An Update on the Big Forces Shaping Markets Today with Greg Jensen

Co-CIO Greg Jensen shares his thoughts on how modern mercantilism—including trade policy, geopolitical risk, and capital flows—is progressing, our outlook for the US economy, building resilient portfolios in this environment, and more.

Daily Observations Deputy Editor Jake Davidson sat down with Greg on June 18th (before the US strike on Iran, the signing of the OBBB into law, and the Trump administration’s letters to several countries threatening higher US tariff rates) for a quick conversation on how he’s seeing the world and what he’s watching going forward. The discussion covers several topics including:

• How modern mercantilism is progressing, including trade policy, geopolitical risk, and capital reallocation—and the risks and opportunities these dynamics are creating for investors.
• How we’re assessing rising government deficits and the question of how much government debt is too much.
• The cyclical outlook for the US economy, including why the Fed is “stuck” and what President Trump’s next Fed Chair might be like.
• The impact of AI, and how it may mitigate some of the more bearish pressures on markets and economies.
• Some of the big takeaways from Greg’s conversations with clients around how to build a resilient portfolio in this environment.

We hope you enjoy the conversation.