For macro and bond investors, 2024 has been challenging. Despite central banks cutting rates, bond yields have remained high, and country-specific macroeconomic factors have heavily influenced allocation strategies. Looking ahead to 2025, returns in global fixed income will largely depend on the trajectory of the U.S. economy and the extent of the Federal Reserve's easing measures. Macro nuances are expected to continue playing a critical role in cross country performance.

Participants:

Jason Daw (Desk Strategy), Head of North America Rates Strategy
Blake Gwinn (Desk Strategy), Head of US Rates Strategy
Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
Su-Lin Ong (Research), Chief Australia Economist
Robert Thompson (Research), Australian Macro Rates Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

2025 Outlook: Macro, Monetary Policy & Rates 35:59 Share

Macro Minutes

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2025 Outlook: Macro, Monetary Policy & Rates