Bondcast - The Rates Podcast

Oil prices are back in focus, markets are repricing central bank risk, and politics is adding another layer of uncertainty across Europe and the UK. In this episode of Bondcast, Imogen Bachra, Deepika Dayal and Oriane Parmentier discuss whether markets are moving too quickly to price further rate hikes – and what investors should watch next. In this episode, we discuss: Middle East tensions and oi...

Oil prices have retraced to pre-conflict levels following the signing of a memorandum of understanding (MOU) and the reopening of the Strait. But does that rebound accurately reflect what’s happening in the real economy? In this special episode of Bondcast: Speakers Corner, Imogen Bachra is joined by NatWest economist Aastha Gupta, who specialises in global trade, to examine whether markets have m...

Imogen Bachra shares her quick take on the big themes and events likely to move markets over the coming week. It’s a lighter but still market-moving calendar, with UK and French political risks, the Bank of England’s Financial Policy Committee report, the latest signals from the Fed and ECB, and renewed focus on dollar-yen intervention risk.

This week on Bondcast, Imogen Bachra, Ian Vanderhorn, and Oriane Parmentier unpack a deceptively important week for rates markets: a mixed US labour report, softer European inflation, central-bank caution at Sintra, and growing focus on the Bank of England’s balance sheet and gilt market resilience. The big takeaway: markets may be pricing out near-term hikes, but the path ahead is anything but si...

In the first episode of Bondcast Speakers’ Corner, host Imogen Bachra is joined by James Bucknall and Iain Budge to discuss one of the most closely watched regulatory topics in UK rates markets: the leverage ratio framework. With the UK facing sizeable financing needs, ongoing quantitative tightening (QT), and growing debate around who will absorb future gilt supply, the conversation explores whet...

In this new series of Bondcast Week Ahead, Imogen Bachra shares her thoughts on what's moving markets in the coming five days. 

This week on Bondcast, Imogen Bachra is joined by Oriane Palmentier to discuss rates markets in the UK and Europe. Key topics:  * The sharp repricing lower in UK gilt yields and evolving Bank of England expectations * Whether markets are becoming overly optimistic on oil, inflation and fiscal risks * What to watch during next week’s ECB Sintra conference * Euro area funding plans for the second ha...

This video is about My Movie 1In this new series of Bondcast Week Ahead, Imogen Bachra shares her thoughts on what's moving markets in the coming five days. 

This week’s episode focuses on a pivotal week for global central banks as markets shift attention away from geopolitical headlines in the Middle East and back toward monetary policy. The discussion covers the first Federal Reserve meeting under Chair Kevin Warsh, the Bank of England’s latest decision, the ECB outlook, and implications for global rates markets.  Key takeaways: * The Fed turned more...

In this new series of Bondcast Week Ahead, Imogen Bachra shares her thoughts on what's moving markets in the coming five days. 

This week Imogen Bachra is joined by Ian VanderHorn and Oriane Parmentier to discuss some key central bank decisions. They examine the latest developments from the ECB, previews next week’s Fed and Bank of England meetings, and explore how geopolitical tensions, inflation dynamics and politics are shaping market expectations.   Key topics:   * The ECB remains data-dependent but has not closed the...

This week on Bondcast, the team examines how fading optimism over a potential US-Iran agreement and renewed tariff discussions are influencing rates markets. With major central bank meetings approaching, the discussion also turns to the outlook for the European Central Bank (ECB), Bank of England (BoE), and Federal Reserve.   Key topics:   * ECB rhetoric has become more hawkish, but policymakers a...

This week on Bondcast, Imogen Bachra, Oriane Parmentier and Stuart Sparks unpack the key macro themes dominating fixed income markets following NatWest’s Official Institutions Conference in Edinburgh. With geopolitical tensions in the Middle East continuing to drive market volatility, the discussion shifts beyond the headlines to explore how investors are thinking about inflation, growth, central...

In this episode of Bondcast, host Imogen Bachra is joined by global market specialist Ian VanderHorn to unpack the growing political and fiscal risks shaping UK and US rates markets – where 5% yields are now a thing. Key points: * UK political instability following poor Labour local election results * Risks of a Labour leadership challenge and implications for gilt markets * Why markets may be und...

In this special episode of Bondcast, we replay NatWest's live broadcast fireside chat and Q&A with Bank of England Chief Economist Huw Pill, who was joined on stage by Imogen Bachra, NatWest's Head of Economics and Markets Strategy. Recorded on 14 May 2026.

This week, host Imogen Bachra is joined by Oriane Parmentier to talk about rates in the UK and the euro area. They focus on: - The return of market optimism despite geopolitical risk  - ECB outlook and how the market is pricing multiple hikes - Bank of England pricing, as well as fiscal and political risks in the UK - Client sentiment on rate rises in major economies - What to watch next week  Thi...

This week, host Imogen Bachra is joined by economists Kevin Cummins and Giovanni Zanni to talk through their analysis of three central bank decisions to hold rates. Key points: 1. Federal Reserve rate hike prospects and dissenting opinions 2. European Central Bank’s conditional hawkish stance 3. The Bank of England’s cautious outlook and market expectations This episode was recorded on 30 April 20...

This week, host Imogen Bachra is joined by economists Kevin Cummins and Giovanni Zanni to talk through their expectations ahead of three imminent central bank meetings. Key points: 1. US economic data and consumer resilience 2. UK inflation and labor market dynamics 3. Fed, BoE and ECB policy forecasts 4. UK political risks and fiscal policy 5. Ongoing impact of geopolitical tensions on markets Th...

This week on Bondcast, Imogen Bachra, Ian Vanderhorn, and Oriane Parmentier unpack why easing geopolitical tensions have lifted risk assets – while rates remain more cautious. They explore the growing disconnect between equities and yields, with US data and Fed expectations back in focus as de-escalation shifts attention away from geopolitics. In the UK, the story looks different: persistent infla...

In this week’s Bondcast, Imogen Bachra, Ian Vanderhorn, and Oriane Parmentier talk about the delicate ceasefire between the US and Iran and explore the potential impacts on rates markets, inflation forecasts, and central bank policy expectations in the US, the UK, and Europe.  This episode was recorded on 9 April 2026. For any terms used please refer to this glossary https://www.natwest.com/corpor...

In this week’s episode of Bondcast, Head of Economics and Markets Strategy Imogen Bachra shares edited highlights from NatWest’s recent client webinar focused on the intersection of geopolitics, economic sentiment and market implications. Joined by Scott Livingstone (NatWest’s International Advisor) and Ross Walker (Global Head of Economics) the discussion covers the ongoing Middle East conflict,...

Despite fears that the war in the Middle East will drive inflation, central banks in the US, the UK and Europe held rates this week. To discuss why, Imogen Bachra (Head of Economics and Markets Strategy) is joined by Ian VanderHorn (Economics and Market Strategy) and Giovanni Zanni (Chief Euro Area Economist) to dissect the latest policy decisions, and how their forecasts are changing.  This episo...

This week, host Imogen Bachra (Head of Economics & Markets Strategy) is joined by Ian Vanderhorn (Macroeconomics Strategist) and Oriane Parmentier (European Rates Strategist) to provide a comprehensive update on recent geopolitical swings. They focus on higher oil prices, what this means for inflation, and how bond markets have reacted. Lastly, they share their expectations ahead of central ba...

This week’s combined episode of Currency Exchange and Bondcast focuses on the ongoing Middle East conflict and its impacts on currency and rates markets. This episode features edited highlights from a client webinar hosted on Tuesday, featuring host Imogen Bachra (Head of Economics and Markets Strategy) and guests Scott Livingstone (International Advisor) and Paul Robson (Co-Head of G10FX Strategy...

In this crossover episode of Bondcast and its sister show Currency Exchange, host Brian Daingerfield is joined by Ian Vanderhorn to explore the recent Supreme Court decision on US tariffs, its implications for FX and rates market dynamics, and the future of tariff policy.  This episode was recorded on 25 February 2026. Remember to hit subscribe so you can listen to the latest episodes in this seri...