Exante Data 10th Anniversary Conference

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As well as meeting friends, colleagues, and clients, one week ago the Exante 10th Anniversary conference brought together insightful speakers to reflect on the past decade and contemplate structural themes that may drive the decade ahead. Naturally, it is impossible to escape the here-and-now, especially given developments in the Middle East. So we were often brought back to immediate policy challenges and investment themes.Summaries of the sessions follow below, we will follow up with pieces covering some of these sessions in more detail later. Those interested in videos of the Bessent and Taylor sessions can email anniversary@exantedata.comThe Future of US Economic Policy – Treasury Secretary BessentSecretary Bessent joined Jens Nordvig in conversation to open the conference. Bessent covered a wide range of issues, including: tax refunds; AI-related job losses (doesn’t see large job losses but restructurings;) the possibility the US Treasury would intervene in crude oil futures markets (the market is ‘too big;’) as well as CNY valuation and stories of tighter Fed oversight. The video of the session is available on request.The Role of the Dollar and FX HedgingAndreas Schrimpf (BIS, standing in last-minute for Hyun Shin who became Governor-elect at the Bank of Korea), Steve Saldanha (OTPP), Brad Setser (CFR) joined Alex Etra for a discussion of the dollar. The discussion revolved around BIS data that show how FX derivatives markets have grown dramatically in recent years driven in particular by non-bank financial intermediaries. FX market volumes were particularly elevated …