Unearthed: Seeing around macroeconomic corners ft. Lori Heinel, State Street

In the opening episode of "Unearthed," hosts John Reade and Joe Cavatoni celebrate the launch of their new podcast, focusing on macroeconomic trends and their impact on the investment landscape. Joined by Lori Heinel, the Global Chief Investment Officer at State Street Global Advisors, the group discuss the current market conditions, the role of central banks in addressing inflation and the potential implications of the upcoming U.S. election on investor sentiment. Heinel also shares insights on portfolio diversification strategies and the evolving trends in ETFs, including those for gold, highlighting their significance in today's economic climate.

• [1:15] Lori gives a summary of current macro economic trends.
• [4:05] Joe asks Lori what to expect in terms of when rate increases will hit the market .
• [10:53 Joe asks Lori how she assesses the outlook of U.S. Politics and if her clients are asking about it.
• [15:59] Lori speaks about event risk and how it applies to the current economic state.
• [21:29] Lori shares views on private markets like gold as an alternative.

Additional Resources:

• See all Unearthed podcast episodes here
• Lori Heinel’s LinkedIn
• John Reade’s LinkedIn
• Joe Cavatoni’s LinkedIn
• John and Joe on the vision for the Unearthed podcast
• More about the World Gold Council

Notable Quotes:

“Economies around the globe were suddenly confronted with the prospect that inflation might be higher for a longer period of time, and that was going to require a lot of attention from central bankers.” -Lori Heinel

“Despite the fact that we have had massive tightening, consumers have remained healthy.” -Lori Heinel
“[China] did not have the robust covid bounce that many of us thought they would have. They had some bounce but it was not nearly as robust  as many had expected. ” -Lori Heinel
“I don’t think that the election shapes the economy, I think its that the economy shapes the election.” -Lori Heinel

“No matter how much planning you do, the thing that ultimately happens, surprises you.” -Lori Heinel

“We think treasures north of four percent…look compelling especially against the structural view that we have that we are going to revert back to more trend growth in the US which would be around that two percent level.” -Lori Heinel

About World Gold Council

We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market.

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