The Weekly Fix

A wave of federal workforce cuts and looming trade policy uncertainty are keeping investors on edge. Mindy Gudmundson, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, breaks down what these policy shifts mean for economic growth, inflation, and credit markets.

Despite macro headlines dominating investor sentiment, fund flows into Investment Grade credit have quietly gained momentum in early 2025. Neil Sun, Portfolio Manager on the BlueBay U.S. Fixed Income team, explores how overseas investors and mutual funds are driving demand—even as yield-focused buyers step back.

What’s next for Fannie Mae and Freddie Mac? Eric Hathaway, Portfolio Manager on the BlueBay U.S. Fixed Income team, breaks down the evolving discussion on GSE reform and examines the two potential paths forward—an exit from conservatorship or full privatization—and what each could mean for agency mortgages.

The first weeks of 2025 have been anything but calm. Andrzej Skiba, Head of BlueBay U.S. Fixed Income, breaks down the market-moving themes, from trade policy uncertainty under the new Trump administration to AI-related volatility in tech stocks.

Andrzej Skiba, Head of BlueBay U.S. Fixed Income, unpacks the recent aggressive sell-off in Treasury prices, with 30-year yields briefly touching 5%. What does this mean for fixed income investors? While spread markets have shown resilience, the focus remains on the Trump administration’s policy agenda and the Fed’s response.

2024 was a strong year for U.S. High Yield and leveraged loans but as we move into 2025, volatility is expected to increase, and valuations will play a critical role. Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, shares his outlook for credit markets, highlighting risks, opportunities, and why duration and yield dynamics still offer support.

U.S. credit markets are ending 2024 on a high note, with spreads at multi-year tights despite rate volatility and record issuance. But caution is warranted as we head into 2025. Andrzej Skiba, Head of BlueBay U.S. Fixed Income, discusses the binary outcomes ahead, driven by Trump’s trade policy choices.

High-yield and loan markets are closing out 2024 on a high, with record issuance and firm technicals. Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, reflects on a dynamic year, from geopolitical developments to what’s next for leveraged finance in 2025.

Markets moved this week after President-elect Trump suggested 25% tariffs on Canadian and Mexican imports. Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, examines the market’s reaction to Trump’s rhetoric and how the Fed may react to incoming data.

Tim Leary, Senior Portfolio Manager on the BlueBay Fixed Income team, breaks down the post-election market reaction, including the fade in risk rallies and why tariffs—now dubbed the “Trump Tax”—are here to stay.