Season 1

In this episode of Current Account, Clay is joined by Helima Croft, Managing Director and Head of Global Commodity Strategy at RBC Capital Markets, to discuss the conflict in Iran and the resulting market implications as the conflict enters its fourth week. With continued attacks on oil and gas infrastructure across the Gulf and the Strait of Hormuz still nearly shut, global markets are confronting the consequences of an energy shock unlike anything seen in decades. Oil remains above $100 a barrel, supply routes are strained, and consumers around the world are feeling the pressure at the pump. To help make sense of the rapidly changing energy picture, they explore why this shock is proving so disruptive, how markets have responded so far, and which regions are most exposed if elevated prices persist. …

In this episode of Current Account, Clay is joined by Jayee Koffey, Chief Global Affairs Officer at BNY, to discuss how firms are balancing global efficiency with mounting pressure to localize, de‑risk, and align more closely with national priorities, particularly in strategic sectors such as energy, technology, and finance.

The conversation focuses on how companies are embedding geopolitical awareness into everyday decision‑making, rather than treating it as a one‑off crisis response. Clay and Jayee also examine the growing importance - and vulnerability - of financial plumbing, including payments, settlement systems, and market infrastructure, which are increasingly entangled with sanctions policy, national security concerns, and cross‑border fragmentation.

Finally, they turn to the rapid buildout of digital and physical infrastructure, from…

In this episode of Current Account, Clay is joined by Isabelle Mateos y Lago, Chief Economist at BNP Paribas, who shares her perspective from conversations across Spring Meetings and brings years of experience at the intersection of economics, geopolitics, and markets. Together, they assess if discussions around growth, inflation, and monetary policy are being overshadowed by events in the Middle East, and whether the apparent calm in financial markets masks deeper risks tied to energy prices and supply disruptions.

The conversation then turns squarely to Europe’s economic trajectory - Clay and Isabelle discuss whether recent momentum on competitiveness and growth has been interrupted by higher energy costs and geopolitical uncertainty, and how Europe is balancing mounting funding needs, from defense spending and energy security to sustainability and technological…

In this episode of Current Account, Clay is joined by Mona Yacoubian, Director of the Middle East Program at CSIS, to unpack what the current phase of negotiations to deescalate the conflict in Iran is really telling us. They discuss how Iran is viewing its leverage, why energy disruption remains central to Tehran’s strategy, and how regional dynamics, particularly involving Lebanon and regional proxy networks, are complicating efforts to contain the conflict.

The conversation looks beyond formal negotiations to the roles being played by Hezbollah and other aligned groups, and what their involvement means for escalation risks across the region. Clay and Mona also examine shifting signals from Gulf states, internal debates within Iran’s leadership, and how Washington’s strategy has evolved from direct military…

In this episode of Current Account, Clay is joined by Stephen Myrow, Managing Partner of Beacon Policy Advisors, to take stock of where the U.S. midterm elections stand six months out - and why they matter far beyond Washington. They discuss why the House has emerged as the central battleground, how the Senate map has quietly become more competitive, and what a potential shift in control could mean for policy, regulation, and executive authority.

The political landscape looks very different than it did just six months ago. Clay and Stephen discuss how slipping presidential approval ratings, aggressive redistricting battles, and the fallout from an unpopular war are reshaping the midterm map in real time. They explore why outcomes once considered unlikely are now firmly in play, and what the evolving election dynamics could mean for investors, financial institutions, and international…

As U.S. and Chinese leaders meet in Beijing, the future of the world’s most important economic relationship hangs in the balance. In this episode of Current Account, Clay is joined by Evan Medeiros, a professor in the School of Foreign Service at Georgetown University and former director at the White House National Security Council, to assess what is at stake in the latest round of talks and what each side hopes to achieve. 

They explore the evolving sources of leverage on both sides, from trade and investment to critical minerals and advanced technologies, and examine the gap between leader level diplomacy and a deeper structural rivalry. The conversation also looks at how domestic politics may constrain any deal and what a more stable U.S.-China relationship could realistically look like in the years ahead. …

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 unpack the latest Capital Flows Report and what it reveals about shifting growth, capital movements, and policy pressures.

They examine how geopolitical shocks are compounding existing weaknesses, why the U.S. continues to outperform other economies, and what is driving mixed signals across emerging markets. The conversation also explores how supply chain disruptions are spreading beyond energy and what central banks and policymakers should be watching as risks build heading into the second half of the year. …

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. They explore how banks have adapted to a more volatile environment shaped by higher interest rates, geopolitical tension, and rapid technological change.

The conversation examines growing competition from fintech and private capital, shifting expectations around growth and risk, and how global banks are positioning themselves across both established and emerging markets. Looking ahead, they discuss what will define success for financial institutions over the next decade and how leadership priorities are evolving in a more complex landscape. …

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, Head of Frontier Latin America Research, to break down key races in Peru, Colombia, and Brazil.

They explore what recent results reveal about political fragmentation, governability, and investor confidence, and assess how domestic pressures are shaping outcomes. The conversation also looks beyond individual elections to examine how the region’s shifting political landscape could influence relationships with the United States and broader global markets in the months ahead.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and…

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 markets.

As the Fed prepares for its first meeting under new leadership, they explore competing pressures around interest rates, inflation, and political influence, as well as Warsh’s potential push to reshape the Fed’s framework. The conversation also looks at how investors should interpret a more uncertain policy outlook and what shifts in the Fed’s approach could mean for capital flows, the dollar, and financial stability worldwide.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, and managed by Christian Klein, Digital Graphics and Production Associate and Miranda…