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Japanese life insurers manage one of the largest pools of foreign savings in the world, and their decisions about where to put it and whether to hedge it ripple through global bond markets and the yen. With domestic rates normalising, the story of persistent yen weakness may be starting to change. In this episode, we sit down with Shintaro Yoshida, CIO of Orix Life Insurance, to discuss how rising JGB yields are reshaping the domestic-versus-foreign allocation decision, whether repatriation is a real prospect and what it would take for capital to come home in size. Its a rare look inside the decision-making that drives one of the most important flows in fixed income and FX markets. See omnystudio.com/listener for privacy information.

Nearly four years after the release of the first widely available large language models, the investing implications of artificial intelligence have so far been clear: it has been a very good idea to be long the AI factor. But we are no closer to understanding just how powerful artificial intelligence is and might be across the wider range of human experience. This week, we kick off a series of occasional episodes that will hopefully get us closer to some of the answers to those big picture questions. David Turkington, Head of State Street Associates, joins us to talk about what AI means for research, thought leadership and making better investing decisions. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

After years of the market anticipating strength in the Japanese yen, it might finally be here. Aided by official Japanese intervention in the currency and hints of collaboration with the United States, a correction of the JPY’s long-standing perceived undervaluation would make for one of the most meaningful currency trends of the last decade. But why now? Will the yen strength of recent weeks last? And how far can it go? This week, we ask Michael Metcalfe, Global Head of Macro Strategy at State Street Markets, all of those important questions, and much more. See omnystudio.com/listener for privacy information.

Almost no matter where you look, bond yields are making new multi-decade highs, with concerns growing that rising debt servicing costs in high debt economies risk a snow-balling effect that culminates in a fiscal crisis. As if that weren’t enough, risk markets, particularly equities and credit, still appear oblivious to the potential for upset. After a pivotal week of speeches and pronouncements from US policy officials, it seemed a good time to catch up with Peter Vincent, State Street Markets EMEA head of FX trading in London. See omnystudio.com/listener for privacy information.

August often brings important messaging shifts from the Federal Reserve, with their Jackson Hole Symposium, scheduled for 28-29 August, the usual forum. And we often speak to Marvin Loh, Senior Macro Strategist on our Americas team, about it. Unique circumstances might limit headline risk this year, but that's not for a lack of discussion material. Questions over the tightness of the labor market, the direction of inflation and the communication strategy of the central bank will dominate interest and serve as the jumping off point for a wide-ranging discussion on this week's episode. See omnystudio.com/listener for privacy information.

As markets enter vacation mode, this week's podcast presents our annual summer overview of the proprietary indicators available from State Street Markets and how they map to the most relevant themes driving assets and currencies. The sustainability of the tech trade in equities, the near-term path of inflation and the direction of travel for the Federal Reserve and how they feed into a rate, curve and FX view - it's all here. Host Tim Graf, Head of Macro Strategy for EMEA, talks through how unique barometers of investor sentiment, real-time fundamental data and media tones can help navigate the coming weeks. See omnystudio.com/listener for privacy information.

The passing of Alan Greenspan last month and confirmation of Kevin Warsh as Federal Reserve Chairman in May bookend two booms is US productivity: the mass networking of computing power during the Greenspan Fed of the 1990s and the explosion of inferential applications of computing power today. These cycles influence central bank policy in ways often underappreciated until their aftermath. Marvin Barth of Thematic Markets joins the podcast this week, to look back at the lessons learned from past capex cycles and productivity booms, to apply this experience to the current moment in AI and to assess the initial steps towards institutional reform taken in the early weeks of Kevin Warsh's term. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

With so many unanswered questions about the direction of US domestic politics and the role the United States now plays in the world, few can bring the experience and depth of knowledge of the political process as this weeks guest, Mick Mulvaney. Mick is a former elected member of the US House of Representatives for South Carolina, serving four terms before joining the first Trump administration in 2017 as Director of the Office of Management and Budget, ultimately serving as acting White House Chief of Staff until his departure in 2021. In a wide-ranging discussion, we cover the current policy dynamics shaping discourse in Washington, the geopolitical considerations driving the policies of the 2nd Trump Administration and the legacy left by Trump when his term finishes in 2027. See omnystudio.com/listener for privacy information.

Few people are better positioned to comment on current trends in media and politics than Alastair Campbell. After a long career in journalism and politics, serving as UK Prime Minister Tony Blair's Press Secretary and Downing Street Director of Communications and Strategy, Alastair now co-hosts The Rest Is Politics, the most popular politics podcast in the UK. This wide-ranging discussion covers the changing nature of the media, what it takes for a leader to drive policy, the state of populism and the challenges for the Labour Party in the current political moment. See omnystudio.com/listener for privacy information.

As the podcast starts its fourth year, we take a look back this week: to its origins, how the content and message have changed over the years, what guests stood out as formative to building the audience and the lessons learned about macro and markets along the way. In a twist, the microphone gets turned around as well, with our host, Tim Graf, taking a turn as a guest. Ramu Thiagarajan, Head of Thought Leadership for State Street takes over this special birthday edition of Street Signals! See omnystudio.com/listener for privacy information.

This week we explore the evolving US-China relationship and the drivers of the stellar equity market performance in Asia this year, joined by Dwyfor Evans, Head of Macro Strategy for Asia at State Street Markets. The recent summit meeting of US President Trump and Chinese President Xi Jinping marked a thawing of relations but considerable questions remain around how the two countries will navigate geopolitical and trade tensions. These important discussions frame a regional market backdrop remarkable for its current strength, raising questions of sustainability of the concentrated returns year-to-date. See omnystudio.com/listener for privacy information.