Is the US economy increasingly dependent on high-income consumers?

In this episode of “Credit Currents,” Mark Zandi, Chief Economist at Moody’s Analytics, and Atsi Sheth, Chief Credit Officer at Moody’s Ratings, examine the reality of the K-shaped economy.

They explore how the top 20% of earners now drive roughly 60% of spending, while lower-income households face mounting pressure from rising costs of essentials like food, fuel and housing.

From premium airline demand to tightening credit conditions and weakening real income growth, this episode highlights why economic growth may appear stable, but is becoming increasingly fragile and concentrated.

Host:

Patrick Ronk, Vice President, Moody’s Ratings

Guests:

Mark Zandi, Chief Economist, Moody’s Analytics

Atsi Sheth, Chief Credit Officer, Moody’s Ratings

Related Research: 

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Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline.

At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

Guests: 

Related Research: 

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What comes next for sustainable finance debt markets?

The energy transition’s momentum has shifted towards more pragmatic rationales, including energy security, sovereignty and critical supply chain resilience.

In this episode, we discuss why, despite headwinds arising from global trade tensions, Asia remains a contributing force for the “pragmatic transition”, the favorable conditions supporting renewable investment, as well as the opportunities for both the public and private sectors.

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

Guest: Rahul Ghosh, Managing Director, Head of Global Sustainable Finance & Emerging Markets, Moody’s Ratings

Related Research: 

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Asset tokenization and digital money, including stablecoins, are moving from the margins of finance toward the core of market infrastructure, spurring banks and other market participants to adapt their approach to blockchain technology.

In this episode of Credit Currents, we explore why trust and regulation are central to  adoption of tokenized assets, and how a gradual move in this direction could reshape payments, settlement and credit markets.

The conversation explores both the promise of faster, always‑on transactions and the practical challenges that will shape how quickly digital finance takes hold.

Host: Greg Sobel, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Donald Robertson, Managing Director, Financial Institutions, Moody’s Ratings

Related Research: 

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There could be big changes coming to longstanding bank regulations. With earnings season heating up, the discussion over capital rules is back in focus. 

Credit Currents is on the ground in Washington, D.C. as the world's top policymakers and regulators attend meetings with the World Bank, International Monetary Fund (IMF) and Institute of International Finance (IIF). 

We unpack what looser capital requirements could mean, the implications for credit, and how regulators and the US Federal Reserve are responding. 

Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Megan Fox, Associate Managing Director, Financial Institutions Group, Moody’s Ratings

Related Research: 

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A temporary truce between the US and Iran is contingent on the reopening of the Strait of Hormuz, but disruptions to global supply chains, energy markets, oil prices and various sectors are still risks to credit quality. 

In our latest episode of Credit Currents, taped hours before the news broke, we discuss the ways geopolitical shocks ripple through sectors, whether there could be an impact on issuer ratings or outlooks, and why some sectors like defense are less affected.

Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s Ratings 

Related Research: 

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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt. 

In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.

We also consider the potentially significant impact of AI on viewing habits and customer preferences. 

Host: Patrick Ronk, Vice President, Senior Analyst, Moody’s Ratings 

Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings

Related Research: 

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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.  

In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings launching on April 2, 2026, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.

We also consider the potentially significant impact of AI on viewing habits and customer preferences.  

Host: Patrick Ronk, Vice President, Senior Analyst, Moody’s Ratings  

Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings 

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Corporate and sovereign default rates are decreasing as GDP growth, slowing inflation and monetary easing aid debt management. But EMs face a number of credit risks including potential US tariffs.

Guest: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody’s Ratings

Host: Colin Ellis, Managing Director, Credit Strategy & Guidance, Moody’s Ratings

Related Research:

• Emerging Markets – Global: 2025 Outlook - Stable but fragile, with looming credit risks

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In this joint Big Picture-Emerging Markets Decoded episode, our regional analysts highlight the key US policy areas to watch in Europe, Asia-Pacific and Latin America -- and discuss which economies and sectors could be at risk if policies were to dramatically change.

Guests: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings; Gong Cheng, Managing Director, Credit Strategy, Moody's Ratings; Ariane Ortiz-Bollin, Vice President - Senior Credit Officer, Credit Strategy, Moody's Ratings

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

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