FICC

Special Report

We present our five key views for global fixed income markets in 2026. A year that will see the global easing cycle come to an end.

September’s weak consumer spending data challenge the K-shaped recovery narrative and suggest that spending will slow to match already-weak employment growth.

Our Portfolio Allocation Summary for December 2025.

Japanese financial assets will finally have unfettered access to outsized returns. This performance will come in fits and starts, but we are comfortable laying our cards down on buying the yen, and Japanese industrial stocks.

Special Report

Our key US fixed income views for 2026.

The RBNZ has concluded its aggressive easing blitz. With New Zealand economy finally showing signs of life, both the kiwi and local rates now look ripe for a reversal.

The September employment report probably won’t convince enough hawks to vote for a rate cut in December.

Special Report

This Special Report outlines the Fed’s balance sheet strategy and the rationale behind it. We also provide updated projections for the major asset and liability line items on the Fed’s balance sheet.

Special Report

The trade war hit Canada’s economy hard, but the worst is over. In our latest update on Canada, we assess the aftermath of the trade shock, the new budget, and the effects of BoC easing. We outline what this means for duration, the Loonie, and Canadian stocks heading into 2026.

Our Portfolio Allocation Summary for November 2025.