The Macro Brief by HSBC Global Research

Ryan Wang, US Economist, and Dhiraj Narula, US Rates Strategist, look at the key issues facing the Federal Reserve this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/JlBXX6F

From the latest innovations to the investment strategies of big tech giants, Nicolas Cote-Colisson, Head of Global Tech Platforms Research, outlines what to watch out for in the tech sector this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/CzkHXhS

From inflation and monetary policy to trade and AI, Janet Henry, Global Chief Economist, looks at the factors set to shape the world economy this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/tL9dgcP

Daragh Maher, Head of Digital Assets Research, assesses the latest developments in the digital assets space and outlines what we should be looking out for in 2026.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/9Qd66km

Our US team identifies key issues to watch in 2026 – from what the Federal Reserve will do next, to whether the AI bubble will burst, to US fiscal friction.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/mVlwHgW

Can AI trade FX? Is the future 'agentic'? And are we seeing a bubble? Mark McDonald, Head of AI and Data Science, and Yuning Bai, Data Scientist, discuss recent developments in artificial intelligence.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/DkgSvdV

Liz Martins, Senior UK Economist, and Nick Andrews, Senior FX Strategist, talk through the key takeaways from the UK's highly anticipated budget.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/c6DrlPx

Paul Mackel, Global Head of FX Research, and Joseph Incalcaterra, Head of LatAm Macro Strategy, look at what's in store for the major currencies in 2026.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/mFbXLNm