Thought leadership Global Fixed Income Strategy April 2026

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 April report:

• Global macro strategy
  The Iran war-driven energy shock has hit Europe particularly hard, worsening its terms of trade, increasing inflationary pressures and threatening to dampen growth.

• Global credit strategy
  Despite severe disruptions to Strait of Hormuz transit, we believe the major European energy issuers will see net credit benefits if transit normalizes within two to four weeks.

• Rates and currency outlook
  We are neutral US, European, Chinese and UK rates. We are underweight Japanese rates and overweight Australian rates. In currency, we are neutral on the US dollar and euro. We are overweight the Japanese yen, Chinese renminbi and Australian dollar. We are underweight the British pound.

• The bottom line
  We speak with investment grade portfolio managers Matt Brill and Todd Schomberg about navigating the current backdrop of geopolitical, energy and Fed uncertainty.