This episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts Joe Cavatoni and John Reade sit down with Rebecca Patterson, globally respected macroeconomic investor, Vanguard board member, and Senior Fellow at the Council on Foreign Relations, to unpack the fast-moving and increasingly complex global economic landscape. The conversation explores how geopolitical risk has moved to the forefront of investment decision-making, prompting companies and countries to rethink globalisation, supply chains, and resilience...
This episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts Joe Cavatoni and John Reade sit down with Rebecca Patterson, globally respected macroeconomic investor, Vanguard board member, and Senior Fellow at the Council on Foreign Relations, to unpack the fast-moving and increasingly complex global economic landscape. The conversation explores how geopolitical risk has moved to the forefront of investment decision-making, prompting companies and countries to rethink globalisation, supply chains, and resilience strategies.
Rebecca shares her perspective on the biggest macro surprises of 2026 so far, including geopolitical shocks, rising energy prices, and a dramatic shift in monetary policy expectations. What began as a consensus for rate cuts has quickly turned into a more uncertain outlook, with central banks now balancing persistent inflation against slowing growth.
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Notable Quotes
“We are moving structurally into a different inflationary environment.” – Rebecca Patterson
“It does feel to me certainly that we’ve started this year with a bang… it feels as if the whole timeline of 2026 has really been compressed into the first quarter.” – John Reade
“It’s basically the equivalent of adding an entire Sweden to the US economy each year.” – Rebecca Patterson
“Those two things go hand in hand… the trade decisions impact the capital flow decisions.” – Rebecca Patterson
“If I were looking at the gold market… I would certainly be leaning towards buying, not selling.” – Rebecca Patterson
“We get this question a lot… is it really a dropping of dollar-based assets, or is it something more complex?” – Joe Cavatoni
“There is no alternative to the US dollar really… if there is to be one potential alternative, then gold is certainly playing a role.” – John Reade
“Things are moving so unexpectedly, so fast.” – Joe Cavatoni
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