Podcast
The Flip Side
Hosted by Barclays Investment Bank · EN
There are two sides to every story, including in markets. On The Flip Side podcast, two Barclays Research analysts offer perspectives from different angles as they debate the economic and market themes that matter most to investors and business leaders.
Each month this award-winning podcast will inform your view through contrasting positions, revealing the nuances that emerge when ideas are tested, challenged and pushed further.
Through this debate, our analysts surface the dynamics that may be missed in headline‑driven narratives. The result? A clearer, more rounded understanding of what’s really moving markets that helps you make more informed decisions.
For more insights from our experts: https://www.ib.barclays
Important content disclosures: https://www.ib.barclays/disclosures/important-content-disclosures.html
15episodes
Episodes
Newest firstAll episodes
If the Fed goes quiet, do markets make more noise?
Jul 900:19:15Tap to summarizeFor over three decades, the US Federal Reserve has moved towards greater transparency, introducing new ways of communicating its outlook to markets. Weeks into his tenure, Fed Chair Kevin Warsh is reversing that trend. He scrapped forward guidance and opted out of the dot plot, arguing that markets have become overly focused on interpreting Fed signals. In this episode of The Flip Side, Brad Rogoff, Global Head of Research, and Ajay Rajadhyaksha, Global Chairman of Research, debate whether markets have become too reliant on central bank communication and what may happen without it. They explore the evolution of Fed transparency, the risk of market volatility if the Fed goes quiet, and whether investors may ultimately benefit from being forced to focus more closely on economic fundamentals.The discussion also considers the current macro backdrop and whether a period of inflation uncertainty, oil shocks and market repricing is the right moment for the Fed to take a different approach.Listeners can learn more about this topic: Flip Side ep. 80: Is US equities exceptionalism finally cracking?Barclays Brief ep.34: The Fed’s next moveClients of Barclays Investment Bank can read our latest reports by logging in to Barclays Live:United States: Interest Rates: Returning to the old normalMacrocast - US in Focus: WarshspeakImportant Content Disclosures
Transcribe →Welcome to The Flip Side podcast
Jul 600:00:40Tap to summarizeThere are two sides to every story, including in markets. On The Flip Side podcast, two Barclays Research analysts offer perspectives from different angles as they debate the economic and market themes that matter most to investors and business leaders.Each month this award-winning podcast will inform your view through contrasting positions, revealing the nuances that emerge when ideas are tested, challenged and pushed further.Through this debate, our analysts surface the dynamics that may be missed in headline‑driven narratives. The result? A clearer, more rounded understanding of what’s really moving markets that helps you make more informed decisions.Find out moreImportant Content Disclosures
Transcribe →Physical AI: Wealth creation or economic displacement?
Jun 400:19:25Tap to summarizeArtificial intelligence is moving off the screen and into the real economy. For investors, that shifts the focus from software productivity to how labour, capital and markets themselves could be repriced.With machines, such as humanoid robots, increasingly taking on physical tasks, from driving and cleaning to providing healthcare, the question isn’t just how much productivity improves. It’s who benefits, how quickly economies adjust, and what gets disrupted along the way.In Episode 84 of The Flip Side, Global Head of Research Brad Rogoff and Head of FX & EM Macro Strategy Themos Fiotakis dig into that tension. On the one hand, history suggests that major technological shifts ultimately create wealth, expand output and spawn new industries. On the other, those transitions can be slow, uneven, and politically and economically destabilising, especially if labour displacement outpaces the ability of economies to adjust.The conversation moves from theory to markets. What does stronger productivity mean for equity returns? Could capital-intensive AI investment push up yields and debt issuance? And if adoption is uneven, which currencies benefit first?What emerges is a familiar “flip side” dynamic: the long-term story may be compelling, but the path to get there could be far more volatile than expected.Clients of the Investment Bank can read further analysis of these themes in ‘Embodied AI: Wealth creation or economic displacement?’ on Barclays Live.
Transcribe →Do high gas prices change how Americans buy cars?
May 100:16:42Tap to summarizeGasoline prices in the United States have risen to over $4 per gallon since the Iran war began in February. When combined with higher car prices, higher interest rates and rising auto loan delinquencies – not to mention other affordability concerns consumers face – might consumers change their car buying preferences?In this episode of The Flip Side, Brad Rogoff, Global Head of Research, and Dan Levy, US Autos and Mobility Equity Research Analyst, debate whether higher fuel costs are the straw that breaks the camel's back, or if strong vehicle preferences and a more concentrated set of affluent buyers are enough to hold current dynamics. They also discuss whether fuel costs could be a catalyst for electric vehicle (EV) adoption, and if technology improvements could make autonomous ride hailing a credible alternative to car ownership in the future. Listeners can learn more about this topic:Flip Side ep.79: Will the US consumer hold up in 2026? Barclays Brief ep.12: Robotaxis: The future of mobilityClients of Barclays Investment Bank can read our latest reports by logging in to Barclays Live:Gauging the impact on autos from higher oil prices - questions on mix, inflation EV Report Card: A closer look at the Chinese EV mix shift
Transcribe →$1 trillion AI capex by 2028: Justified or inflated?
Apr 900:15:31Tap to summarizeSince 2022, AI capital investment has skyrocketed. But can AI capex reach $1 trillion by 2028, as our Equity Research analysts forecast? Labs are reporting rapid growth, and signs show AI demand spreading beyond the hyperscalers to sovereigns and non-tech enterprises. Yet practical barriers such as power supply, infrastructure timelines and the need for clear ROI could but the brakes on capex.In episode 82 of The Flip Side, Brad Rogoff, Global Head of Research, and Tom O'Malley, Equity Research Analyst for US Semiconductors & Semiconductor Capital Equipment, debate whether today’s rapid AI adoption is enough to justify that level of capex or if real-world constraints will force expectations lower.Listeners can learn more about this topic:Barclays Brief Ep 25: The cusp of a capex super cycleAI gets physical: Innovation meets opportunityClients of Barclays Investment Bank can read our latest reports by logging in to Barclays Live:Framework for Modeling AI Demand & Supply – Capex 'Peak' Likely in 2028Powering AI: Gas Turbines Could Make or Break AI AmbitionsImportant Content Disclosures
Transcribe →Should alternative asset managers be trading like software?
Mar 900:11:49Tap to summarizePrivate credit has been a powerful growth engine for alternative asset managers, with business development corporations (BDCs) playing a central role. As AI adoption accelerates and software business models come under pressure, investors are concerned with how exposed these managers are to software and other tech-enabled business models that could be disrupted. In recent weeks, investors have sold down their positions, sending some alternative asset managers’ stock prices down roughly 25%. But is that selloff rational or not?In episode 81 of The Flip Side, Brad Rogoff, our Global Head of Research, is joined by Ben Budish, our Equity Research Analyst who covers US Brokers, Asset Managers and Exchanges, to debate whether the recent selloff was justified. They discuss why AI disruption has become a focal point for markets, how valuation frameworks for alternative managers amplify volatility, and where risks may be overstated versus structurally real. The conversation also explores what this means for future growth across private credit, private equity and insurance channels, and where differentiation may emerge after an indiscriminate selloff.Listeners can hear more on this topic on our sister podcast, Barclays Brief:Software: In the AI stormClients of Barclays Investment Bank can read more on our view on equities with our latest reports on Barclays Live, including:Barclays HY Software Agentic AI Disruption Risk in FocusSoftware Is Not Dead, Just ChangingWidespread Exposure to Software Creates UncertaintyImportant Content Disclosures
Transcribe →Is US equities exceptionalism finally cracking?
Feb 900:16:36Tap to summarizeAfter more than a decade of US equity dominance, international markets made a rare comeback in 2025. Europe, Japan, Emerging Markets and the UK outperformed, the majority of global equity flows went outside the US, and investors began to revisit long‑standing assumptions around US equities exceptionalism.Was this simply a cyclical reset after years of US outperformance, or the start of a more durable shift in global equity allocation?In this episode of The Flip Side, our Global Head of Research, Brad Rogoff, is joined by our Head of European Equity Strategy, Emmanuel Cau, to debate what drove last year’s rotation, whether it has further room to run, and how investors should think about diversification in 2026.Clients of Barclays Investment Bank can read more on our view on equities with our latest reports on Barclays Live, including:Chaotic, but resilient – February Chart PackBuy/Sell AmericanImportant content disclosures
Transcribe →Will the US consumer hold up in 2026?
Jan 800:13:44Tap to summarizeThe US consumer showed notable resilience over the holiday period, with retail sales and e-commerce activity remaining robust. Yet, beneath the surface, sentiment surveys signal caution, as consumer confidence hovers near multi-year lows. Against this backdrop, the primary question is whether strong spending can persist as households navigate inflation fatigue, policy changes, and widening economic bifurcation.In Episode 79 of The Flip Side podcast, Global Head of Research Brad Rogoff and US Cosmetics, Household, Personal Care & Beverages Research Analyst Lauren Lieberman debate the split between hard spending data and soft sentiment indicators. They explore the rise of value-focused shopping, the expansion of Buy Now Pay Later (BNPL) into essentials, and the outsized role of upper-income cohorts in driving aggregate demand.Clients of Barclays Investment Bank can read more on US consumer strategy with our latest reports on Barclays Live, including:26 'What Ifs' for 20262026 Outlook: Riding the Waves, but Still Far from Shore
Transcribe →UK Autumn Budget: Success or shortfall?
Dec 400:13:37Tap to summarizeThe UK’s fiscal policy faced a pivotal moment as Chancellor Rachel Reeves delivered her second Autumn Budget, confronting market and political pressures. The budget builds fiscal headroom mainly through tax rises deferred until 2028, sparking debate over its credibility.Markets responded favourably, with gilt yields steady and the FTSE 250 gaining ground since. Yet sentiment remains fragile amid ongoing political uncertainty.In Episode 78 of The Flip Side podcast, Global Head of Research Brad Rogoff and UK Chief Economist Jack Meaning debate the implications for markets, inflation and the UK’s economic future.Clients of Barclays Investment Bank can read more on UK macro strategy with our latest reports on Barclays Live, including:Autumn Budget: Consolidate, but not yetThe signal from the noise
Transcribe →Is Japan doubling down on Abenomics, or redefining it?
Nov 600:14:12Tap to summarizeJapan’s economic policy stands at a crossroads as Prime Minister Sanae Takaichi takes office, with the legacy of Abenomics challenged by shifting market and political realities.The yen has halved against the dollar since 2012, superlong Japanese Government Bond (JGB) yields are at record highs, and demographic changes have reshaped demand for government bonds, setting the stage for a global debate on whether Japan’s new leadership can adapt its economic strategy to meet current challenges without causing instability at home or abroad.In Episode 77 of The Flip Side podcast, Global Head of Research Brad Rogoff and Head of Japan FX & Rates Strategy Shinichiro Kadota analyse the credibility of Japan’s fiscal ambitions, the fragility of JGB supply-demand, and consider the impact of persistent inflation on the Bank of Japan’s rate path.
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