Markets have adapted to a new, less orthodox economic order, supported by expansionary fiscal policies and more accommodative central banks. Artificial intelligence is seen as the main driver of growth, although for now its impact remains more perceived than real.
On the geopolitical front, the Middle East appears more stable, while challenges between the United States, Russia and China remain unresolved. In Europe, initial enthusiasm for German fiscal policy has waned, with growth still weak.
In the latest Algebris podcast, Gabriele Foà (Global Credit Portfolio Manager) – interviewed by Douglas Branson (Head of Business Development UK) – highlights the fiscal deterioration of advanced countries and predicts an era of “financial repression”, in which government yields will remain close to inflation. In this context, credit offers interesting opportunities, provided a selective approach is taken.
The episode was recorded on 29th October 2025.
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