Article Global Fixed Income Strategy Monthly Report | August 2026

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11 August 2026
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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 this edition:

Global macro strategy

Are developed markets overpricing rate hikes? We believe they are, making developed market short-term yields look attractive.

Global credit strategy

Emerging markets have become more resilient to external shocks following two decades of reforms. We highlight four countries where ongoing reforms are strengthening resilience amid the recent energy shock.

Interest rate outlook

Overweight: China
Neutral: Australia, Europe, UK, and US
Underweight: Japan 

Currency outlook

Overweight: Chinese renminbi and US dollar 
Neutral: Australian dollar and Japanese yen
Underweight: British pound and euro

Thoughts from our Investment Grade Desk

The team discusses less US Federal Reserve forward guidance, elevated yields, and a sharpening focus on hyperscaler issuance.

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