The Hormuz Shock + Why the Fed is “On Hold”

Live from Washington, DC, this episode unpacks how war, AI, financial innovation, and global institutions are reshaping monetary policy, market stability, and the future of the international economic order. 

Host:

Rebecca Patterson, Senior Fellow, Council on Foreign Relations

Guest:

William C. Dudley, Chair, Bretton Woods Committee; Former President and CEO, Federal Reserve Bank of New York

We discuss:

• Whether monetary policy can still do the heavy lifting in a war-shaken macro environment.
• AI, productivity, and the inflation debate.
• The future of the Fed as an institution.
• The rise of non-bank finance and new financial stability risks.
• How global financial institutions and digital finance must adapt to structural change.

Mentioned on the Episode: 

Pierre-Olivier Gourinchas, “War Darkens Global Economic Outlook and Reshapes Policy Priorities,” International Monetary Fund (IMF)

“Chair Powell’s Press Conference”

The Bretton Woods Committee

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The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.