The expected divergence of monetary cycles presents both challenges and opportunities for fixed income investors and issuers, especially at a time when fiscal policy remains abundant. Imogen Bachra, Joann Spadigam, and Jan Nevruzi outline where they see policy rates heading next year, what this means for the direction of travel for yields and the shape of the curve, and where cross-market opportunities lie.  Remember to hit ‘subscribe’ or ‘follow’ so you can watch or listen to the latest episode of Bondcast and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2024. NB: This was recorded on 13 November 2023.For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html