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Global Fixed Income Strategy Monthly Report | April 2026

April 9, 2026
Invesco
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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:

Macro strategy

As Europe faces another energy shock, we lay out the consequences for growth, inflation, policy, and markets.

Credit strategy

Higher energy prices support European energy and utility issues in the short term, but a prolonged conflict in the Middle East raises risks.

Interest rate outlook

We see value in European short-term rates but are neutral on longer-term European rates amid a more mixed outlook. We’re neutral on UK rates.

Currency outlook

We’ve downgraded to neutral on the euro because of the eurozone’s vulnerability to energy market disruptions. We’re underweight the British pound due to the trade shock from higher energy prices.

Bottom line: Navigating an energy shock

Q&A with investment grade portfolio managers Matt Brill and Todd Schomberg on navigating an energy shock and Federal Reserve uncertainty, and why the intermediate curve matters in 2026.

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  • Investment risks

    The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.

    Important information

    This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

    Views and opinions are based on current market conditions and are subject to change.

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