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Current Account with Clay Lowery

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

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

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

As 2026 reaches its midpoint, the global economic outlook is growing more uncertain. In this episode of Current Account, Clay is joined by the IIF's Marcello Estevão, Chief Economist and Managing Director, and Jonathan Fortun, Senior Economist, to un... more

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Recent Guests

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
Evan Medeiros
Professor at Georgetown University, Asia/China expert, former NSC official
Georgetown University
Episode: Episode 145 – U.S.-China Summit: Status, Stability, and Guardrails
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
Helima Croft
Managing Director and Head of Global Commodity Strategy at RBC Capital Markets
RBC Capital Markets
Episode: Episode 140 – Let’s Get This Strait: Iran, Oil, and Global Markets

Hosts

Clay Lowery
Executive leadership and host of Current Account; represents the Institute of International Finance on global finance and policy issues.
Chris Padilla
Senior Advisor at Brunswick Group; frequent guest discussing trade policy and international economics.

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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.
Episode 145 – U.S.-China Summit: Status, Stability, and Guardrails
Q: How do leverage and vulnerabilities shape the US-China relationship in the near term?
The guest describes choke points like rare earths and semiconductors as critical leverage points; both sides aim to manage these through a temporary truce and by constraining certain controls while awaiting longer-term strategic arrangements.
Episode 145 – U.S.-China Summit: Status, Stability, and Guardrails
Q: What should we realistically expect from this summit?
The guest explains that summits usually reflect existing dynamics rather than change them drastically; the expectation is for modest shifts with a focus on stability, status, and guardrails to prevent escalation.

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Frequently Asked Questions About Current Account

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

This program consistently centers international finance and macro policy through the lens of U.S. policy and geopolitics, featuring in-depth conversations with senior finance professionals, policymakers, and industry experts. Episodes frequently tackle how global events—energy markets, regulatory reform, international trade, and major geopolitical tensions—shape markets, policy choices, and risk. A standout angle is the integration of real-time policy developments with market implications, often anchored by a leading IIF host who pulls in high-profile guests from finance, policy think tanks, and major corporations. This mix provides listeners with practical signals for investors, corporate strategists, and policymakers while offering a clea... more

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1. On the Record
2. The Americas Quarterly Podcast
3. The Rachman Review
4. Barclays Brief
5. Macro Musings with David Beckworth

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Current Account launched 4 years ago and published 151 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. Paola Figueroa
2. Christiana Riley
3. Marcello Estevão
4. Evan Medeiros
5. Stephen Myrow
6. Mona Yacoubian
7. Isabelle Mateos y Lago
8. Jayee Koffey

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