The global economy is navigating 3 powerful crosscurrents: AI, high energy prices, and record public debt. In my curtain-raiser speech in Singapore, I set out what’s at stake as we gather for the #IMFMeetings# in Bangkok next week and why action can’t wait.

Choppy, non-directional tape today as macro crosscurrents keep pulling the market in different directions: Gold is staying strong, Bitcoin is rising. 10Y yield eased to 4.70%, but remains near 20-month highs. Now the focus shifts to $NVDA earnings Wednesday and Jackson Hole Friday, with Fed Chair Warsh speaking. Earnings beats are becoming the norm. The market is increasingly looking beyond the headline numbers and focusing on guidance, valuations, and the macro backdrop. For now: patience + selectivity.

Grateful to President @Tharman_S and G30 for a thoughtful dialogue on the challenges facing policymakers today. With three powerful crosscurrents—AI, mounting public debt and high energy costs—shaping the global economy, decisive policy action cannot be delayed.

Whether the world's underwhelming growth rates this decade can be bettered, will depend on our success in navigating three major crosscurrents: the rapid arrival of AI, persistently high energy prices, and record levels of public debt. Watch my speech:

Three things to note when considering the influences on US government bond yields: 1. While Fedspeak this week has struck a hawkish tone, it was not quite as aggressive as the rate-hike trajectory currently priced in by markets. 2. While I have been pointing for months to the widening imbalance between surging higher supply and waning appetite from some dependable long-term buyers, the recent yield spike appears to have overshot this and other main drivers (a dynamic consistent with the growing footprint of hedge funds in this market segment). 3. On a relative valuation basis, US Treasury yields now look distinctly attractive when compared to some other sovereigns. Even with these stabilizing factors, volatility and dispersion will remain defining market themes amid wider geo-economic crosscurrents. Moreover, I think the migration of interest rate risk into credit risk is still unfolding. #economy# #markets# #bonds# #yields#

Once again, the world's attention is on China-US relations. China's Foreign Ministry just announced that, at the invitation of US President Donald Trump, President Xi Jinping will pay a state visit to the US from Sept 23-25. As the world's two largest economies, China and the US have a relationship that matters far beyond their own borders. Now, the international community is looking forward to the upcoming meeting between the two leaders with keen interest. #XiJinping# #习近平# #XiVisit# @XisMoments #China# #US# #CrossCurrents#

China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle? In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to examine these cross‑currents: the resilience of A‑shares, the wave of Hong Kong tech IPOs, and why rising margin financing today is not a replay of 2015. They also highlight the key themes shaping 2026, including precious metals, AI‑linked industries, and high‑dividend opportunities. This episode was recorded on 21 January 2026.