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Thierry Wizman

Global FX and Interest Rates Strategist, Macquarie Group

Search every verified Thierry Wizman interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Thierry Wizman appeared on the Profy Markets podcast on October 21, 2026, to discuss fiscal developments in France and the United States. He stated that France’s debt-to-GDP ratio is approximately 120%, compared to the U.S. at just above 100%, and that France is not growing as rapidly in nominal or real terms, which he said is a key difference between the two countries. Wizman clarified that he did not mean to imply the U.S. does not have a debt problem, but rather that the market does not yet view it as such. He noted that U.S. debt financing costs are burdened by high debt-to-GDP ratios and ongoing deficits, which he described as lacking visibility for reduction and likely to continue running at about 6% of GDP.

Recent appearances

  • Billions Of Dollars In Chips May Be Sitting In Warehouses — Here’s Why

    October 21, 2026 · 📺 Prof G Markets

    Ed Elson is joined by Ed Zitron to break down why AI chips are sitting in warehouses and why it could be a huge problem for the AI industry. Then, Nicolas Owens joins to give his takeaways from SpaceX’s earnings. Later, Thierry Wizman joins to unpack the fiscal crisis unfolding in France and whether he thinks the U.S. could follow in its footsteps. Finally, Ed shares his gratitude to the audience for voting at the Signal Awards. Ed Zitron is the CEO of EZ Primary Research and author of the Where’s Your Ed At newsletter. Nicolas Owens is an equity analyst at Morningstar. Thierry Wizman is the…

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  • This Inflation May Result in More Stickiness Than Fed Expects, Says Thierry Wizman

    May 15, 2026 · 📺 Bloomberg Podcasts

    Ten-year inflation expectations are getting into the rarified air above 2.50% where rate hikes become increasingly warranted. Thierry Wizman, Director: Global Currencies and Interest Rate Strategy at Macquarie, discusses ongoing inflation risks and what a continued rise in expectations means for the Fed. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET Saturday & Sunday 7am-10am ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtRe…

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  • Bloomberg Surveillance TV: February 19th, 2026 | Bloomberg Surveillance

    February 19, 2026 · 📺 Bloomberg Podcasts

    Featuring: Thierry Wizman, Director: Global Currencies & Interest Rate Strategist at Macquarie Futures Edward Mills, Managing Director & Washington Policy Analyst at Raymond James Daniel Flax, Managing Director & Senior Analyst: Research at Neuberger Berman Group See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Tom Keene, Paul Sweeney, Lisa Mateo and Michael Barr have the economy and the markets "under surveillance" as they cover the latest in finance, economics and investment, and talk with the leading voices shaping the conversation around world market…

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  • Japan’s Long Bonds Rally as Takaichi Win Eases Fiscal Concerns

    February 10, 2026 · 📺 Bloomberg Podcasts

    Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, discusses 'Sanaenomics' and Japan's productivity focused agenda. Japan’s government bonds gained after Prime Minister Sanae Takaichi’s historic election triumph fueled confidence among investors that increased fiscal spending can be digested by the market.  Yields declined across the curve, with the biggest drop seen in that of the volatile 40-year tenor, which fell 9 basis points to 3.725%. Yields have now retreated to near levels seen in early January when Takaichi’s snap vote was first reported. That triggered a rout in Japan…

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  • U.S. payrolls rose 50,000 in December, less than expected

    January 09, 2026 · 📺 BNN Bloomberg

    Thierry Wizman, global FX & rates strategist at Macquarie Group, joins BNN Bloomberg to discuss the latest U.S. jobs data. +++ Subscribe to BNN Bloomberg to watch more videos:    / bnnbloomberg   Connect with BNN Bloomberg: For the latest news visit: https://www.bnnbloomberg.ca For a full video offering visit BNN Bloomberg: https://www.bnnbloomberg.ca/video BNN Bloomberg on Twitter:   / bnnbloomberg   BNN Bloomberg on LinkedIn:   / bnn-bloomberg   -- BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets. #BNNBloomberg #Canadiannews #Businessne…

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  • Dollar Stabilization Takes Shine Off Gold

    October 10, 2025 · 📺 Bloomberg Podcasts

    Thierry Wizman, Director: Global Currencies & Interest Rate Strategist at Macquarie, discusses the path ahead for the Fed and the geopolitical headwinds driving FX moves. The dollar’s recent stabilization has stripped away the easy narrative that powered the early signs of the debasement trade through the summer. Gold and crypto are now consolidating after an overextended run. By early October, gold was trading more than two and a half standard deviations above its recent average -- a statistical sign of one-sided positioning. The rally then lost steam as fresh buyers began to thin out. Bitco…

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  • U.S. core inflation rose 3.1% year-over-year in August

    September 11, 2025 · 📺 BNN Bloomberg

    Thierry Wizman, global foreign exchange & rates strategist at Macquarie Group, joins BNN Bloomberg to discuss the impact of geopolitics on currencies and rate decisions. +++ Subscribe to BNN Bloomberg to watch more videos:    / bnnbloomberg   Connect with BNN Bloomberg: For the latest news visit: https://www.bnnbloomberg.ca For a full video offering visit BNN Bloomberg: https://www.bnnbloomberg.ca/video BNN Bloomberg on Twitter:   / bnnbloomberg   BNN Bloomberg on LinkedIn:   / bnn-bloomberg   -- BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the ma…

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  • Bonds Climb as Jobs Cracks Keep Fed Cuts in Play

    September 04, 2025 · 📺 Bloomberg Podcasts

    Thierry Wizman, Director: Global Currencies & Interest Rate Strategist at Macquarie, talks about the path for US rates should the labor market show further weakening tomorrow. Wall Street traders gearing up for Friday’s jobs report got a trio of data that only reinforced the view of a cooling labor market, keeping bets on Federal Reserve rate cuts alive and driving bond yields down. The latest readings on hiring and unemployment claims came on the eve of what economists expect to mark the weakest stretch of US job growth since the pandemic. Treasuries held gains after data showed solid servi…

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  • Wizman: The markets would likely see attempts to force Powell to resign as an adverse event

    July 18, 2025 · 📺 CNBC Television

    Macquarie global rates and currency strategist Thierry Wizman discusses how the bond markets, and especially the long end of the curve, have moved in response to President Trump's pressure campaign on Fed chair Jerome Powell.

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  • The Dollar Is Not King, Says Macquarie's Wizman

    July 09, 2025 · 📺 Bloomberg Television

    President Donald Trump says the dollar is still king and we're going to keep it that way. Thierry Wizman, Macquarie global FX and interest rate strategist, disagrees. He is on "Bloomberg Surveillance." -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X:   / bloombergtv   Facebook:…

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  • Global Lens | Record High For S&P 500: Thierry Wizman Of Macquarie On The Key US Data To Watch

    June 30, 2025 · 📺 CNBC-TV18

    #GlobalLensI I 'US business leaders & consumers are feeling far more pessimistic than market trends suggest,' says Thierry Wizman, Global FX & Rates Strategist at Macquarie as he discusses the outlook on markets. #marketoutlookfortoday #sensex #nifty #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish 🔴CNBC TV18 LIVE TV: https://youtube.com/live/P857H4ej-MQ SUBSCRIBE to our Channel: https://bit.ly/3nvEcxf --------------------------------------------------------------------------------------------------------------------- 👑 Check Out Top CNBC TV18 Playlist Videos: 🔹YoungT…

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  • It's the end of the U.S. dollar dominance?

    May 30, 2025 · 📺 BNN Bloomberg

    Thierry Wizman, global FX and rates strategist at Macquarie, weighs in on the impact tariffs had on the U.S. dollar and the currency market. +++ Subscribe to BNN Bloomberg to watch more videos:    / bnnbloomberg   Connect with BNN Bloomberg: For the latest news visit: https://www.bnnbloomberg.ca For a full video offering visit BNN Bloomberg: https://www.bnnbloomberg.ca/video BNN Bloomberg on Twitter:   / bnnbloomberg   BNN Bloomberg on LinkedIn:   / bnn-bloomberg   -- BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets.

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Notable quotes

“Right now, I did not mean to infer that the US does not have a problem. What I was trying to say is the market does not see it as a problem yet. Certainly, it could become a problem because of the debt financing cost that the US is being required to bear in view of its high debt to GDP ratio and its ongoing high deficits which by the way, the deficit in the US, we don't have much visibility on it coming down and to t”

“Not at all. First of all, the French are paying that 4.9% on a much larger debt load. Their debt to GDP ratio is approximately 120%, the US is barely above 100%. So the debt load is larger in France. But that's not the most important difference. The most important difference is that the US is growing more rapidly in nominal terms and in real terms. The French are not. So from a perspective of what is going to happen ”

“The market certainly believes that he can. There is no way I can explain that implied 50 basis points of cuts this year without the presumption that the market is making that Warsh can convince the committee. Warsh does have help on the committee. Obviously he has Chris Waller at the very least, potentially Michelle Bowman who would look things his way when it comes to cutting. I want to make the case though that the”

“There is a case for hawkishness. Now whether that translates into a hike or not, it certainly will not happen in the next few months. If there is going to be a hike, it's going to be a little bit further down the line this year, maybe in the fourth quarter. But let's talk about why there's a case for hawkishness if not a hike. Optically, this is an economy, the US economy that has not seen inflation at target for fiv”

“I think it's more of a September event, not a July event. It doesn't mean that it will be followed by several rate cuts. It may be followed by only one more this year. But certainly September feels like the focal point or the focal time and place where the Fed will be willing to cut again if the data is conducive to that.”

“This is all going to depend ultimately on a few things, but I think the most paramount things are first that the US dollar is expensive from a broad long-term historical perspective. It may be as much as 30% overvalued in real terms still. The other thing of course is that investors themselves, foreign investors, global asset allocators are probably overweight not just the dollar but US assets as well. And so to the ”

The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →