Please find enclosed the latest edition of our PERSPECTIVES Viewpoint – designed to provide regular, up-to-date analysis of key trends in all the major asset classes.

 

In this Viewpoint Fixed Income, we look at how the global rates reset is reshaping bond markets across major regions. As energy-driven inflation risks, fiscal pressures and shifting central-bank expectations move yield curves, we examine where duration opportunities may emerge and why the short end could offer the clearest path as policy visibility improves while the long end continues to face more drag.

 

Key takeaways:

  • Global bond yields have repriced sharply higher as energy-driven inflation risks push markets to price tighter monetary policy.
  • Central banks may still avoid full tightening cycles, with energy pressures expected to ease and growth risks limiting the scope for aggressive hikes.
  • Front-end yields should benefit most once easing expectations return, particularly in the US and the euro area, while long-end yields remain constrained by fiscal and term-premium risks.
  • Supply management can only partially relieve pressure on the long end but not fully offset it.

 

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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