Mark Dowding, BlueBay Chief Investment Officer, discussed the latest macro views, including: Key Points: AI angst amidst fear of job losses and price increases but move to adoption phase could benefit productivity. New tariffs expected to replace IEEPA tariffs, confirming their importance to the US budget process. Trump’s approval rating at risk of sliding further as US policy continues to cause concern. Weakening UK labour market removing threat to CPI. Misstated debt concerns in Japan, given its high domestic savings and declining debt trajectory. Attractive opportunities within the FX market for frontier currencies.