Mark Dowding, BlueBay Chief Investment Officer at RBC GAM, discusses the latest macro trends and our forward-looking views in a monthly webinar. Key Points A noisy start to the year in politics while markets remain quiet. Tariffs expected to be legislated by the US administration, but will take time. Risks of increased inflation in US. Increased demand for defence spending in Europe unlikely to improve stagnant growth in the short term. The Bank of Japan moving towards some monetary policy normalisation. The Chinese economy continuing to struggle at a macro level, with more headwinds to come from the US.