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Thomas Delabre

Thomas Delabre

Partner and Portfolio Manager specializing in emerging market debt and macro investing at H2O Asset Management in Monaco

Jun 23, 2026

Think Macro by H2O AM

Think Macro by H2O AM

Three Worlds, Three Trajectories : Mid-Year Outlook

Jun 23 · 47m

Vincent Chailley
Vincent ChailleyHOST
9:51
mean the consumption? The consumption and the real
Thomas Delabre
Thomas DelabreGUEST
9:54
income in the US has been coming down for quite a while.
Thomas Delabre
Thomas DelabreGUEST
9:56
Inflation is quite sticky eventually, even though it came down from the peak in 2022.
Thomas Delabre
Thomas DelabreGUEST
10:02
There is a spike at the moment that might be coming down a bit if the oil price is normalizing.
Thomas Delabre
Thomas DelabreGUEST
10:10
What is important here is that you do have some inertia in inflation because you have a triple shock.
Thomas Delabre
Thomas DelabreGUEST
10:15
As you mentioned, the tariff, the software and the IT... or the AI, the inflation linked to AI, and then the oil prices.
Thomas Delabre
Thomas DelabreGUEST
10:25
So all of those shocks will roll down in a way.

19 MINS LATER

Vincent Chailley
Vincent ChailleyHOST
29:12
boom

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