# Risks Build, Markets Shrug

Page: https://stenobird.com/podcast/macro-pulse-6609925/risks-build-markets-shrug
Text version: https://stenobird.com/podcast/macro-pulse-6609925/risks-build-markets-shrug.md
Podcast: [Macro Pulse](https://stenobird.com/podcast/macro-pulse-6609925)
Published: 2026-04-23T11:53:02+00:00
Episode link: https://haveranalytics.podbean.com/e/risks-build-markets-shrug/
Audio file: https://mcdn.podbean.com/mf/web/c3kxtbcvxr3bv8ry/COTW_April_23-esv2-75p-bg-27p-music-49paoik2.mp3
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JSON: https://stenobird.com/v1/public/podcasts/macro-pulse-6609925/episodes/risks-build-markets-shrug
Duration seconds: 697

## Resource

Financial markets have remained strikingly calm in recent weeks — despite rising geopolitical tensions in the Middle East, a softening macro narrative, and elevated uncertainty. Volatility is subdued. Financial stress indicators are benign. Equities, for now, are choosing to look through both the conflict and the weaker data. That resilience feels… notable. Because beneath the surface, the macro backdrop is becoming more nuanced — and arguably more fragile. In this week’s charts, we dig into the tension between market calm and macro reality: • The IMF’s latest global outlook — and what it says about the direction of travel• Financial stress gauges — still quiet, but for how long?• Growth and inflation surprises vs. market volatility — a widening disconnect• Inflation nowcasts — early signals on where prices are heading next• Energy pass-through — the lingering impact of recent shocks• Germany’s ZEW survey — sentiment at the heart of Europe

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## Transcript

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