX and interest rate markets and how long-lasting he expects the effects of protectionism to last as a meaningful market driver.

Tariffs, Truce Talks and 3-3-3: Flooding the Macro Zone

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