This week’s combined episode of Currency Exchange and Bondcast focuses on the ongoing Middle East conflict and its impacts on currency and rates markets. This episode features edited highlights from a client webinar hosted on Tuesday, featuring host Imogen Bachra (Head of Economics and Markets Strategy) and guests Scott Livingstone (International Advisor) and Paul Robson (Co-Head of G10FX Strategy). 

They discussed: 

- Management of ammunition and defence resources by regional players.
- Political pressure on President Trump to conclude this initial phase swiftly.
- Expected continuation of heightened military activity over the next few days.
- Monitoring Iranian missile, drone, and maritime operations, including possible threats to the Strait of Hormuz.
- Indicators for de-escalation: signs of pragmatic politics or regional diplomatic intervention.
- Importance of maritime security in global energy markets.
- Currency markets responding as expected: dollar strength sterling resilience in cross-currency pairs.
- Volatility in bond markets reflecting both safe-haven demand and concerns over defence spending and future inflation.
- Key market drivers to watch.

This episode was recorded on 3 March 2026.

For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this crossover episode of Bondcast and its sister show Currency Exchange, host Brian Daingerfield is joined by Ian Vanderhorn to explore the recent Supreme Court decision on US tariffs, its implications for FX and rates market dynamics, and the future of tariff policy. 

This episode was recorded on 25 February 2026.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode of Bondcast, Ian Vanderhorn and market specialists Paul Robson and Oriane Parmentier discuss the passing week’s developments in rates markets. In the UK, there was a sizeable amount of data to process, most notably on inflation. But how is the market reacting? Elsewhere, they discuss rising tensions off the coast of Iran, the price of oil and French bond market resilience.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 19 February 2026, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode of Bondcast, Ian Vanderhorn and market specialists Paul Robson and Oriane Parmentier discuss the latest developments in rates markets. They focus on political uncertainties in the UK, the implications of recent job market reports in the US and the Euro area’s supply situation.

You can also find this episode of Bondcast on Spotify and Apple Podcasts.  

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 12 February 2026, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this week’s Bondcast, Ian Vanderhorn is joined by Oriane Parmentier and Paul Robson to discuss policy updates in the US, the UK and Europe. 

The Bondcasters kick off this week’s podcast with a review of the Bank of England’s ‘dovish hold’ on 5 February and take a closer look at the drivers behind recent upward drift in yields.

The ECB followed the Bank of England with a rate hold of its own this week – and Oriane digs into what this could mean for the trajectory for rates in the months ahead.

Finally, Ian discusses the latest news out of the Fed: Kevin Warsh’s appointment as the new Fed Chair to replace Jerome Powell once his term concludes in May. Will Warsh’s past views of Fed’s mandate, and the way it uses its balance sheet, affect the trajectory for rates later this year and beyond? Tune in to find out.

You can also find this episode of Bondcast on Spotify and Apple Podcasts.  

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 5 February 2026, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this week’s Bondcast, Joann Spadigam is joined by Stuart Sparks and Paul Robson to discuss policy updates in the US, the UK and Europe. Following a much-predicted 25 basis point cut by the Fed, there is still plenty to ponder on US monetary policy going into 2026. And with the Bank of England expected to also cut rates in December, how matched are the two monetary cycles? In Europe, of course, the story is quite different: a glut of supply and rumblings of a rate hike.    

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 11 December 2025, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this special edition of Bondcast, host Tim Phillips is joined by Paul Robson, Joann Spadigam and Stuart Sparks to ask what lies ahead in bond markets in 2026 – a year where the focus will be squarely on the Federal Reserve. 

They explore the challenges of elevated sovereign issuance, shifting bond demand, and the global repercussions of fiscal and monetary policy – looking at the UK, the US and Europe in the process. What might steepen curves, and what indicators should we monitor in 2026? 

Finally, the panellists each share their bond superhero names from the Agents of Yield universe...

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

To access all the content from our Year Ahead 2026 report, visit natwest.com/yearahead 

This episode was recorded on 12 November 2025.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this week’s Bondcast, Joann Spadigam is joined by Deepika Dayal and Paul Robson to discuss the outlook for next week’s interest rate decision from the Bank of England, as well as the implications of fiscal policy on the UK’s monetary stance. They alsoshare insights from the recent Federal Reserve meeting, which delivered a cut, and the European Central Bank's decision to hold rates.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 30 October 2025, and captions are automatically generated. 

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this week’s Bondcast, host Joann Spadigam is joined by Paul Robson and Ian Vanderdorn to discuss rates markets. They analyse the UK’s latest inflation figures and prospects for base rate cuts, the Federal Reserve's monetary policy stance during government shutdown, and Europe, where inflation is at target, but France’s credit rating has taken a knock.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 23 October 2025, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week, host Joann Spadigam and guests explore a change in the fortunes of fixed-income assets, led by gilts and comments from the Bank of England on monetary policy. They also delve into the political landscape in France, highlighting the challenges faced by the new government during the budget season. Plus ça change. Finally, they address the supply-demand dynamics in European markets, emphasising the role of overseas buyers and the concerns regarding duration mismatch in bond issuance.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 16 October 2025, and captions are automatically generated.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html

Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html