Greg Fleming at Semafor’s Global Economy Summit: Investing Through Uncertainty
April 24, 2025
At the recent Semafor World Economy Summit 2025, held in Washington, D.C. alongside the World Bank and IMF Spring Meetings, global finance and policy leaders gathered to discuss the economic shifts shaping capital markets today. Day two of the summit featured interviews about the next era of global growth, with Greg Fleming, President and CEO of Rockefeller Capital Management, and Jenny Johnson, CEO of Franklin Templeton, joining Semafor’s business and finance editor Liz Hoffman for a discussion about investor sentiment.
The conversation opened with a focus on how investors are navigating recent market volatility. Fleming emphasized the importance of maintaining long-term discipline amid short-term fluctuations, stressing that many investors are best served by remaining calm and committed to their broader strategies.
The discussion also addressed growing concerns around the US federal deficit. Fleming highlighted the rapid expansion of national debt—from $9 trillion in 2007 to approximately $36 trillion today—and pointed out that nearly 70% of that debt is set to roll over within five years. Fleming added, “People’s willingness to buy treasuries in very difficult times throughout history, is tied to the stability, predictability, reliability of the United States. We have to keep that in mind where there’s a lot of policy change.”
Fleming and Johnson also looked ahead to growth and investment opportunities, including the role of private markets as private capital offers strategic value for long-term investors amid public market uncertainty. Fleming highlighted their increasing relevance, particularly for high-net-worth and ultra-high-net-worth individuals who are better suited to manage illiquidity while seeking long-term diversification. “As the markets settle, investing is going to remain global,” Fleming concluded, emphasizing the continued attraction of international investment to America given its remarkable history of innovation, entrepreneurship, and capital formation and allocation.
The summit made clear that while uncertainty remains, strong fundamentals and a long-term view continue to guide successful investment decisions. The conversation between Fleming and Johnson served as a timely reminder that steady leadership, trusted guidance and long-term strategies remain essential in navigating market changes.
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