RenMac Off-Script: Around the World with Ozan

About this episode

The episode features a discussion with Ozan Tarman on macroeconomic trends and their implications for global markets.

RenMac welcomes Deutsche Bank Vice Chair of Global Macro Ozan Tarman for a deep dive on rising yields, “warflation,” and whether the bond vigilantes are back. The team debates whether the move above 4.50% in the 10-year marks a regime shift, why AI is still carrying equities despite mounting macro stress, and how Iran, Taiwan, and Trump’s China trip are reshaping global markets. They also unpack Kevin Warsh’s difficult Fed setup, crowded positioning across rates and FX, private credit risks, and why housing and consumer may be flashing warning signs beneath the surface. We also welcome you to download our report: RenMac BDC Primer

People in this episode

Hosts: Jeff deGraaf, Neil Dutta, Stephen Pavlick

Guest: Ozan Tarman

Topics covered

• rising yields
• warflation
• bond vigilantes
• AI and equities
• global markets
• Fed setup
• private credit risks

Keywords

• yields
• warflation
• bond market
• AI
• global economy
• Fed
• private credit
• housing market
• consumer warning signs

Mentioned in this episode

Organizations: Deutsche Bank

Places: Iran, Taiwan

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