Deutsche Bank's Ozan Tarman and Aditya Singhal on Understanding the Macro Risks
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 19 May 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
It is hard to have a markets conversation that isn't out of date within a minute or two. But we think this one, with Ozan Tarman and Aditya Singhal of Deutsche Bank, is basically evergreen. This conversation, recorded at our live show at Wilton's Music Hall in London, is all about fundamentals: How Tarman, DB's vice chair of global macro, and Singhal, the firm’s head of EM trading across rates, FX and Credit, make sense of conflicting headlines, whether the rally in tech stocks is to be believed, the tug of war between fast money and central bankers, and how traders are evaluating the difference between the AI models coming out of the US and China.
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Transcript
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| 0:00.0 | Oddlots is brought to you by Vanek. For years, investors basically forgot about real assets, |
| 0:05.3 | energy, gold, and infrastructure. But look at what's driving markets now. Central banks loading up |
| 0:10.5 | on gold, massive capex cycles, currencies doing weird things, these assets are at the center of it. |
| 0:17.1 | RACS, the Vanek Real Assets ETF is an actively managed one-stop shop for real assets, |
| 0:22.6 | spanning gold, commodities, natural resource equities, and more. |
| 0:26.1 | Go to vanek.com slash RAAX pod to learn more. |
| 0:30.8 | Fun disclosures later in this episode. |
| 0:33.8 | Some follow the noise. |
| 0:36.3 | Bloomberg follows the money. |
| 0:38.5 | Because behind every headline is a bottom line. |
| 0:42.3 | Whether it's the funds fueling AI or crypto's trillion dollar swings, |
| 0:46.9 | there's a money side to every story. |
| 0:49.6 | And when you see the money side, you understand what others miss. |
| 0:53.9 | Get the money side of the story. |
| 0:56.0 | Subscribe now at Bloomberg.com. |
| 1:03.2 | Bloomberg Audio Studios, Podcasts, Radio News. |
| 1:08.1 | Music. Radio News. |
| 1:23.1 | Hello and welcome to another episode of the Othlots podcast. I'm Tracy Allaway. |
| 1:24.5 | And I'm Joe Wisenthall. |
| 1:29.1 | Joe, our live show in London, recorded May 7th at Wilton's Music Hall. |
| 1:32.0 | A lot has happened since then in markets. |
| 1:37.8 | It's hard to have a markets conversation that, you know, isn't out of date within like a minute or two. |
... |
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