Market volatility due to tariff measures implemented by President Trump have subsided and markets have rallied strongly, so what next? Andrzej Skiba, Head of US Fixed Income, and Mike Reed, Head of Global Financial Institutions, talk about the outlook for, and potential risks to, US credit markets as we head into 2026. Other discussion points include the drivers of returns over the coming year, the changed dynamics of risks in the US energy industry, and the recent pickup in M&A activity.