Tariffs: A temporary reprieve, but is it too soon for complacency?

In our latest podcast, Henrietta Walker, Head of the Investment Specialist team, talks to Co-CIOs Richard Larner and Michael Toolan about the recent pause in US-China tariffs, the diverging signals from bond and equity markets, and what these developments mean for investors.

They explore the implications of rising bond yields, a weakening US dollar, and the growing concerns around US debt sustainability and inflation. The conversation also touches on the potential for stagflation, the impact of proposed tax cuts, and why some global markets—particularly the UK—may now offer more attractive valuations.

As institutional investors reconsider portfolio risk and global positioning, this episode provides a perspective on the evolving macroeconomic environment.

Listen to the podcast below.

You can download the podcast transcript as a PDF here.