Rising Treasury yields, war-driven inflation concerns and uncertainty over the Federal Reserve are reshaping the fixed-income outlook. George Catrambone, head of fixed income for the Americas at DWS Group, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Catrambone discusses why the move higher in long-end Treasury yields has been driven more by oil, inflation expectations and fiscal concerns than by growth, and why he sees the most compelling opportunity in owning the front end of the curve. The two examine Kevin Warsh’s arrival as Fed chair, how the balance of hawks and doves on the FOMC could shape the path for rate cuts and whether changes to the Fed’s communication framework -- including the future of the dot plot -- are likely. They also discuss how higher deficits, rising debt-service costs and growing bill supply could pressure Treasury issuance and long-dated yields.