Zed Francis poses a critical question for 2026: can the world still finance growth? He observes a shift from a decade of calm to an "exciting fixed income market" in the past 18 months, leading to an acceleration of long-term project financing. Zed delves into global central bank rate cutting activities, noting the U.S. lags behind other nations. He touches on Japan's potential shift from exporting capital to hiking rates. He also analyzes the U.S. labor market data, suggesting investors may be misreading the extent of future easing.