"Global Financial Markets: The Future Will Be Nothing Like The Past", Manoj Pradhan, Talking Heads Macro

David Osman of IRF is joined by Manoj Pradhan, the Co-Founder of Talking Heads Macro.

----more----

In this podcast, Manoj discusses some of the key aspects of his latest book that he has co-authored with Charles Goodhart, which is entitled: “The Unanchored Central Banker: Demography, Fiscal Instability and an Erosion of the Central Bank’s Inflation-Fighting Ability.”

He assesses several medium-term structural trends that are changing the longer-term outlook for inflation, and therefore the parameters for the operation of fiscal and monetary policies. Manoj explains why a combination of demographic trends, ageing populations, future healthcare & social-care requirements, artificial intelligence, deglobalization and rising anti-immigration attitudes will make the future economic environment very different from the past. He sets out the reasons why the government’s fiscal position is on an unsustainable trajectory and offers some innovative suggestions to tackle this problem. Manoj explains how these fiscal problems will create difficult choices for politicians and policymakers, leading to higher inflation, trending above 3%, and to higher interest rates. He concludes with a discussion of the investment implications of these changes for global asset allocators.

Talking Heads Macro (THM) was established in 2016 by Manoj and his Co-Founder, Charles Goodhart, the renowned former member of the Bank of England Monetary Policy Committee and Professor at the London School of Economics. Previously Manoj and Charles worked at Morgan Stanley, where Manoj was the Managing Director with responsibility for the Global Economics Team. Talking Heads Macro generates macroeconomic trade recommendations on a 6-12-month horizon by showing how current developments fit into longer-term themes. In 2020, Manoj and Charles produced a highly influential book, which was entitled: “The Great Demographic Reversal – Ageing Societies, Waning Inequality and an Inflation Revival”.