---

---

Erik Norland is Chief Economist of CME Group, the world’s leading derivatives marketplace. Erik is one of CME Group’s spokespeople on global economic, financial and geopolitical conditions with 15 years of prior experience in investment banking and hedge funds in the US and France. This episode was recorded on 12th May 2025.

Discussion Topics:

• Commentary on economic volatility, stagflation, and propagation of shocks in 2025
• Commentary on derivatives market performance through Q12025
• The impact of tariff policies on commodities markets
• Fundamentals of gold price movements
• Credit futures at the CME
• Monetary policy and private credit bonds
• Crypto markets and digital futures
• Clean energy transition and the fundamentals of energy commodity markets

The HFR Podcast features interviews with subject experts who provide expert commentary on economic outlook and market conditions. Have questions? To ask a question or be featured on any of our podcasts, contact HFR Media, at hfrmedia@hfr.com