Following Israeli strikes against Iranian nuclear and military targets, and Iranian counterstrikes, Group Chief Economist Neil Shearing lays out what investors should be watching for across macro and markets. Among other issues, Neil also explains:

• Why – as things stand – this situation shouldn’t influence the Fed meeting in the coming week;
• What the latest inflation data signal about how tariffs are working their way through the global economy;
• Whether a 'shadow' Fed chairman would tackle Donald Trump's problems with the current incumbent
• What to make of the past week’s round of US-China talks in London.

Also on the show, Commodities Economist Hamad Hussain talks about China’s stranglehold on global rare earths supply, how the demand picture will change in the wake of the latest US-China agreement and why Western governments haven’t done more to find alternatives to Chinese sellers.

Events and analysis referenced in this episode:

The Israel-Iran escalation and global markets
Israel’s strikes on Iran: assessing the macro impact
Drop-In: Israel-Iran military strikes – Assessing the global economic implications
Firing Powell would just be the beginning of the Fed's end
Limited US-China “deal” suggests ambitions are low
Rare earths “deal” won’t be the final word
Capital Economics Events