Alan Dunne speaks with HSBC Asset Management’s Global Chief Strategist, Joe Little, about what happens when the old macro rules stop working. Joe traces the shift from a demand led, low inflation world to a supply constrained regime of sticky and spiky prices, where 2 percent becomes a floor rather than a target. He explains the “reverse bond conundrum,” rising term premia and the quiet return of fiscal dominance. The conversation explores AI as investment boom, not yet productivity cure, the maturing of emerging markets, the fate of the dollar and how to build truly multipolar portfolios. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to
[email protected] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter . Follow Joe on LinkedIn. Episode TimeStamps: 00:00 - Opening clip, long bonds misbehaving and the “reverse bond yield conundrum” 00:55 - Introduction and risk disclosure for Top Traders Unplugged listeners 01:50 - Joe’s path from economist to global chief strategist and house view author 05:16 - From post crisis disinflation to a supply constrained, sticky inflation regime 10:32 - Why 2 percent looks like a floor, tariffs, profits and delayed inflation effects 13:34 - 2026 baseline: muddle through growth, positive policy impulse and inflation nuance 16:42 - AI as capital expenditure boom, echoes of the 1990s and the missing productivity surge 20:40 - China and Asia: regionalisation, industrial policy and an exit from...
