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...

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

This episode was recorded on 12 November 2025.

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