The worrying part is probably that central banks are made scapegoats while politicians largely don't want to address the elephant in the room. And that is a very big challenge in the sage. And it's no real surprise to me that more and more people are looking to the crypto universe to diversify their assets.

Hello everyone, I'm Jensen Asi and you're watching Markets Outlook on Coin Desk.

Joining us today to dissect a global economy where central bank policy and geopolitical risks

are sending conflicting signals to investors

is chief economist and global strategist at ADM Investor Services International, Mark Ostfad.

Hey, Mark.

Good to see you.

Good to see you, too.

Let's just start with the question I like to ask everyone on this show.

What are you watching lately?

What's keeping you up

a night? Well, my perennial one is that we don't want to talk about asset price inflation,

which has been induced by central bank QE. There's still 20 trillion of central bank QE out there.

And in many senses, it's the source of a lot of our political tensions around the

world, because whether it's housing or other things, a lot of people in the general public are

being priced out of things which they used to think they were entitled to or they could

work hard for and get to. And now, for a lot of the younger generation, the idea of aspiring to own their own

flat or house is a major challenge and it is because of that QE.

But otherwise, one is looking at this inordinately complex US tariff policy.

I think it's underappreciated now so complex with so many exclusions.

We had another huge list of the weekend with an annex also saying, and these things may

also be excluded, that for businesses and indeed for government, it is going to be

...