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Based on your long experience as a foreign correspondent and political journalist, what worries you most when looking at the current geopolitical landscape? What I find most disconcerting about the current political landscape is the total lack of predictability about what might happen next. For years, there was certainty over NATO. There was certainty that if one country did X, another country would do Y. We knew which nations stood together and which alliances existed. It all felt quite solid.

Investment Insights • Macro 1 min read The Fed under Warsh: Understanding the task forces One of Kevin Warsh’s first initiatives as Chair of the Federal Reserve has been to launch five task forces to review key aspects of the central bank’s operations. In this Macro Flash Note, EFG’s Chief Economist Stefan Gerlach analyses the membership and mandates of these groups and discusses what they suggest about the direction of reform at the Federal Reserve.

All Insights Currently reading The next AI opportunity may not come from Silicon Valley Investment Insights • Macro 2 min read The next AI opportunity may not come from Silicon Valley Artificial intelligence (AI) is already transforming emerging market indices, but its greatest impact may come from helping developing economies accelerate their productivity growth and leapfrog traditional stages of development.

All Insights Currently reading From asset protection to relocation – key themes in modern wealth planning Investment Insights • News & interviews 2 min read From asset protection to relocation – key themes in modern wealth planning In a changing global landscape, many internationally mobile clients are re‑evaluating where they live, how they hold assets and how their structures are set up.

All Insights Currently reading Europe’s push for self-reliance is driving a major investment cycle Investment Insights • Macro 2 min read Europe’s push for self-reliance is driving a major investment cycle Europe’s growth challenges remain, but a powerful new investment cycle is emerging as governments spend heavily on defence and energy security to bolster their autonomy. Investment Solutions 14 July 2026 For over a decade, Europe has been the slow-growth corner of global markets.

All Insights Currently reading IMF: global economy in crosscurrents of war and technology Investment Insights • Macro 2 min read IMF: global economy in crosscurrents of war and technology The International Monetary Fund (IMF) recently released its July World Economic Outlook (WEO) update.* Its projections for global real GDP growth in 2026 are marginally lower than in the April WEO and risks to the outlook are more balanced.

All Insights Currently reading The US under President Trump - economic winners and losers Investment Insights • Macro 2 min read The US under President Trump - economic winners and losers Tariff announcements, the ‘One Big Beautiful Bill’, the demolition of the East Wing of the White House – the Trump administration is rarely off-screen or out of the headlines.

Important Information The value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested.

All Insights Currently reading Rising sun, rising rates: Bank of Japan lifts rates to 31-year high Investment Insights • Macro 2 min read Rising sun, rising rates: Bank of Japan lifts rates to 31-year high The Bank of Japan increased interest rates to a 31-year high at its meeting in June, raising the question about how much higher rates in Japan can go. In this Macro Flash Note, Economist Sam Jochim assesses the outlook for monetary policy in Japan.

Important Information The value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested.