In our final episode of 2025, host Kristen Hallam is joined by S&P Global Market Intelligence economists Ken Wattret, Ben Herzon, Hanna Luchnikava-Schorsch, and Thea Fourie to unveil the top 10 economic insights shaping the outlook for 2026.

Discover how moderating inflation, shifting fiscal policies, and global trade dynamics are creating a delicate balance of tailwinds and headwinds across major economies. From the US avoiding recession and Western Europe's subdued growth, to China's pivot to domestic demand and India's resilience amid tariffs, this episode delivers actionable perspectives on emerging trends, risks, and opportunities.

Understand the potential impact of artificial intelligence, evolving monetary policies, currency shifts, and the state of sovereign debt—essential listening for anyone navigating the year ahead.

More S&P Global Market Intelligence Content:

• Top 10 Economic Insights 2026
• The Age of Agility: Key Themes for 2026
• Global Economic Outlook: November 2025

For S&P Global subscribers (login required):

• 2026: The age of agility
• Inflation indications

Credits:

• Host: Kristen Hallam
• Guests: Ken Wattret, Ben Herzon, Hanna Luchnikava-Schorsch, Thea Fourie
• Produced By: Debbie Taylor, Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

In this episode of The Decisive Podcast, host Kristen Hallam dives into the intricacies of U.S. consumer spending as the holiday season approaches. Joined by Michael Zdinak, Ph.D., a director in S&P Global's U.S. economics team, Kristen explores the current economic landscape following a recent government shutdown and its impact on vital economic data.

Kristen and Michael discuss the resilience of consumer spending—despite low consumer sentiment—highlighting the factors driving spending behaviors among different income groups. They analyze retail sales trends, the significance of Black Friday, and the growing share of online shopping in holiday sales.

Listeners will gain insights into inflation's effects on purchasing power and the expected growth in holiday sales, alongside a nuanced understanding of how consumers are navigating their financial realities this season. Tune in for a comprehensive overview of the U.S. economy as we head into the holidays.

More S&P Global Market Intelligence Content:

• The Age of Agility: Key Themes for 2026
• Global Economic Outlook: November 2025
• Widening China import-export imbalance soaking up container capacity

For S&P Global subscribers (login required):

• 2026: The age of agility
• Inflation indications

Credits:

• Host: Kristen Hallam
• Guest: Michael Zdinak
• Produced By: Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

In this episode of the Decisive Podcast, host Kristen Hallam engages with economists from S&P Global Market Intelligence to unpack the U.S. economic outlook for 2026. The discussion explores key themes influencing growth, including the economic impact of artificial intelligence, evolving labor market dynamics, and the ongoing effects of tariffs on inflation and investment.

Listeners will gain insights into the team's optimistic projections for 2026, driven by reduced policy uncertainty and consumer spending bolstered by recent tax cuts. The economists also address potential headwinds to growth, such as high borrowing costs and the implications of a government shutdown on economic performance.

As the Federal Reserve navigates these challenges, the discussion explores monetary policy decisions, including expectations for rate cuts and the anticipated adjustments in response to inflationary pressures.

With expert analysis and forward-looking perspectives, this episode equips listeners with the knowledge to make informed decisions in a complex economic landscape.

More S&P Global Market Intelligence Content:

• The Age of Agility: Key Themes for 2026
• Global Economic Outlook: November 2025
• Stablecoins Explained: A Comprehensive FAQ Guide to Digital Currency Stability

For S&P Global subscribers (login required):

• 2026: The age of agility
• Inflation indications
• US tariff plans

Credits:

• Host: Kristen Hallam
• Guests: Ben Herzon, Patrick Newport, Michael Zdinak, Lawrence Nelson
• Produced By: Debbie Taylor, Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

If 2025 was a year of seismic shifts, 2026 will be a year of recalibration to both the aftershocks and the new disruptions we expect to trade patterns, the economy and the geopolitical landscape.

In this episode of the Decisive podcast, we set out our key strategic themes for 2026—adapting to trade realities, shaky economic foundations and shifting asymmetric power in geopolitics. Experts from our multidisciplinary research team unpack the ongoing economic uncertainties, evolving trade policies, and geopolitical dynamics we expect to characterize the year ahead.

Listeners will gain an understanding of the potential impacts of the US midterm elections, the renegotiation of trade agreements, and the strategic competition between major powers, particularly the US and mainland China. The panel highlights the significance of critical minerals and AI technology as national security assets, alongside the challenges posed by financial market volatility and supply chain resilience.

As the world faces a recalibration of trade relationships and economic strategies, this episode provides valuable insights for navigating the complexities of a rapidly changing world. Tune in to stay informed and empowered in your decision-making process.

More S&P Global Market Intelligence Content:

• The Age of Agility: Key Themes for 2026
• Global Economic Outlook: November 2025
• Transshipment: Outlook and implications for ASEAN

For S&P Global subscribers (login required):

• 2026: The age of agility
• Inflation indications
• Red Sea maritime risks

Credits:

• Host: Natznet Tesfay
• Guests: Ken Wattret, Aries Poon, Carla Selman
• Produced By: Debbie Taylor, Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

Host Paul Smith is joined by senior economists Pollyanna de Lima and Andrew Harker to explore the latest trends in Purchasing Managers' Indices (PMI) and their implications for the global economy.

They discuss the resilience of global economic growth in 2025 in the face of challenges such as low business confidence, tariffs, and trade uncertainties. The team analyzes the mixed performance across Latin America, with notable expansions in Colombia contrasted by contractions in Brazil and Mexico.

As they shift focus to the future, they explore the findings of the recent Global Business Outlook surveys, highlighting subdued plans for employment and investment amidst geopolitical uncertainties.

The conversation also touches on the rising investment in artificial intelligence (AI) across various sectors, examining how firms are leveraging AI for efficiency, recruitment, and customer acquisition while facing challenges like implementation difficulties and accuracy concerns.

More S&P Global Market Intelligence Content:

• Business investment spending outlook gloomiest since pandemic
• Broad-based deterioration in trade in October
• Global Economic Outlook: October 2025

For S&P Global subscribers (login required):

• US tariff plans
• Trends in the World Economy and Trade October 2025

Credits:

• Host: Paul Smith
• Guests: Andrew Harker, Pollyanna De Lima
• Produced By: Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

In this episode, our experts answer your most frequently asked questions about the global economy, analyzing key trends as we approach 2026.

Host Ken Wattret, vice president of global economics at S&P Global Market Intelligence, leads a panel representing the US, Europe, Asia-Pacific and Latin America to provide a glimpse into our expectations for the rest of 2025 and beyond.

From the optimistic outlook for U.S. GDP growth, driven by recent tax cuts and government spending, to the challenges posed by high inflation and tariffs, we unpack the factors shaping the economic landscape. The global economy FAQ discussion also explores the impact of artificial intelligence on productivity and GDP, as well as the economic resilience of the Asia-Pacific region amidst slowing exports.

We take a closer look at the fiscal situations in France and the UK, highlighting the difficulties of achieving sustainable public finances, and examine the mixed growth prospects in India following new U.S. tariffs. The episode wraps up with insights on the evolving dynamics of the U.S.-Mexico-Canada Agreement and the implications of Brazil's upcoming elections on fiscal targets.

Tune in for a comprehensive analysis that empowers confident decision-making in an era of uncertainty.

More S&P Global Market Intelligence Content:

• Global Economic Outlook: October 2025
• Economic Risks of a Prolonged US Government Shutdown
• Transshipment: Outlook and implications for ASEAN

For S&P Global subscribers (login required):

• US tariff plans
• Trends in the World Economy and Trade October 2025

Credits:

• Host: Ken Wattret
• Guests: Ben Herzon, Hanna Luchnikava-Schorsch, Diego Iscaro, Rafael Amiel
• Produced By: Debbie Taylor, Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

The shipping industry has faced a seismic shift following the U.S. Trade Representative's finalization of port fees targeting Chinese-built, operated and owned vessels. Such changes in trade and tariff policy are reshaping order books for bulk carriers and specialized cargo vessels and the competitive landscape of Asian shipbuilding.

Ongoing physical disruptions are affecting global shipping routes, and shipowners are balancing the urgent need for fleet renewal with the long-term imperative of adhering to tightening environmental regulations.

To unpack these developments, host Kristen Hallam is joined by Ashima Tyagi and Keyla Goodno from S&P Global Market Intelligence. Listen now for an insightful analysis of the future of shipbuilding and the broader implications for global supply chains.

More S&P Global Market Intelligence Content:

• Commodity Price Watch: October 2025
• Picture This: IMO Postpones Net-Zero Commitments as Maritime Emissions Rise
• LNG increasingly alternative fuel of choice for container lines

For S&P Global subscribers (login required):

• US tariff plans
• Commodity Price Watch Report: Asia
• Trends in the World Economy and Trade October 2025

Credits:

• Host: Kristen Hallam
• Guests: Ashima Tyagi, Keyla Goodno
• Produced By: Kristen Hallam
• Edited By: Feranmi Adeoshun
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

As we approach the end of 2025, companies are starting to move beyond calculating tariff rates and to think develop long-term strategies for their supply chains. Reshoring — moving some or all of your sourcing from one region or territory to another — has reemerged as a strategic option.

S&P Global Market Intelligence Head of Supply Chain Research Chris Rogers joins host Kristen Hallam to discuss reshoring, focusing on two key Southeast Asian markets: Indonesia and Malaysia. They explore the current global supply chain positions of both countries, highlighting Indonesia's resource-driven economy and Malaysia's established dominance in electronics manufacturing.

Chris outlines the potential for Indonesia to emerge as a reshoring center, emphasizing its political stability, low labor costs, and growing domestic market. He also addresses the challenges Indonesia faces, such as workforce education and wage inflation pressures. Conversely, Malaysia's historical success in electronics is examined, along with the need for the country to defend its position against rising competition from lower-cost neighbors.

Listeners will gain valuable insights into the strategic considerations for businesses looking to reshore operations, the impact of global trade policies, and the future trends that may shape the supply chains of both Indonesia and Malaysia over the next five years. Tune in for a comprehensive analysis that goes beyond tariffs and U.S. policy to uncover the broader opportunities in global trade.

More S&P Global Market Intelligence Content:

• US Supply Chain Outlook Q4 2025: Backing Out of Front-Loading
• Picture This: Company Sentiment on Tariffs Turns More Negative in Earnings Calls
• Lower US imports tightening truck capacity at key inland hubs
• More content on Global Trade & Supply Chains

For S&P Global subscribers (login required):

• US tariff plans
• Recession risks
• Japan's political and trade outlook

Credits:

• Host: Kristen Hallam
• Guest: Chris Rogers
• Produced By: Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

In this episode of the Decisive Podcast, host Kristen Hallam leads a compelling discussion on the rising political volatility across various regions, including Asia Pacific, Europe, and Latin America. Joined by experts Carla Selman, Bibianna Norek, and Jeffery McElroy, the panel explores the factors driving instability in countries like Japan, Peru, Argentina, France, and the UK.

Listeners will gain insights into the implications of recent leadership changes, the impact of civil unrest, and the role of immigration policies in shaping political landscapes. The experts also discuss the upcoming elections in Latin America and their potential to influence political dynamics, as well as the delicate balance countries must maintain between their relationships with the US and mainland China.

With a focus on key indicators of political stability, the episode provides a comprehensive analysis of how domestic and global pressures are reshaping governance and policy-making.

More S&P Global Market Intelligence Content:

• Country Risk Month Ahead: October 2025
• Global Economic Outlook: October 2025
• Economic Risks of a Prolonged US Government Shutdown

Credits:

• Hosts: Kristen Hallam
• Guests: Carla Selman, Bibianna Norek, Jeffery McElroy
• Produced By: Debbie Taylor, Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun

In this episode of The Decisive Podcast, host Kristen Hallam engages in an insightful discussion with Ben Herzon, co-head of US Economics at S&P Global Market Intelligence. They explore the complexities of economic forecasting in turbulent times, focusing on how to differentiate between signal and noise in economic data. Ben shares his expertise on the significance of the Purchasing Managers Index (PMI) as a leading indicator for economic trends, particularly its role in predicting industrial production and GDP.

The conversation also explores the impact of tariffs on inflation and economic growth, highlighting the resilience of the US economy amid recent challenges. Ben discusses the factors contributing to the growth outlook, including recent budget legislation, federal spending, and inventory management by businesses.

Additionally, they address the risks to economic growth, such as potential increases in tariffs, inflation surprises, and the implications of a government shutdown. The episode concludes with a look at how scenario analysis is used to navigate uncertainties in economic forecasting, providing listeners with a comprehensive understanding of the current economic landscape.

Tune in for a deep dive into the dynamics shaping the US economy and the tools used to forecast its future.

More S&P Global Market Intelligence Content:

• Global Economic Outlook: September 2025
• Picture This: Company Sentiment on Tariffs Turns More Negative in Earnings Calls
• The US Home Improvement Market: Trends and Challenges Ahead

Credits:

• Host: Kristen Hallam
• Guest: Ben Herzon
• Produced By: Kristen Hallam
• Edited By: Marz Marcello
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun