The latest escalation in the Middle East is doing more than moving energy prices. It could reshape the 2026 macro story.

In this episode of "What's Brewing", Head of Political & Government Affairs Matt Holmes and Chief Market Strategist & Economist Guy Miller unpack:

• How higher input costs could change central bank paths
• Why this conflict could ripple through inflation, interest rates and global growth
• How affordability, migration and security are reshaping politics in the U.S. and Europe
• Why Asia seems to take a quieter stance, including China's long game on supply chains and Taiwan

In Episode 9 of "What’s brewing? With Matt and Guy", Zurich's Head Political and Government Affairs together with Chief Market Strategist and Economist unpack the disconnect between geopolitical brinkmanship and booming financial markets, why investors have learned to “look through” the noise, and where the real risks may be hiding, from AI being a productivity boom (not a bubble) to inflation quietly creeping back onto the radar.