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01 May, 2025 US consumer spending rises in anticipation of tariffs By Brian Scheid Consumer sentiment is souring and recession fears are rising, but spending in the US is on the rise as consumers and businesses are likely buying now to lessen the expected impact of President Donald Trump's tariffs. Real personal consumption expenditures, a measure of spending adjusted for inflation, rose 3.3% from March 2024 to March 2025, the largest annual increase since December 2023, the US Bureau of Economic Analysis reported April 30. Consumer spending increased $134.5 billion from February to March, a 0.7% increase, including a $54.5 billion increase in spending for goods and a $79.9 billion jump in spending for services, the government reported. Spending on motor vehicles and parts increased $56.6 billion in March, after rising $12.7 billion in February and declining $41.1 billion in January. "There has been a lot of front-running ahead of tariffs, particularly in the auto space," said Bret Kenwell, a US investment analyst with eToro. "Given the volatile trade policy that's been in place over the last few months, consumers and businesses are trying to get ahead of any potentially large price hikes due to tariffs, particularly on high-ticket items." A roughly $45 billion increase in spending in the first quarter of the year compared to the third quarter of 2024 was mostly due to tariffs, according to an estimate by Dean Baker, senior economist at the Center for Economic and Policy Research. Further, roughly half the rise in consumption since the third quarter has been tariff-related. Durable goods spending increased about 2.3% from the third quarter of 2024 to $2.218 trillion in the first quarter of 2025. "Most of this was tariff-related," Baker said. Real US gross domestic product fell by 0.3% in the first quarter, the Bureau of Economic Analysis also reported April 30, the first decline in GDP since the first quarter of 2022. Much of this was due to a surge in imports. GDP is an estimate of consumption, investment, government output and exports where imports are subtracted to prevent double counting. Imports in the first quarter of 2025 jumped to an all-time high of $342.75 billion, pushing the goods trade deficit to a record $162 billion, according to the latest government data. Still, the rising levels of imports in anticipation of tariffs may have yet to peak, said Nancy Vanden Houten, a senior economist at Oxford Economics. "While tariffs have been widely anticipated, it wasn't until earlier in April that the magnitude of the tariffs the Trump administration would impose was known," Vanden Houten said.

In-Person Interact London 2025 Spotlight on Capital Markets Wednesday, May 7, 2025 Convene, 22 Bishopsgate, EC2N 4AJ, London Event starts in Days Hours Minutes X LinkedIn Facebook Email Whatsapp Register Now Register Now On this page Summary Event Details Agenda Speakers 2024 Wrap Up Interviews With Our Experts Past Events Pictures On this page Summary Event Details Agenda Speakers 2024 Wrap Up Interviews With Our Experts Past Events Pictures Summary Join us on 7 May for Interact, our flagship software and solutions conference for public and private markets, in London. Interact provides a unique opportunity to hear experts from across S&P Global and the wider industry, while networking with peers from the investment management, corporate, banking and broader financial community. This year’s agenda will deliver impactful industry insights through a wide range of topics that impact capital markets. Join us this spring to: Hear thought-provoking panel discussions and participate in interactive sessions Network and exchange insights with peers and industry leaders in data, finance, operations, technology, risk management, regulatory and other roles Learn more about the strategy and roadmap for our software solutions. Keep an eye out for more details about the agenda and speakers for this year’s conference, which we will share over the coming weeks. Event Details Venue Convene 22 Bishopsgate EC2N 4AJ London Agenda Agenda subject to change. 8:00 AM Registration 9:00 AM Welcome Remarks John Barneson, Head of Enterprise Solutions, S&P Global Market Intelligence 9:15 AM European Markets at a Crossroads: Navigating Economic Headwinds and Investment Opportunities As Europe grapples with persistent inflation, shifting monetary policy, and geopolitical tensions, this session brings together leading economists and market strategists to decode the complex European economic landscape. Our distinguished speakers will provide critical insights into the region's economic trajectory, market dynamics, and investment implications across asset classes. Topics to be discussed include: • Monetary Policy Impact: Analysis of ECB's policy stance and its implications for market liquidity and asset prices • Cross-Border Dynamics: Understanding divergences between core and peripheral European economies • Private Markets Perspective: Opportunities in European private equity, real estate, and private credit Chris Williamson, Chief Business Economist, S&P Global Market Intelligence 9:45 AM Product Innovation Showcase #1: Elevating Investment Intelligence Join us for an exciting showcase of cutting-edge solutions transforming the investment landscape. This session spotlights innovations across three critical domains: investment decision support, portfolio management, and market participation. From AI-powered financial statement processing to enhanced trading automation, we'll unveil new tools that streamline decision-making, optimize portfolio oversight, and improve market access. Iyan Adewuya, Head of Product, Enterprise Solutions, S&P Global Market Intelligence Dan Gorlick, Head of Product, Private Markets, S&P Global Market Intelligence Vikrant Nishandar, Head of Product, Lending Solutions, S&P Global Market Intelligence Autumn Smiley, Director of Product Delivery, Public Markets, S&P Global Market Intelligence 10:15 AM Break 10:45 AM Panel: Building Walls or Bridges: The Role of AI in The Future of Global Finance The impact of AI on global finance is inherently dualistic: it possesses the potential for both unprecedented integration and significant fragmentation. The key determinant lies in how AI is deployed. Will nations and corporations prioritize insularity, using AI to create barriers through data localization, closed-source systems, and restricted access? Or will they embrace openness, leveraging AI to build bridges via collaborative projects, common standards, and portable models, resulting in a more interconnected financial landscape? This session analyzes the factors influencing this critical balance, exploring the role of geopolitics, the implications of open versus closed AI, the challenges of explainability, and the benefits of model portability. Madhu Ramu, Managing Director, Corporate Actions, S&P Global Market Intelligence Udesh Jha, Head of Post-Trade, CME Group Danny Church-Taylor, Partner - Global Data, Digital & Technology, Mercer Alternatives Mani Gangadharan, President, BeZero Carbon James Walker, Chief Administrative Officer, DXC Technologies 10:45 AM Panel: Private Markets in the Era of Scale As the growth of private markets continues and a new breed of mega-funds emerges, the ability to scale operational processes throughout the investment lifecycle will determine which firms are most successful. Join industry leaders as they delve into strategies and insights to effectively navigate and excel in this dynamic landscape. Chris Sparenberg, Head of iLEVEL, S&P Global Market Intelligence Lionel Hill, CTO, Permira Emma Singh, Head of Asset Management, Private Credit, USS Investment Management 11:30 AM Lunch 01:00 PM Breakout Sessions Private markets problems, solved. Track 1, Session 1 The Private Credit Surge: Capitalizing on Europe's Lending Revolution As traditional bank lending retreats and interest rates reshape the lending landscape, private credit has emerged as a dominant force in European markets. This timely session explores how private credit firms are filling the financing gap, particularly in the UK and continental Europe's middle-market segment, while generating attractive risk-adjusted returns in a volatile environment. Jocelyn Lewis, Vice President, Commercial Strategy, Head of Private Debt, Software Solutions, S&P Global Market Intelligence Howard Sharp, Co-Head of Private Credit, Alcentra Matt Hansford, Head of NAV Lending / Portfolio Finance, Barings Craig Fitt, Managing Director, KKR Capital Markets Alex Fyfe, Head of European Direct Lending Underwriting, Apollo Global Management Regulatory compliance, solved. Track 2, Session 1 Revolutionizing Client Lifecycle Management In an era where client experience defines competitive advantage, this session will explore how technologies and best-practices are streamlining client lifecycle management (CLM) and onboarding. This session brings together operations and technology leaders to explore how firms are proactively transforming traditionally complex, manual processes into seamless digital journeys while maintaining regulatory compliance. Brittany Garland, Head of Regulatory & Compliance, S&P Global Market Intelligence Stephen Lynch, UK Head of Client Lifecycle & Digital, Global Banking Technology & Operations, Societe Generale Panos Nikopolitidis, Global Head of Operations, Janus Henderson Investors Emma Prophet, Group Head of Operations, TP ICAP Post-trade transformation, solved. Track 3, Session 1 AI in Data management and Conflict Resolution Financial institutions are navigating an era of rapid data growth, evolving regulations, and the increasing need for on demand insights. Effective data management is no longer just an operational challenge, it’s a strategic necessity. This session explores how AI-powered tools and human expertise work together to streamline metadata management, data onboarding, alignment, and conflict resolution, ultimately enhancing efficiency, accuracy, and compliance. Devendra Bhudia, Executive Director, Head of Product Strategy, EDM, S&P Global Market Intelligence Jozef Karchnak , Product Owner Markit EDM, Swiss Re Total investment transparency, solved. Track 4, Session 1 From Tariffs to Tech: Navigating the Future of EMEA ECM As equity capital markets evolve, innovative strategies are essential for optimizing investor engagement, improving execution efficiency, and driving market growth. This panel will explore how predictive analytics, automation, and advanced technological solutions are transforming ECM workflows, enhancing issuer and investor experiences, and supporting the expansion of equity markets—especially in high-growth regions like the Middle East. Marina Ebrubah, Head of KYC Operations, Man Group Andrew Briscoe, Managing Director, Bank of America Merrill Lynch Clara Comellini, Executive Director, Head of EMEA Equity Capital Markets Syndicate, UBS 01:45 PM Break for transition to second set of breakout sessions 02:00 PM Track 1, Session 2 Scaling Private Credit in Europe Session specifics to be finalized but will focus on standardization, digitization and connectivity between agents, trustees, custodians and shadow books. Amy Walker, Head of WSO & Notice Manager, S&P Global Market Intelligence Jatinder Singh, CTO, Arcmont Amit Vora, Head of Sales - Regional Banks and Asset Managers, Crisil Salman Shaikh, Director: Central Functions Strategy & Business Transformation, Pemberton Asset Management Anthea Siow, Portfolio Associate, Kartesia Track 2, Session 2 Regulatory and Compliance Solutions for Private Markets: Creating Operational Scale Explore how private markets participants are scaling their regulatory and compliance functions alongside a consistent growth in deal flow. This session will explore key components of the deal lifecycle such as pre-deal compliance, fund/vehicle creation and investor management, and how firms are transforming their workflows accordingly. Dougie McClumpha, Head of Strategy and Innovation for Regulatory & Compliance, S&P Global Market Intelligence Matthew Barnes, Executive Director & Founder, Palace Ventures Boyd Carson, Chairman, Sapphire Capital Mayelle Prata, Head of Investor Onboarding, Intermediate Capital Group (ICG) Track 3, Session 2 Post-Trade in Europe: Accelerate, Automate, Adapt With T+1 on the horizon, post-trade operations must evolve—faster settlements, fewer breaks, and smarter automation. To explore how firms can future-proof operations and thrive in Europe’s evolving post-trade landscape, this session delves into the impact of accelerated settlement, the drive for operational resiliency, and the technologies shaping the future of post-trade. Richard Wilson, Product Manager, Securities Services, S&P Global Market Intelligence Emma Johnson, Executive Director, Securities Services Global Custody Industry, JP Morgan Gareth Jones, Chief Executive Officer, Euroclear Global Collateral Ben Johnson, Director, Forvis Mazars Consulting Track 4, Session 2 The Transparency Imperative: Getting to Grips with Private Asset Data As allocations to private markets continue to grow, investors are demanding the levels of transparency they are accustomed to for publicly-traded assets, including insights into drivers of returns and exposures. During this session, we will explore strategies for maximizing transparency, including optimizing allocator-manager collaboration, data collection and management, and the role played by our solutions, including iLEVEL and S&P Cap IQ Pro. Chris Sparenberg, Head of iLEVEL, S&P Global Market Intelligence Richard Carson, Managing Director, Private Investments, Cambridge Associates Jerry Smith, Private Markets, Product Strategy Lead, Mercer 02:45 PM Break transition to third set of breakouts 03:00 PM Interact London 2025 Track 1, Session 3 Mastering Portfolio Monitoring & Valuations for Private Equity and Credit Delve into the challenges and solutions for effectively monitoring and valuing private equity and credit portfolios. This interactive session will explore best practices for leveraging data and technology, analytics, and operational strategies to enhance portfolio oversight, streamline workflows, and optimize reporting processes at scale. Gain insights into the latest capabilities of tools such as iLEVEL including the integration with Capital IQ to support peer comparable and benchmark workflows. Dan Gorlick, Head of Product, Private Markets, S&P Global Market Intelligence Drazen Primorac, Senior Director, Permira Evgenia Clark, Global Data Platform Manager, BC Beatriz Villate, Portfolio Monitoring and Valuations, LGT Capital Partners Track 2, Session 3 Accelerating Due Diligence for operational efficiency, internal compliance & industry standards Uncover how enhanced practises and managed services can transform operations by bringing together data, technology and expertise. This panel will explore how providing transparency to operational processes will assist onboarding, KYC, and reducing the impact of settlement delays in the loan markets. Topics to be explored include: Client onboarding and KYC - how to expedite access to clients and reduce operational lag. Loan operations - KYC challenges and its impact on trade settlement times, forfeited delayed compensation rules, and increasing pressures on loan operations teams. Sam Meddick, Head of Services for Regulatory & Compliance, S&P Global Market Intelligence Marina Ebrubah, Head of KYC Operations, Man Group James Irwin, Executive Director, Business Development, Loan Platforms, S&P Global Market Intelligence Paul Taylor, Head of Loan Operations, Loan Market Association (LMA) Track 3, Session 3 Future-Proofing Regulatory Reporting: Strategies for Success As the regulatory landscape continues to evolve, financial institutions face mounting challenges in compliance, reporting, and operational resilience. This session provides a comprehensive overview of the current regulatory change landscape (SEC 10c-1a, MiFID, CRTA, HKMA) highlighting the critical developments that firms must navigate in 2025 and beyond. Attendees will gain practical insights into best practices for regulatory reporting, data management, and business continuity planning. Jonathan Tsang, Head of Business Development EMEA, S&P Global Marketing Intelligence Cappitech Andrew Bayley, Senior Director, Data and Reporting, ISDA Andy Shanaghy, Global Head of Cappitech Product Management Kathryn Cenac, Managing Director, Global Head of Regulatory Services, BMO Zeynep Shields, Executive Director, Regulatory Reporting Oversight Track 4, Session 3 Electronification of FI Markets – Primary and Secondary Capital market participants are looking to gain a competitive advantage as generating Alpha becomes increasingly difficult. The role of data and technology continues to evolve as an opportunity to establish differentiation across the investment lifecycle. This panel will explore this changing landscape to understand how the rise of data analytics, software and automation changes, regulation, AI, and human behavior are playing a role. The speakers will also share their thoughts on where the industry is heading, so you can make better-informed decisions to get an edge. Carl James, Managing Director, Head of Fixed Income and Municipals, Global Markets Group, S&P Global Market Intelligence Matt York, Business Manager for Buyside Solutions, Bloomberg Lu Fu, Managing Director, Head of Digital Global Markets, Mizuho Financial Group 03:45 PM Break 04:00 PM Product Innovation Showcase #2: Accelerating Operational Excellence Join us for an exciting showcase of innovative solutions revolutionizing operational efficiency in the investment industry. This session spotlights breakthroughs across three critical domains: process automation, data management, and regulatory compliance. From ML-powered document processing to cloud-first architecture implementations, we'll unveil new technologies that streamline workflows, enhance data integration, and ensure scalable compliance frameworks. Iyan Adewuya, Head of Product, Enterprise Solutions, S&P Global Market Intelligence Madhu Ramu, Head of Product, Software Solutions, S&P Global Market Intelligence Dan Gorlick, Head of Product, Private Markets, S&P Global Market Intelligence Krishna Vinjamuri , Head of Technology, Enterprise Solutions, S&P Global Market Intelligence Autumn Smiley, Director of Product Delivery, Public Markets, S&P Global Market Intelligence Vikrant Nishandar, Head of Product, Lending Solutions, S&P Global Market Intelligence 04:30 PM Keynote Speaker Working Better Together: A Conversation with Jennifer Saunders Moderator: Kelly Carter, Global Head of Sales, Private Markets - iLEVEL, S&P Global Market Intelligence 05:00 PM Closing Remarks Alex Reynolds, Global Head of Sales for Regulatory & Compliance, S&P Global Market Intelligence 05:15 PM Networking Reception Speakers Jennifer Saunders Actress, Comedian, Writer View Profile Madhu Ramu Managing Director, Corporate Actions View Profile Marina Ebrubah Head of KYC Operations, Man Group View Profile Clara Comellini Executive Director, Head of EMEA Equity Capital Markets Syndicate, UBS Boyd Carson Chairman, Sapphire Capital Matthew Barnes Executive Director & Founder, Palace Ventures S&P Global Market Intelligence Kelly Carter Global Head of Sales, Private Markets - iLEVEL View Profile Anthea Siow Portfolio Associate, Kartesia S&P Global Market Intelligence Dan Gorlick Head of Product, Private Markets S&P Global Market Intelligence Devendra Bhudia Executive Director, Head of Product Strategy, EDM View Profile Jozef Karchnak Product Owner Markit EDM, Swiss Re S&P Global Market Intelligence Amy Walker Head of WSO & Notice Manager, S&P Global Market Intelligence S&P Global Market Intelligence Carl James Managing Director, Head of Fixed Income and Municipals, Global Markets Group View Profile Alex Fyfe Head of European Direct Lending Underwriting, Apollo Global Management Vikrant Nishandar Head of Product for Lending Solutions View Profile Autumn (Arthurs) Smiley Director of Product Delivery, Public Markets View Profile S&P Global Market Intelligence Krishna Vinjamuri Head of Technology, Enterprise Solutions View Profile Salman Shaikh Director: Central Functions Strategy & Business Transformation, Pemberton Asset Management S&P Global Market Intelligence Iyan Adewuya Head of Product, Enterprise Solutions View Profile S&P Global Market Intelligence John Barneson Head of Enterprise Solutions View Profile Andrew Bayley Senior Director, Data and Reporting, ISDA View Profile Andrew Briscoe Managing Director, Bank of America Merrill Lynch Richard Carson Managing Director, Private Investments View Profile Kathryn Cenac Managing Director, Global Head of Regulatory Services, BMO View Profile Danny Church-Taylor Partner - Global Data, Digital & Technology, Mercer Alternatives Evgenia Clark Global Data Platform Manager, BC Partners Madhu Ramu Managing Director, Corporate Actions View Profile Marina Ebrubah Head of KYC Operations, Man Group View Profile Craig Fitt Managing Director, Capital Markets, KKR View Profile Alvaro Fraguas Global ECM & Head of Secondary Private Markets, Bank of America Merrill Lynch Lu Fu Managing Director, Head of Digital Global Markets, Mizuho Financial Group Mani Gangadharan President, BeZero Carbon View Profile S&P Global Market Intelligence Brittany Garland Head of Regulatory & Compliance, Enterprise Solutions View Profile Matt Hansford Head of Europe, Portfolio Finance View Profile Lionel Hill CTO, Permira View Profile S&P Global Market Intelligence James Irwin Senior Business Development & Commercial Lead, Loan Platforms View Profile Udesh Jha Head of Post-Trade, CME Group Emma Johnson Executive Director, Securities Services Global Custody Industry, JP Morgan View Profile Ben Johnson Director, Forvis Mazars Consulting View Profile Gareth Jones Chief Executive Officer, Euroclear Global Collateral View Profile S&P Global Market Intelligence Jocelyn Lewis Vice President, Head of Private Credit for Lending Solutions View Profile Steve Lynch UK Head of Client Lifecycle & Digital, Global Banking Technology & Operations, Societe Generale S&P Global Market Intelligence Dougie Mcclumpha Head of Strategy & Innovation, Regulatory & Compliance Solutions View Profile S&P Global Market Intelligence Sam Meddick Head of Services for Regulatory & Compliance View Profile Panos Nikopolitidis Global Head of Operations, Janus Henderson Investors Mayelle Prata Head of Investor Onboarding, Intermediate Capital Group (ICG) Drazen Primorac Senior Director, Permira Emma Prophet Group Head of Operations, TP ICAP. S&P Global Market Intelligence Alex Reynolds Managing Director - Global Head of Sales, Regulatory and Compliance Solutions View Profile S&P Global Market Intelligence Andy Shanaghy Executive Director, Head of Product & Implementation, Cappitech Howard Sharp Co-Head of Private Credit, Alcentra View Profile Zeynep Shields Executive Director, Regulatory Reporting Oversight Emma Singh Head of Asset Management, Private Credit, USS Investment Management Jatinder Singh CTO, Arcmont Jerry Smith Private Markets, Product Strategy Lead, Mercer S&P Global Market Intelligence Chris Sparenberg Head of iLEVEL View Profile Paul Taylor Head of Loan Operations, Loan Market Association (LMA) S&P Global Market Intelligence Jonathan Tsang Head of Business Development EMEA, Cappitech View Profile Beatriz Villate Portfolio Monitoring and Valuations, LGT Capital Partners Amit Vora Head of Sales - Reginal Banks and Asset Managers , Crisil View Profile James Walker Chief Administrative Officer, DXC Technologies S&P Global Market Intelligence Chris Williamson Chief Business Economist View Profile S&P Global Market Intelligence Richard Wilson Product Manager, Securities Services View Profile Matt York Business Manager for Buyside Solutions, Bloomberg View Profile 2024 Wrap up Interviews With Our Experts Kevin Guy, Head of iLEVEL Managed Data Services, S&P Global Market Intelligence Chris Sparenberg, Head of iLEVEL, S&P Global Market Intelligence Iyan Adewuya, Head of Product for Enterprise Solutions, Head of Private Markets, S&P Global Market Intelligence Carl James, Head of Fixed Income & Municipals, Primary Markets Group, S&P Global Market Intelligence Past Events Pictures FAQs How do I register? Online through this registration link. Are press passes available? This event is closed to the press and there are no press passes available. Terms of Registration S&P Global, its affiliates, and third-party providers offer these programs with the understanding that S&P Global is not providing any professional advice and assumes no liability whatsoever in connection with the use of its materials. S&P Global reserves the right to (i) make portions of the program registration information available to program sponsors; and (ii) to cancel or change programs, content, speakers or venues at any time. Full payment must be received by S&P Global prior to the start of the program. Attendee substitutions from the same company may be made at any time; however, S&P Global reserves the right to decline registrants at any time for any reason.