New Themes for a New Year In our first economic webcast of 2026, we explore the fresh dynamics shaping global markets. We cover AI-driven productivity gains, shifting geopolitical alliances, post-pandemic fiscal adjustments and evolving trade landscapes. This year introduces a unique set of opportunities and challenges. Join us as we break down the key themes: Positive growth outlook : Despite a mild U.S. economic deceleration, there are significant growth tailwinds for 2026, including interest rate cuts, fiscal stimulus, and potential productivity gains from AI. Economic growth is expected to improve, particularly in the second half of the year. Tariff impact on inflation : Tariffs have had a lighter impact on inflation than initially feared, with U.S. inflation below 3% as of January 2026. AI and productivity : AI is expected to drive productivity growth, with significant investments from tech giants. While concerns about AI bubbles and labour market impacts exist, productivity gains are anticipated to benefit global economies over the long term. Geopolitical and trade developments : The U.S. is reemphasizing its influence in the Western Hemisphere through policies like the revised Monroe Doctrine, aiming to limit foreign influence (e.g., China, Russia). Trade deals like USMCA are up for renegotiation, with potential implications for Canada and other partners. All this and more in this month's webcast.