A New Fixed Income Regime

Explore the latest insights on debt investing

Major central banks seem to be gearing up to cut interest rates. But like recent hiking cycles, this cutting cycle will be far from typical, some asset managers argue. However, central bank policy is just one of the many factors impacting and shaping fixed income markets. Allocators need to stay on top of all these forces.

A New Era for Bonds Is Upon Investors (BNP Paribas AM)

The “new normal” for bonds is yet to be determined. However, investors can make several informed decisions by looking at current data.

Answering Questions on Euro Rate Reform (FTSE Russell)

For compliance reasons, this paper is only accessible in certain geographies

This timely paper answers several important questions, such as "What is €STR, the euro risk-free rate?" and "Who should use Term €STR?"

High Yield Structured Credit in the European Market (M&G Investments)

For compliance reasons, this paper is only accessible in certain geographies

This paper shows how conditions are ripe for fixed income investment in Europe due to a confluence of factors, including higher base rates and an evolving regulatory landscape.

Fixed Income Outlook: Fed Easing Potentially on Hold (Manulife IM)

For compliance reasons, this paper is only accessible in certain geographies

With a Fed pivot potentially off the table for the foreseeable future, investors may be wondering how this changes the outlook for fixed income.

Lessons From History: The Entry Point for Fixed Income (Mackay Shields)

For fixed income investors entry points really matter. There is a lot of financial data to back up this insight, as this paper stresses.

Five Forces Reshaping Fixed Income Markets (Barclays Investment Bank)

The world of fixed income is undergoing rapid and profound changes. Here are five such forces shaping the universe of fixed income opportunities.

The Case for Rebalancing into Bonds, in Pictures (PGIM Fixed Income)

Given the ongoing inversion of the U.S. Treasury yield curve, at first blush, cash may appear to be the best investment option. History, however, indicates otherwise.

BoE to Sell All Remaining Bonds (Wolf Street)

The BoE’s outline of a plan harkens back to how it was before the Financial Crisis— before QE showed up. Will it work?

Higher Interest Rates and the National Debt (Peter G. Peterson Foundation)

The central bank raised the federal funds rate seven times in 2022 in an effort to tame rising inflation, having held them close to zero since the onset of the pandemic.

How Will the Federal Reserve Decide When to End “QT”? (Brookings Institution)

The Fed’s main lever for steering the economy is adjusting short-term interest rates—particularly the federal funds rate. But this is not the Fed's only tool.

Central Bank Divergence: Room to Run? (Goldman Sachs)

Given the uncertainty around the ultimate scope of central bank divergence, the authors of this paper dig into what’s priced into assets today.