FICC | Bonds

Special Report

The trade war hit Canada’s economy hard, but the worst is over. In our latest update on Canada, we assess the aftermath of the trade shock, the new budget, and the effects of BoC easing. We outline what this means for duration, the Loonie, and Canadian stocks heading into 2026.

Our Portfolio Allocation Summary for November 2025.

The Bank of England will resume rate cuts in December after the autumn budget is passed. Today’s Strategy Insight discusses what this means for UK gilts and the pound.

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

The Fed cut rates today, but a follow-up rate cut in December is uncertain. It will depend, in large part, on who wins a debate about the neutral rate of interest.

US inflation data continue to show no signs of price pressures beyond a near-term tariff effect.

The Fed is poised to deliver a 25-basis-point rate cut this month, but a follow-up rate cut in December will depend on how the divergence between strong consumer spending and weak employment growth is resolved.

Same policy rate, very different expectations. We break down why policy convergence between the Fed and BoE is THE fixed income trade for year-end.

Special Report

This week’s Special Report evaluates the reward and risk in corporate bonds. We address the question of whether low expected excess returns today are justified by low risk or an example of overvaluation.

Treasury yields are generally following the pattern of past interest rate cycles, but with a larger term premium keeping the curve steeper than usual.