Global Fixed Income Bulletin

Découvrez pourquoi nous maintenons une position neutre sur la duration dans les marchés développés, pourquoi nous pensons que la dette souveraine et d’entreprise des pays émergents reste une opportunité intéressante et pourquoi nous continuons à sous-pondérer le crédit IG, à mesure que nous explorons le marché obligataire en 2026.

Fixed income markets closed the year with a broad repricing of rate expectations, as central bank actions and communication reinforced a more cautious policy outlook. The Broad Market Fixed Income team explores the portfolio implications.

Alors que les banques centrales poursuivent leur cycle d’assouplissement monétaire, les marchés obligataires entrent dans une phase plus nuancée.

Global fixed income markets are entering a more uncertain phase following the Fed’s second consecutive rate cut and delayed U.S. data releases. Watch our latest video to observe how investors can stay flexible and focused on income in our November outlook.

With policy visibility constrained, disciplined security selection, sector diversification, and a focus on quality will be essential as investors navigate the transition toward 2026.

We highlight a landscape of cautious optimism in fixed income sectors, driven by central bank policies and market dynamics. While opportunities exist, particularly in emerging markets and corporate credit, investors must navigate a complex environment marked by macroeconomic uncertainties and policy divergences. Watch this video to find out more.

As we enter the final quarter of 2025, the outlook across fixed income sectors reflects cautious optimism amid evolving macro conditions and central bank policy shifts.

Following a seemingly calm summer, we believe there is a compelling case for more active portfolio management amid rising term premia, increasing political volatility and changing leadership in central bank policy cycles . Watch our latest video to find out more.

The bond market remains in a fragile equilibrium—caught between persistent growth concerns, as reflected in U.S. employment data, and stubborn inflation pressures. The Broad Markets Fixed Income team explains.

Bond markets are reacting to U.S. tariff and tax policy with rates moving higher in July and credit sectors rallying. Still, the August jobs report paints an uncertain economic outlook, and persistent deficits could exert upward pressure on real interest rates across the curve. Watch our latest video to find out more.

As is typical for mid-summer, market activity was subdued and liquidity, thin. The Broad Markets Fixed Income team reviews and explores what may be coming ahead.

Comme chaque été sur les marchés, l’activité a été atone et la liquidité faible. L’équipe Broad Markets Fixed Income analyse la situation actuelle et nous présente ses perspectives.

Uncertainty continues to create potential opportunities for longer-duration assets in developed markets and value in emerging markets debt and securitized credit. Watch our latest video to find out more.

June was marked by a continuation of the risk on sentiment that began earlier in the quarter, supported by resilient economic data, a modest decline in volatility, and easing geopolitical tension. Will this continue? The Broad Market Fixed Income Team explores.

Risk assets are rebounding, and the global economy is generally weathering the storm of uncertainty. How will the outcome of tariffs impact the near future? Listen to our latest video to find out more.

Despite ongoing trade policy uncertainty, the economy has shown resilience. The Broad Markets Fixed Income team explores how this dynamic affected bonds over the last month, and how it could impact future markets.

Markets remain volatile in the wake of tariff shocks, but economic data is keeping steady. The only sure thing is that investors crave clarity that may take time to come. We explore the implications for fixed income.

April had a rough start, but by the end of the month, it looked a bit unremarkable, at least as measured by market movements. The Broad Markets Fixed Income team explains.

Le mois d’avril avait très mal commencé, mais la performance mensuelle s’est avérée anodine, du moins à l’aune des violents mouvements de marché. Les explications de l’équipe Broad Markets Fixed Income.

Heightened volatility has impacted the global financial markets, whilst awaiting clarity on U.S. trade policy. Watch our latest global fixed income video, analysing the affects on global trade, monetary policy and raised stagflation worries.

The Broad Markets Fixed Income Team reflects on the events of March, but also discusses the market movements that transpired the first few days of April.

Amid risk of an escalating global trade war and ongoing geopolitical instability, we examine how fading U.S. exceptionalism, robustness of credit spreads and rising market volatility impact global fixed income markets in our latest video.

Things are changing fast and remain fluid. Whether it is for better or worse we do not know. The Broad Markets Fixed Income Teams explores the implications for investors.

While we wait for the White House to clarify policies that may influence financial conditions, we look in depth at why tariffs, monetary policy and credit fundamentals matter to global fixed income markets in our latest video.

While financial markets had a good January, the future remains quite murky. The Broad Markets Fixed Income Team explores.