Global Fixed Income Strategy November/December 2025

Get an analysis of important drivers of global fixed income markets, including macroeconomic trends, interest rates, currencies, and credit, in our monthly global strategy report.

In our November/December report:

• Global macro strategy
  We believe the global macro environment presents a robust opportunity set for generating excess returns in global fixed income. We favor positioning for a weaker US dollar, steeper global yield curves and selective credit exposure.
• Rates and currency outlook
  We are neutral on US, European, Chinese and Australian rates. We are overweight UK rates and underweight Japanese rates. We are overweight the euro, Chinese renminbi, Japanese yen and Australian dollar. We are neutral on the British pound and underweight the US dollar.
• Global credit strategy
  Hyperscalers are driving trillions of dollars in data center investment and increasingly turning to debt financing, which raises risks for investors. We highlight the opportunities and challenges of this trend, including the rise of public-private financing deals.
• The bottom line
  CIO and Head of Municipals, Mark Paris, shares his thoughts on the impact of recent events on the US muni market, including the October Fed rate cut, the New York Mayoral election and the full new issue calendar.