Join Imogen Bachra, Jan Nevruzi and Joann Spadigam as they examine how markets started 2024. In the US, the Fed is not giving out much new information of when interest rate cuts may begin, though it has released some more detailed notes on quantitative tightening and balance sheet rundown. In the UK, what's driving weakness in gilts, and may stickier core inflation still keep rates higher for longer? In the EU it's arguably a simpler picture, with markets poised for cuts from the European...

The Bank of England (BoE), the Federal Reserve and the European Central Bank (ECB) shocked few by collectively holding rates this week, but that doesn’t mean the meetings were without their surprises. Join host Imogen Bachra, Jan Nevruzi and Joann Spadigam as they discuss how markets reacted to the news, and identify signs of when rates may begin to fall. Remember to hit ‘subscribe’ or ‘follow’ so you can watch or listen to the latest episode of Bondcast and navigate to...

...well, maybe not so great, but this week Imogen Bachra, Jan Nevruzi and Joann Spadigam discuss the market mood ahead of announcements by all three of the major central banks: the Fed, the European Central Bank (ECB) and the Bank of England. Elsewhere they talk about events in money market funds and the importance of the overnight rate.  Remember to hit ‘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...

Join host Imogen Bachra and guests Jan Nevruzi and Joann Spadigam as they discuss signs that some central banks may cut their base rates sooner than expected. Could the Fed and the European Central Bank (ECB) do this as soon as March 2024? Faster falls in inflation in the US and the eurozone raise the possibility. But in the UK? Not so much.     Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others...

Join host Imogen Bachra and guest Joann Spadigam as they discuss how customers have responded to our Year Ahead 2024 report, and analyse the contents of the Autumn Statement. Elsewhere they also look at supply data in the eurozone.   Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out directly or on Bloomberg –...

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...

fter softening employment data was released in the US, host Imogen Bachra, Joann Spadigam and Jan Nevruzi analyse how markets have been reacting to both this news as well as to other events. In the UK, there are expectations for the Autumn Statement to contend with, while in the euro area, markets are pricing close to 100bps for cuts.   Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available.  NB: This was recorded on 9 November 2023.For any terms used...

As both the Fed and the Bank of England (BoE) held rates this week, host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to pick over the actions, motives and views held among central banks. How are markets reacting and are worries being alleviated? In Europe, rate cuts may come earlier than previously expected.   Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you...

Fresh after this week's European Central Bank meeting, host Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to talk all things rates, bonds and balance sheets. As it turns out, many of the market dramas in recent months have somewhat dissipated, whether that's in the euro area, the UK or the US. So are we in for an extended period of rate holds? Only time, and more importantly data, will tell. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re...

Imogen Bachra, Joann Spadigam, and Jan Nevruzi catch up after another volatile week in rates markets. They digest some of the latest data prints and discuss the potential impact on key central bank decisions in the weeks ahead.   Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out directly or on Bloomberg – or...

Amid broad consensus that base interest rates have neared their peaks, focus is on when central banks will begin to cut, and by how much. Joann Spadigam and Jan Nevruzi are joined by special guest Ross Walker to discuss rates, economics and yields in the UK, the euro area and the US.   Remember to hit follow so you can watch or listen to the latest episode of Bondcast as soon as they’re available.  NB: This was recorded on 12 October 2023.  For any terms used please refer to this glossary: ...

Bond yields have risen in the past week, especially at the shorter end of curves. Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to discuss whether current levels will persist, especially in the UK. Elsewhere, German bunds have hit our 3% target, and in the US can markets price in messages coming from the Fed?  Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if...

The bonds markets have been a bit wild of late, leading to some speculation about oversupply in the market for US treasuries and others to look closely at the euro area market. Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to discuss the effects on both the front and tail ends of yield curves, minimum reserve requirements and developments at the Bank of England.  Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the...

Neither the Fed or the Bank of England increased rates this week, after last week's dovish hike by the European Central Bank (ECB). Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to discuss the impact of these hawkish holds on markets and the extent of possible cuts in 2024. Will the narrative of 'higher for longer' be challenged? And how may the central banks reduce their balance sheets?  Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re...

On the back of the European Central Bank's "dovish hike", host Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to discuss the impact on markets, and whether the Fed and the Bank of England may follow suit. Behind the question of whether interest rates have hit their peak is how prolonged that peak may be. Will sharp rises be matched by precipitous falls to create an Everest-like trend of rates? Or will the peak really be a plateau that more resembles Table Mountain?   Remember to...

Following a three-week summer break, Bondcast is back. Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to catch up on what happened while we were away. Looking ahead, they discuss prospects for next week’s European Central Bank (ECB) meeting, changes in the US yield curve, and how many times the Monetary Policy Committee (MPC) minutes refer to wage growth – which is a lot. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit...

In the latest episode of Bondcast, Imogen Bachra, Giles Gale, and Jan Nevruzi debrief after yet another base rate hike from the Bank of England. They also discuss US bond supply, inflation dynamics in Europe – and the impact on fixed income markets as we move through the final weeks of summer. Remember to hit ‘subscribe’ so you can watch our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like...

In the latest episode of Bondcast, Imogen Bachra, Jan Nevruzi, and Giles Gale take stock of the latest rate hikes from the Fed and the European Central Bank and discuss the trajectory for rates going forward. They also look ahead to the Bank of England meeting in the week ahead. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the...

In the latest episode of Bondcast, Imogen Bachra, Joann Spadigm, and Jan Nevruzi discuss the impact of the recent downside UK inflation surprise on the fixed income outlook. They also take a closer look at what markets should expect from the upcoming European Central Bank and Fed meetings. Remember to hit ‘follow’ so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like...

In the latest episode of Bondcast, Imogen Bachra, Jan Nevruzi, and Giles Gale discuss our latest views on inflation and potential implications for the fixed income outlook in the months ahead. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out directly or on Bloomberg – or email [email protected].  NB: This...

In the latest episode of Bondcast, Imogen Bachra, Kevin Cummins, and Giles Gale discuss shifting rate hike expectations in the UK, the impact of the latest US data deluge on market expectations, and potential fixed income market risks to look out for in Europe as we move into summer. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on...

In the latest episode of Bondcast, Imogen Bachra, Kevin Cummins and Joann Spadigam examine central bankers’ comments in Sintra, Portugal. They also discuss the flattening of yield curves in the UK and look at how markets reacted to new employment data in the US. Remember to hit ‘subscribe’ so you can watch our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out...

In the latest episode of Bondcast, Imogen Bachra, Giles Gale, and John Briggs  debrief after the Bank of England's surprise Bank Rate hike. They also take a closer look at what Fed Chair Jerome Powell’s "dovish defence" means for rates going forward, and discuss the enduring hawkishness of European Central Bankers.  Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find.  And if you have any...

In the latest episode of Bondcast, Imogen Bachra, Giles Gale, and Jan Nevruzi debrief after the Fed's "Freudian Skip" and the European Central Bank's (ECB) rate hike decision. They also look ahead to the Bank of England meeting next week.  Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out directly or on...

In the latest episode of Bondcast, Imogen Bachra, Giles Gale, and Jan Nevruzi take stock ahead of the Fed and European Central Bank (ECB) meetings next week and share their views on what markets should expect. Remember to hit 'follow' so you can listen to our latest episodes as soon as they’re available – and hit the ‘like’ button so it’s easier for others to find. And if you have any questions you’d like answered on the podcast, reach out directly or on Bloomberg – or email...