A U.S. slowdown and European recession are the base case, according to Juliette Declercq. The founder of JDI Research thinks global inflation will remain sticky and that commodity prices will stay high but says a resilient U.S. economy means the world will avoid an entrenched global recession. In this environment she likes the U.S. dollar and bonds and sees opportunities in equities. Declercq’s macro outlook is focused on Putin because, as she explains, if the storm he’s created in Europe continues for too long, it could lead to a change in underlying macro trends. Don’t miss this interview between two great macro minds who share different views on some points but agree on others. Recorded on April 29, 2022.