Barclays Brief

The path for US interest rates has shifted sharply in recent months, as markets move from pricing rate cuts to pricing a potential hike. In this episode, Ronnie Wexler sits down with Barclays’ Chief US Economist Marc Giannoni to look at what’s driving that shift.
At the centre of the discussion is inflation. While headline inflation has been pushed higher by rising energy prices driven by the Iran war, the key question for new Fed chair Kevin Warsh is whether those pressures feed through into core inflation and ultimately shift longer-term expectations. That, Giannoni argues, is what could determine the Fed’s next move.
The conversation also turns to the US consumer. Slowing real income growth, higher gasoline prices and a cooling labour market are starting to weigh on household spending, raising questions about how resilient demand can remain. Whilst these pressures could drive consumer spending down, the US consumer has surprised to the upside many times before according to Giannoni.
So what should investors watch next? From inflation prints to consumer behaviour, listen to learn which signals could shape the Fed’s policy path in the months ahead.
Clients can read more on Barclays Live:
Waiting for the deal
What would trigger a 2026 Fed hike?
Consumers feeling the strain
April consumer spending moderating amid faltering income

Listeners can also hear more episodes on this topic:
Inflation crosscurrents: Energy vs AI
Decoding the bond sell-off
Do high gas prices change how Americans buy cars?

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Productivity growth has been uneven across many sectors and economies. But AI in the form of humanoid robotics could change that, extending automation into physical services at scale.
In this episode of Barclays Brief, Patrick Coffey is joined by Christian Keller, Head of Economics Research, to discuss what this shift could mean for productivity and the wider macro outlook. Keller explains that while a jobless future remains unlikely, the long‑running balance between labour and capital could continue to evolve as a broader range of tasks are automated.
The conversation explores how combining cognitive and physical automation increases capital intensity and raises the importance of inputs such as electricity and commodities. They also consider how these forces could influence inflation dynamics and interest rates.
As automation spreads into the physical economy, understanding where productivity gains may accrue – and what constrains them – becomes increasingly important. Listen now to hear the full discussion.
Clients can read more on Barclays Live:
•How humanoid robotics matters for macro
•Ten things to know about humanoids
•The decade of the robot belongs to China
•Embodied AI: Wealth creation or economic displacement?
Listeners can also hear more episodes about developments of physical AI:
•Robots deliver dinner and profits
•Rise of the humanoid robots
•AI Revolution: China’s Five-Year Plan

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Global bond yields have been rising sharply, with long-term yields breaking higher across multiple markets - pushing US 30‑year yields above 5%.​
The sell-off was initially triggered by energy-linked inflation resulting from the Iran war, but increasingly reflects a broader, cross‑market re-pricing, with fiscal pressures, shifting rate expectations and signs of bear‑flattening emerging in key markets.​
In this episode of the Barclays Brief, Lucile Flight, Managing Director in Rates Trading, joins Patrick Coffey to examine what’s driving the move in different regions – from political uncertainty shaping UK gilts to changing views on neutral rates in the US and a dialled-back ECB response in Europe. ​
They discuss what could bring yields down again and where investors are seeing the most compelling opportunities across global rates.​
Listeners can hear more on this topic:​​​
Inflation crosscurrents: Energy vs AI ​
European rates: Inflation & AI waves collide ​

Clients can read more on Barclays Live:​​
Thinking Macro: No saving grace ​
Federal Reserve Commentary: What would trigger a 2026 Fed hike?
United Kingdom Outlook: What a week...
Global Economics Weekly: Leaders meet and bonds shriek

Markets are facing two competing inflation stories at the same time: a near‑term energy shock pushing inflation risks higher, and the possibility that AI acts as a medium to longer-run disinflationary force.​
In this episode of Barclays Brief, Patrick Coffey, Global Head of the Product Management, sits down with Jon Hill, Head of US Inflation Strategy, to break down how energy price spikes feed into headline versus core inflation, what breakevens and real yields are signalling, and how central banks may respond to energy shocks they can’t control. ​
They also discuss whether core inflation dynamics are drifting back toward a pre‑COVID structure, and how AI could shape the path ahead through productivity, wages and margins.​
​​Listeners can hear more on this topic:​​​
Jet fuel shortage: Holidays at risk? ​
European rates: Inflation & AI waves collide ​

​​Clients can read more on Barclays Live:​​
The view from overseas ​
A Claudy inflation outlook ​

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Jet fuel shortages linked to the continuing Iran war are dominating headlines, raising questions about whether this poses a genuine risk to global travel or whether markets are getting ahead of the reality.
As the airline industry moves toward the peak summer travel period, Patrick Coffey sits down with our Head of European Transport Equity Research, Andrew Lobbenberg, to dissect what’s happening in aviation fuel markets. They explore the known knowns and the known unknowns at this moment, including why Europe is more exposed than other regions, and who will likely bear the costs if constraints persist.
The episode also examines the realistic scenarios for airlines and passengers, from short‑term disruption to longer-term implications.
Listen now to cut through the headlines and understand what this period of uncertainty means for the aviation sector, its investors and its consumers.
Clients can read more on Barclays Live:
•European Transportation: Airline potential fuel shortages
•European Airlines: Messy uncertain days - March quarter preview
•European Integrated Energy: Assessing the diesel and kerosene shortage risk
•European Lodging - War and Peace: Scenario Analysis on Conflict, Fuel Supply and Oil Prices

Important Content Disclosures