Global Fixed Income Bulletin
Stabilizing After Shock
15-May-2026
April’s risk-off shock faded as a temporary U.S.–Iran ceasefire eased volatility, though energy risk premia stayed elevated. Rates remained choppy, while central banks held policy steady amid inflation uncertainty. Credit rebounded with tighter IG and HY spreads, supported by strong technicals and resilient fundamentals, alongside improving securitized, EM and muni performance.