The end of the “Great Moderation”: Economic Implications with Steven O’Hanlon
In our latest Shard Capital Podcast, Julian Wheeler welcomes Steven O’Hanlon, CIO of Rubrics Asset Management, for a timely discussion on the evolving economic landscape in the US and its market implications.
Steven shares valuable insights on why he believes we have reached the end of the relatively stable economic period known as the “Great Moderation” and how the shift in the power dynamic between capital and labour could reshape investment strategies going forward. Is this all the fault of Donald Trump’s sudden tariff policy announcements a month ago?
Together, they explore:
📉 Impact of Trump’s Policies on Markets
📊 End of the Great Moderation
🧭 Investment Strategies in a Volatile Market
💵 High Yield and Credit Spreads
🏦 The Fed’s Dilemma
🌫️ Uncertainty and Recession Predictions
🌍 Immigration and Economic Growth
🔄 Shift from Passive to Active Investments
Listen in on the conversation below 👇🏼
Recorded on the 30th of April 2025
Chart 1: Referenced at 20:40.
Source: Bloomberg as at 28/02/25 via Rubrics Asset Management
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