FICC

In this chartbook, we look at the balance of payments across DM and EM countries. The US does not fare well, but neither do a few other countries.

Our Portfolio Allocation Summary for July 2025.

An update on the key themes and views that will shape commodity markets through the remainder of 2025.

Markets are pricing a return to a neutral policy stance for the major central banks within the next 12 months. However, recession risks still loom amid slowing growth. We unpack where recession risks are underappreciated and what it means for bond positioning.

June’s employment report showed a tick down in the unemployment rate, an improvement that rules out a Fed rate cut later this month.

Volatility is back in UST/Bund spreads. We unpack what’s driving the moves and explain what we are watching for tactical opportunities in the UST/Bund spread.

Special Report

The Treasury/OIS spread has exerted notable upward pressure on Treasury yields during the past year, but the factors driving the spread are now turning more favorable.

Special Report

In Section II, Jonathan presents the bullish case for the US dollar over the coming year.

Special Report

UK inflation risks are falling on the back of a weakening labor market. Read why Gilts and UK stocks are poised to outperform as BoE easing resumes.