Claim OwnershipCurrent Account with Clay Lowery
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Each week, Clay Lowery at the Institute of International Finance highlights current issues in international finance and economics through the lens of U.S. policy and politics. Clay and his guests explain what to watch in the coming week, and deep-dive into some of the most important topics facing the financial industry, and our world.
119 Episodes
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In this episode of Current Account, Clay is joined by IIF's Andrés Portilla, Managing Director of Regulatory Affairs, and Katie Rismanchi, Deputy Director of Regulatory Affairs, to talk about banking supervision - namely developments and recent trends in how supervision is approached across the globe. The discussion begins with a key question: Why is banking supervision important?
The podcast continues with a discussion on the response to supervisory turmoil in recent years, issues and flaws within current supervisory procedures and processes, potential solutions to aid in increased supervisory effectiveness and transparency, how progress can be - and may already have been - measured and much more.
For more information about this topic, read the IIF's recent paper on supervisory effectiveness here.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Scott Lee, IIF's Deputy Director and Senior Counsel in the Digital Finance department, to discuss recent developments in the world of digital asset regulation and legislation. Clay and Scott begin with the status and background on three pieces of digital asset legislation in the U.S.: The GENIUS Act, the CLARITY Act and the Anti-CBDC Surveillance State Act.
Afterwards, the discussion shifts to the role of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in balancing regulatory authority, how jurisdictions outside of the U.S. are approaching digital asset regulation, what key signs are to come on the horizon and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Don Kohn, the Robert V. Roosa Chair in International Economics and a Senior Fellow in the Economic Studies program at the Brookings Institution, to discuss recent developments and the overarching role of the Federal Reserve - the central bank of the United States.
Don and Clay begin with the traditional importance of the Fed's independence from elected officials before analyzing how prior administrations have seemingly pressured it to varying degrees, what impact these pressures have on the risk of inflation, ongoing discussions, including historic dissenters, around Fed policy, what upcoming personnel changes - including a new Chair in 2026 - the Fed will have to endure, how the Fed may approach the rest of the calendar year and much more.
Programming Note: Current Account will return from summer break in September.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by IIF's President and CEO, Tim Adams, to assess key takeaways from the first half of 2025, with an eye on major themes to keep track of for the remainder of the year.
Tim begins by providing a brief highlight of his recent travels across the globe and their subsequent conversations before jumping into a host of crucial topics in the financial industry, such as the agenda for more simplified regulation and steps toward Basel III implementation in the U.S. and discussing the wide range of risks and challenges facing the industry at large.
Tim and Clay also discuss how recent digital asset legislation - such as the GENIUS Act - is shaping the view of emerging and developing technologies, the role of global geopolitics and geoeconomics within the financial industry, how U.S. trade policy is viewed internationally and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Mark Sobel, a Senior Advisor at the Center for Strategic and International Studies (CSIS) and U.S. Chairman at the Official Monetary and Financial Institutions Forum (OMFIF), and Josh Lipsky the Chair of International Economics at the Atlantic Council and Senior Director of the Atlantic Council's GeoEconomics Center, to discuss the dollar and the first six months of the Trump administration's dollar policy.
The discussion begins with a brief overview of recent developments in the dollar and dollar policy before diving into other factors that may impact the dollar such as geopolitics and economic statecraft, what impact other ongoing events - such as the rise of stablecoins and open clashes in the public sector - have on dollar markets, why the U.S. may have a "plumbing problem" and how to combat it*, how these and other issues impact global economies, why dollar volatility is or isn't a bad sign, and much more.
*For more on this topic, read Josh's recent op-ed in the NYTimes here.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay dives into a few recent developments coming out of Washington surrounding the Trump Administration's economic policy - aimed at strengthening financial stability and economic growth. He divides the developments into three categories: Trade and tariffs, tax incentives and a focus on deregulation. Clay analyzes the categories by detailing the recent history of the administration's tariff policy and status of various trade deals, how "The One, Big, Beautiful Bill Act" impacts the fiscal aspect of the larger economic strategy, what recent policy and personnel developments mean in terms of a regulatory environment and clarity regarding digital asset regulation, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Conan French, IIF Director of Digital Finance, to discuss recent shifts and developments in digital payments and fraud. Conan starts with where the payments landscape stands at this moment before diving into the ongoing status of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, how tech enabled fraud has developed alongside modern payment technology, how different jurisdictions are approaching these and other issues, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Carsten Brzeski, the Global Head of Macro at ING Research, to discuss developments in the German economy following the recent federal elections - held in February 2025.
Clay and Carsten begin with notable changes in the economy since the elections were held before analyzing the recent redefinition of Germany's debt brake, how this constitutional reform aligns with Germany's goals and priorities, how U.S.-imposed tariffs on the E.U. impact U.S.-German relations, the path for Germany to reclaim its historical role as one of Europe's leading economies and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by two IIF colleagues, Garbis Iradian, Chief Economist for the MENA region, and Ivan Burgara, Economist, to give updates on the greater Middle East and North Africa (MENA) region and recent developments in oil markets. The discussion begins with a brief summary of recent events in the region before narrowing in on Egypt and how the country looks to bounce back thanks to recent investments, what the implications are of the U.S. tariff policy for MENA and its countries, why oil market prices have dropped as a whole, how the Trump administration aims to both increase production and keep low prices, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay gives an update on the current state of the U.S. tariff policies, namely with reaction and implications of the April 2nd "Liberation Day" tariff announcements. Clay begins with a scene-setting of what tariffs are currently in place and on hold, before providing a framework for how the current Trump Administration may be approaching tariff implementation - broken down into four main categories: (1) Market reaction, as demonstrated by the immediate market reaction following the April 2nd tariff policy announcements, (2) negotiations and diplomacy, highlighted by trade deals and discussions with many of the United States' main trade partners, (3) political backlash, with most impact likely to be shown at the upcoming 2026 Midterm Elections, and (4) litigation, mainly from legal challenges to the use of the International Emergency Economic Powers Act (IEEPA).
*please note that the Institute of International Finance does not provide legal advice
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Richard Fontaine, CEO of the Center for a New American Security, to discuss U.S. foreign policy as President Trump wraps up his first official foreign visit this term. Clay and Richard begin with takeaways from President Trump's trip to the Middle East, what the White House may be thinking in relation to Iran and the Joint Comprehensive Plan of Action (JCPOA), where things stand between the U.S. and China outside the realm of tariffs, how the President and his cabinet are approaching the recent and ongoing conflicts between Israel and Gaza, Russia and Ukraine, and India and Pakistan, what the reaction of the United States's major trade partners has been to its foreign policy approach and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Ashok Bhundia, IIF's Deputy Chief Economist, to discuss developments in the U.S. Treasury markets in reaction to the recent implementations of tariff and trade policies by the United States. Clay and Ashok walk through the ripple effects of the April 2nd "Liberation Day" and ensuing seven-day tariff pause, how the market disruption compares to other shocks, reasons behind Bond market stability post-April 9th, why the Treasury market is important to the average consumer compared to the stock market, what potential measures may come in the short and medium terms, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by David Ljunggren, a Correspondent covering politics for Reuters in Canada, to discuss the 2025 Candian Federal Election held on April 28. Clay and David begin with the results of the election, which saw Mark Carney of the Liberal Party become the country's 24th Prime Minister. After, the discussion centers on events leading up to the election, including the resignation of former Prime Minister Justin Trudeau, impact of the recent tariffs implemented by the U.S. and President Donald Trump, how Canada may pivot to other trade partners, what Prime Minister Carney aims to accomplish in the short-to-medium term, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay recaps a busy week in Washington, centered around the 2025 Spring Meetings hosted by the IMF, World Bank and IIF. Clay begins by analyzing potentially the largest focal point of the meetings: Trade. To help elaborate on some of the discussions, the episode features a number of snippets from speakers at the IIF Global Outlook Forum, highlighted by U.S. Secretary of the Treasury Scott Bessent, who gave insight and perspective directly from inside the Trump administration. Other quotations feature perspectives from the private sector, sentiment in Europe and China, how markets have been and will continue to react, issues regarding U.S. banking supervision, and many more. Other discussions proved to highlight the continued importance of transition finance and its evolving role in the financial industry, emergence of artificial intelligence and digital payments across a variety of agendas, and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Eugene Ludwig, Founder and CEO of Ludwig Advisors, to discuss a variety of updates within financial regulation - specifically those in the spotlight as President Trump continues to fill his regulatory cabinet. Clay and Gene start the discussion by assessing how the current administration seems to be approaching regulation, before diving into topics such as increased White House supervision on regulators, plans for potential Basel III implementation, a drastic change from the previous administration in approaching digital assets, how the U.S. is varying its approach from other jurisdictions, how financial institutions are approaching this period of transition and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate, and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and globally recognized investor and economic researcher, to discuss a potential new feature of the Trump Administration - A Mar-a-Lago Accord. Clay and Rebecca begin by explaining potential motives behind such an accord, followed by detailing the process of making it a reality, the impact the accord may have on the dollar, evaluating this potential scenario to similar measures in the past, how the U.S. may aim to get international support and the feasibility of this process leading to a real Mar-a-Lago accord.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Jenny Cosco, Global Head of Government Relations & Regulatory Strategy at LSEG, to discuss recent trends related to market risk and vulnerability. Jenny and Clay discuss some of the key market trends in 2025, how deeply volatile trends could be the pattern of the future, how markets seem to be combating volatility with resilience, regulatory frameworks that may bolster market stability and resilience, an overview of front-of-mind regulatory and market issues and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by IIF's Martin Boer, General Manager and Chief Representative, Europe, to discuss some of the recent developments captivating the European economy. Joining Clay from Brussels, Martin is able to dive into a number of key areas of focus in the region, including the path of Europe on the road to greater growth and competitiveness, potential implications for the financial industry on a broader consumer level, how things may have shifted since President Trump recently took office, how the European Union is balancing its trade relationship with the U.S. and other major partners, what the near-term outlook may look like for the European economy and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this landmark 100th episode of Current Account, Clay is joined by IIF's Gene Ma, Head of China Research and Chief Representative of the Asia/Pacific Region, to provide an update on China. Fresh off of the "Two Meetings" sessions, Clay and Gene first provide an update on economic trends from China, before analyzing a potential shift to a more consumption-led economy, how China is responding to President Trump's tariff policy, other ripple effects on China's economy from the U.S.-China relationship and more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
In this episode of Current Account, Clay is joined by Jeffrey Rathke, President of the American-German Institute at John Hopkins University, as well as host of The Zeitgeist podcast, to discuss the results and implications of the recent elections in Germany. Clay and Jeff first recap the events that led to these elections back in November of 2024, before analyzing the results of a voter turnout not seen since reunification: Implications of the Christian Democratic Union (CDU)-Christian Social Union (CSU) bloc forming a coalition government with the Social Democratic Party (SDP), impact on the German economy and its role as a European powerhouse, how U.S.-German relations may change under new leadership, likelihood and procedure of halting the debt brake and much more.
This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.
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