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Current Account with Clay Lowery

Institute of International Finance
China
Tariffs
Donald Trump
Global Debt
Inflation
United States
Mexico
Artificial Intelligence
Digital Assets
Trump Administration
Emerging Markets
Fiscal Policy
Economic Growth
Interest Rates
Federal Reserve
Geopolitics
IMF
South Korea
Mar-a-Lago Accord
German Economy

Each week, Clay Lowery at the Institute of International Finance highlights current issues in international finance and economics through the lens of U.S. policy and politics. Clay and his guests explain what to watch in the coming week, and deep-dive into some of the most important topics facing the financial industry, and our world.

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Latest Episodes

Trade policy is back at the center of the economic conversation. In this episode of Current Account, Clay examines a series of major developments that could reshape the U.S. trade landscape in the months ahead. He breaks down the administration’s eff... more

A new era at the Federal Reserve is underway. In this episode of Current Account, Clay is joined by Dr. Alexis Crow, Partner and Chief Economist at PwC, to examine what leadership under Chair Kevin Warsh could mean for U.S. monetary policy and global... more

Latin America is entering a pivotal election cycle with major implications for policy, markets, and geopolitics. In this episode of Current Account, Clay is joined by the IIF's Martín Castellano, Head of Latin America Research, and Paola Figueroa, He... more

How has banking fundamentally changed over the past decade? In this episode of Current Account, Clay sits down with Christiana Riley, CEO and President of Santander U.S., to reflect on the forces reshaping financial services over the past decade. The... more

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Recent Guests

Alexis Crow
Partner and Chief Economist at PwC
PwC
Episode: Episode 149 – Beyond the Dot Plot — The Future of the Fed
Martín Castellano
Head of Latin America research at IIF; former Central Bank economist in Argentina
Institute of International Finance
Episode: Episode 148 – Latin America’s Political Pendulum — Left, Right, Repeat
Paola Figueroa
Colombia-focused economist at IIF; former Central Bank official
Institute of International Finance
Episode: Episode 148 – Latin America’s Political Pendulum — Left, Right, Repeat
Christiana Riley
CEO and President of Santander, North America
Santander
Episode: Episode 147 – The Future Is Now — Discussing Leadership in Banking
Marcello Estevão
Chief Economist and Managing Director at IIF
Institute of International Finance
Episode: Episode 146 – The Tail End of a Chimera — A Midyear Macroeconomic Update
Stephen Myrow
Founder and Managing Partner, Beacon Policy Advisors
Beacon Policy Advisors
Episode: Episode 144 – And They're Off! - Previewing the 2026 U.S. Midterm Elections
Mona Yacoubian
Director and Senior Advisor to the Middle East Program at CSIS
Center for Strategic and International Studies
Episode: Episode 143 – Enduring the Pain - Strategy, Leverage, and the Cost of Waiting in the U.S.-Iran Conflict
Isabelle Mateos y Lago
Chief Economist, BNP Paribas
BNP Paribas
Episode: Episode 142 – A Sit and Kick Approach? - Takeaways From the 2026 Spring Meetings
Jayee Koffey
Chief Global Affairs Officer at BNY
BNY Mellon
Episode: Episode 141 – It Takes a Village - Risk Management in a Time of Crisis

Host

Clay Lowery
Host of Current Account

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Episode 149 – Beyond the Dot Plot — The Future of the Fed
Q: What are the global implications of a Fed that remains data-dependent in the face of geopolitical and technological shifts like Iran tensions and AI-driven growth?
Global implications include shifts in currency strength, capital flows, and asset prices; the dollar may remain strong, but investors are re-evaluating safe haven status, potentially increasing demand for diversification and hedges like gold while monitoring spillovers to emerging markets.
Episode 149 – Beyond the Dot Plot — The Future of the Fed
Q: How do you see the Fed managing its balance sheet and the potential for a longer pause versus a quicker path to rate cuts?
The balance sheet reduction is a clear priority for Warsh and could act as a backdoor tightening tool, but it must be balanced against the need to support growth and maintain financial stability; a longer pause seems likely given inflation dynamics and external shocks, but markets will watch for any signaling that could alter expectations.
Episode 146 – The Tail End of a Chimera — A Midyear Macroeconomic Update
Q: How are different regions expected to fare, especially Asia and emerging markets, given the continued energy and supply shock?
Asia is hit hardest on real activity due to energy and supply chain disruptions, but several economies benefit from AI and semiconductor cycles; EMs show divergent paths with some relying on energy exports and others facing inflation and financing constraints, creating a patchwork of outcomes.
Episode 146 – The Tail End of a Chimera — A Midyear Macroeconomic Update
Q: What is Marcello's headline takeaway for the year so far, and what did they miss from the previous report?
Marcello explains that while the global economy has shown resilience and buffers, the big miss was underestimating the scale of the Middle East shock, which turned energy inputs into a broad chain of supply and financial adjustments beyond just oil prices.
Episode 145 – U.S.-China Summit: Status, Stability, and Guardrails
Q: What is the Biden-Trump dynamic in relation to China policy and potential outcomes of the summit?
The guest notes that Trump's approach diverges from traditional hawkish policy, often favoring personal deals with autocratic leaders and a less constrained domestic policy environment, which could influence the summit's outcomes differently than typical administrations.

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Frequently Asked Questions About Current Account

What is Current Account about and what kind of topics does it cover?

This show focuses on global finance, macroeconomics, and policy with a U.S.-centric lens. Across episodes, topics routinely cover central bank policy, inflation dynamics, energy markets, geopolitical risk, and regulatory developments, often tying these themes to private sector implications and capital flows. Notable strengths include a steady stream of high-profile guests from major financial institutions, think tanks, and government-adjacent organizations, plus a pragmatic, policy-forward approach that connects complex economics to real-world market impacts. The host's background and interview style tend to emphasize clarity around how political decisions, sanctions, and geopolitical events shape global finance and investor sentiment. List... more

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Current Account launched 4 years ago and published 152 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Current Account?

Recent guests on Current Account include:

1. Alexis Crow
2. Martín Castellano
3. Paola Figueroa
4. Christiana Riley
5. Marcello Estevão
6. Stephen Myrow
7. Mona Yacoubian
8. Isabelle Mateos y Lago

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