Following the shift in the political landscape in the US, we now expect higher nominal growth in the US driven by both real growth and inflation.  Given less room for rate cuts by the Fed next year, we now expect yields to stay higher for longer and Fed funds rate to be above neutral for next year. There are still many moving parts and it is too early to quantify the consequences of the political shift in terms of trade policy and fiscal policy. Our message is investors now benefit from a better starting point in bond markets, compared to a few months back and also refined our risk budget in line with our core assumption of higher nominal growth in the US.   In this episode of Beyond Markets, Magdalene Teo, Head of Fixed Income Asia at Julius Baer, discusses the near term outlook and strategy for fixed income into 2025.