Complacency, complexity and complications

In this episode of Bondcast, Joann Spadigam and Stuart Sparks discuss the current state of tariffs and trade deals, particularly in relation to the US and Europe. Might markets be underestimating recent developments? They also analyse why US monetary policy and fiscal policy need to find an equilibrium, and explore the impact of demographic changes on debt sustainability. The discussion also covers the outlook for European markets amid global fiscal pressures and the potential for inflationary trends to complicate the picture.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 10 July 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html