The Weekly Fix

Is the U.S. housing market cooling, or just normalizing? Eric Hathaway, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, unpacks the latest housing data, including the first national home price decline in over two years, and shares what it means for market participants. Despite affordability challenges and slower sales, mortgage-backed securities remain resilient, backed by healthy...

Tim Leary, senior portfolio manager on the BlueBay U.S. Fixed Income team, unpacks the tension between soaring defense spending, expanding social programs, and ballooning deficits. While some worry about the dollar’s status and long-term fiscal sustainability, Tim highlights why today’s bond market is offering real, risk-adjusted yield opportunities.

Moody’s just stripped the U.S. of its last remaining Aaa credit rating. But what does it actually mean for markets? Jeff D’Auria shares why the downgrade to Aa1 shouldn’t come as a surprise and, despite symbolic headlines, fundamentals and positioning tell a more nuanced story. With technicals strong and institutional demand holding steady, the bigger story may be how yield curve dynamics evolve a...

Trade headlines, tariffs, and central bank caution – this week brought no shortage of market-moving news. Laurie Mount, Portfolio Manager on the BlueBay US Fixed Income team, breaks down the latest: A new U.S.-UK trade deal (with more to come) A 90-day tariff pause with China The Fed’s “wait-and-see” approach amid rising inflation and employment risks With April CPI and retail data on deck, market...

It’s one of the riskiest trades hiding in plain sight: the Treasury basis trade. In today’s episode of The Weekly Fix, Neil Sun, Portfolio Manager on the BlueBay US Fixed Income team, unpacks the Treasury basis trade and how it works, why it’s grown to a $600B+ behemoth, and what could go wrong. In a market built on leverage, even small cracks can cause big waves. Neil explains why regulators are...

After a volatile start to April, High Yield markets are regaining momentum. Peter Keenan, Senior Trader on the BlueBay US Fixed Income team, discusses the rally off post-Liberation Day lows, what new issue performance tells us about investor demand, and why liquidity in the secondary market remains strong. With earnings season in full swing and Treasury yields swinging, Peter shares why patience a...

Tim Leary, Senior Portfolio Manager on the BlueBay US Fixed Income team, puts it plainly: the market expected a tariff hammer and got a bulldozer. President Trump’s aggressive trade measures are shaking global markets, driving volatility in commodities, pressuring corporate margins, and prompting boardrooms to reassess guidance. But amid the noise, Tim highlights a resilient U.S. economy and a liq...

In a high-rate, high-volatility environment, floating rate loans still offer opportunity—if you know where to look. Madison Pozzi, Assistant Portfolio Manager & Trader on the BlueBay US Fixed Income team, explains how tariffs, supply chain surprises, and ETF selling are reshaping market dynamics—and why active management matters more than ever.

A global selloff, a weaker dollar, and rising inflation fears. President Trump’s April 2nd tariff announcement has triggered one of the most volatile market weeks in recent memory. Laurie Mount explains how the sweeping trade policy shift is shaping investor behavior and why short-duration and cash strategies are in high demand.

As tariff speculation peaks ahead of President Trump’s announcement on Liberation Day, market volatility continues to rise. Matthew Maggio dives into how tariff uncertainty, inflation fears, and shifting consumer sentiment are affecting credit markets—especially in sectors like autos and building products.

Tariff talk continues to rattle markets. And with declining sentiment, cautious retail spending, and the Fed’s inflation concerns mounting, the U.S. economy is showing signs of a slowdown. Mindy Gudmundson, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, breaks down the economic uncertainty created by the Trump administration’s tariff threats—and what it means for markets, c...

Asset-Backed Securities (ABS) have evolved far beyond their origins in auto loans and credit cards—now spanning from music royalties to fiber networks. How can investors use this market to manage risk while maintaining yield? Eric Hathaway, Portfolio Manager on the BlueBay U.S. Fixed Income team, explains why ABS remains a defensive favorite, offering built-in structural protections, shorter durat...

The tides are shifting between the U.S. and Europe. Neil Sun, Portfolio Manager on the BlueBay U.S. Fixed Income team, explores how Germany’s bold €500 billion infrastructure plan is reshaping European markets, while U.S. growth fears resurface, triggering a reversal in the “American exceptionalism” trade. Are we nearing a fixed income buying opportunity?

Spreads are tight, inflows are steady, and private markets continue to evolve. Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, explores why U.S. High Yield and Investment Grade bonds have delivered solid returns early in 2025, despite slight spread widening.

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.

Brian Svendahl, Senior Portfolio Manager on the BlueBay Fixed Income team, breaks down the big news of the year: Donald Trump’s return to office. With his return, expect potential changes in U.S. tax policies, federal regulations, tariffs, and immigration – each adding pressure to inflation and impacting bond markets. Will higher inflation, increased debt issuance, and the influence of “bond vigil...