The mortgage market may be on the brink of major transformation amid freshly implemented tariffs, proposed deregulation and the potential privatization of Fannie Mae and Freddie Mac. In this episode of Credit Crunch, Bloomberg Intelligence’s Noel Hebert and Sam Geier are joined by Deepak Narula, founder and co-chief investment officer of Metacapital Management, to explore emerging opportunities in mortgage-backed securities (MBS). They discuss the negative convexity profile for the asset class, prepayment impacts, stagflation scenarios, utilizing machine learning models, Fannie Mae and Freddie Mac going private and more.

Global markets are struggling to digest the unprecedented economic and financial stability challenges posed by an all-out trade war. Dr.Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, joins Bloomberg Intelligence’s Damian Sassower, chief emerging market fixed income strategist, to break down his growth and inflation outlook for developed and emerging markets across the globe. Natalucci and Sassower touch on issues ranging from central bank stimulus and de-dollarization to the risks posed by private credit and shadow banking.

High yield had good first quarter gains with default rates low but cracks started developing in March even before Liberation day which led to a substantial rout with spreads selling off at record speeds. Will 2Q be a huge loss or will there be a turnaround and why? Mahesh Bhimalingam, Bloomberg Intelligence's Global Head of Credit Strategy, discusses the results of the BI 2Q25 High Yield Investor Survey, along with the market outlook, with Per Wehrmann, Head of European high yield at DWS Investments GmBH. The podcast covers investor positioning, sentiment, key return drivers, default and supply forecasts and relative-value across asset class (high grade vs. junk), geography (Europe vs. US), ratings and sector.

Copper and uranium may be well-positioned as economies seek to balance energy needs against social demands. Oskar Lewnowski, Founder and Group CEO of Orion Resource Partners, joins Bloomberg Intelligence’s Noel Hebert and Rob Barnett on the latest episode of the Credit Crunch podcast to discuss supply-demand dynamics across the commodity landscape, themes (including energy and technology) incentivizing new investment and the structural positioning of various minerals. They also explore funding the construction phase of new mines, investment horizons, the geopolitical climate and the alliance between environmental and mining interests.

The risk to bondholders is that the 2% inflation target becomes unbearable for the Fed, says Jim Grant, founder of Grant’s Interest Rate Observer. Grant is joined by Bloomberg Intelligence’s chief US rates strategist Ira Jersey and senior US and Canada rates-strategy associate, Will Hoffman to discuss the outlook for US financial markets following a sweeping US tariff announcement. The trio discuss the rise of economic uncertainty and the extent to which recession risk may be priced in markets. They also unpack the role of US exceptionalism and persistent goods disinflation in the context of long-term market trends and how it may shift in a world leaning away from free trade.

The Macro Matters podcast is part of BI’s FICC Focus series.

It may be all about US tariffs in early 2Q, with the April 2 US tariff announcements and possible retaliation from trading partners risking to entertain increased risk aversion, which bodes well with our bullish view for defensive FX such as the yen. In this episode of FX Moment, Bloomberg Intelligence's chief G-10 FX strategist Audrey Childe-Freeman talks to Bloomberg Economics Chief Trade and Climate Economist, Maeva Cousin, about what tariffs are in place already, what may come next and what are the likely implications - growth and inflation - for the US economy and its key trading partners.

In particular, Maeva shares her latest model findings and how the long list of US grievances with the international trade system could turn into hefty tariff hikes and a sizable stagflation risk for the US.

Real estate private credit is uniquely positioned amid the recent wave of loan maturities and reduction in bank capital. Ricardo Gennari, managing director and head of US Real Estate Credit at Leste Group, joins Damian Sassower, Bloomberg Intelligence’s chief fixed-income strategist, to discuss his firm’s approach to loan origination, liquidity maintenance and portfolio management. Gennari and Sassower assess the potential for alpha generation in real estate private credit, from traditional office and multifamily to data centers and self-storage.

Factor-driven, trend and pure alpha are among the sleeves within systematic investing that can fuel returns. Jeffrey Rosenberg, managing director and senior portfolio manager for BlackRock Systematic, has spent years identifying and mining such returns. He joins Bloomberg Intelligence’s Noel Hebert on Credit Crunch to discuss the evolution of systematic investing, defensive alpha, the opportunity in high-dispersion markets, the evolving microstructure of credit and BlackRock’s “glass box” approach. That and more in this latest episode. Credit Crunch is part of the FICC Focus podcast series.

There has been growth in the product offering in the crypto options market, which often has a right-tail skew and exhibits spot-up, vol-up dynamics. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. The panel discussion on the crypto adoption curve was moderated by Anna Edwards, Boomberg News' Anchor, with Carol Alexander, Professor of Finance, University of Sussex and Exponential Science Foundation, Catherine Clay, Global Head of Derivatives, Cboe Global Markets, and James Harris, CCO, Zodia Custody.

A comfortable environment of US exceptionalism has been replaced by noise around tariff risks, the EU’s fiscal bazooka and US policy pivots, which has supported cross-asset volatility. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. Bloomberg Intelligence’s chief global derivatives strategist Tanvir Sandhu gave an opening speech on macro and volatility across markets. A panel discussion on the options market was moderated by Noel Hebert, BI’s global director of FICC strategy, with Dennis Davitt, CEO at Millbank Dartmoor Portsmouth, Pierre-Henri de Monts de Savasse, senior portfolio manager at RBC BlueBay and Pierre de Saab, Former Partner at Dominice & Co Asset Management.