Geopolitics, inflation, and the 2026 midyear outlook for private companies

As the Managing Partner of Deloitte’s Chicago office, Wolfe Tone oversees more than 5,800+ talented professionals across Deloitte’s Consulting, Audit, Tax and Enterprise Services. His focus is to deepen our local client relationships, cultivate a strong sense of culture and belonging among the company’s professionals, engage actively with the business ecosystem of Chicago, and demonstrate Deloitte’s commitment to the local community. In addition to leading Deloitte’s Chicago office, he serves as Vice Chair, US Deloitte Private leader. He is deeply passionate about the potential of private enterprises and the vital role they play in driving innovation and economic growth. That passion fuels his commitment to helping private companies navigate and thrive in today’s ever-evolving business environment. Tone and his wife reside in the Chicagoland area and are blessed with two wonderful children and a pair of very active Labradors. When he is not supporting his kids and their activities, he enjoys fishing, traveling the world, staying physically active, and cheering for his beloved Iowa Hawkeyes and the City of Chicago’s incredible sports teams. PROFESSIONAL & COMMUNITY AFFILIATIONS Advisory Board Member for the Tippie College of Business at the University of Iowa Vice Chairman and Board Member for the United Way of Metro Chicago Member of the Fred Mitchell Award Selection Committee Member of the Strategic Advisory Council for Providence Catholic High School Member of the American Institute of Certified Public Accountants (AICPA) Member of the Illinois CPA Society Past Board Member to the National Football Foundation College Football Hall of Fame, Chicago Metro Chapter Past Member of the Professional Accounting Council at the University of Iowa

Over the course of his career, he has advised business leaders on economic trends across markets and industries, with particular experience in global consumer markets. He has delivered presentations to corporations and trade organizations in 47 countries across six continents. He believes the greatest value in economic analysis is turning uncertainty into insight leaders can act on. He is the author of Deloitte’s Weekly Global Economic Update, where he examines developments shaping the global economy and potential implications for business. His views have been quoted by the Wall Street Journal, The Economist, The Financial Times, Reuters, and The Washington Post, and he has appeared on CNN, CBS News, CNBC, PBS, and BBC World Service. Dr. Kalish serves on the Business at Organization for Economic Cooperation and Development (OECD) Economic Policy Committee, which advises the OECD on macroeconomic policy issues, and the World Economic Forum’s Community of Chief Economists. He holds a bachelor’s degree in economics from Vassar College and a PhD in international economics from Johns Hopkins University. He has a personal interest in traveling and exploring new places, cultures, and cuisines. Weekly Economic Updates Weekly Economic Updates YouTube Playlist .