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2025 Global Market Outlook

Making the most of the 2025 transition

Global Fixed Income

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Expert views and key themes impacting the markets and global economy

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Our commitment to responsible investing

This Quarter (Q3 2025) Hide

August 2025 / From the Field

CryptoFOMO: Why stablecoins are the GENIUS antidote to bungee jump

CryptoFOMO: Why stablecoins are the GENIUS antidote to bungee jumping

CryptoFOMO: Why stablecoins are the GENIUS...

New legislation could bring digital assets into the mainstream.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

August 2025 / From the Field

A new era of global high yield: Stronger, larger, and more diverse

A new era of global high yield: Stronger,...

An allocation offers investors a potential source of attractive risk-adjusted income.

By Mike Della Vedova, Michael Connelly & Samy Muaddi

August 2025 / From the Field

U.S. policy under Trump: What investors need to know

U.S. policy under Trump: What investors need...

We explore the policy changes that could matter the most for markets and asset allocation.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

August 2025 / In the Loop

Does the “One Big Beautiful Bill” = big beautiful profits?

Does the “One Big Beautiful Bill” = big beautiful...

Using the Kalecki-Levy framework to understand the profit implications.

By Steve Boothe & Thomas Heidenberger

July 2025 / In the Loop

Focus on what matters beyond the tariff deadline

Trade deals, fiscal stimulus, and AI excitement made this tariff deadline different.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

July 2025 / From the Field

How will the boom in U.S. government debt supply affect markets?

How will the boom in U.S. government debt...

U.S. Treasury debt issuance changes will shift market dynamics.

By Adam Marden & Pranay Subedi

July 2025 / From the Field

Active investing is suited to the challenging markets ahead

Active investing is suited to the challenging...

Changing market conditions will provide new risks and opportunities.

By Robert W. Sharps

Robert W. Sharps Chair of the Board, Chief Executive Officer and President

July 2025 / From the Field

How AI’s rise is changing the game for software companies

How AI’s rise is changing the game for software...

The AI revolution is shaking up the software industry. Which companies will get stronger?

By David R. Giroux, Michael J. Signore & Brian Solomon

July 2025 / In the Spotlight

Beyond the glitter: Why gold remains a strategic asset in today's marke...

Beyond the glitter: Why gold remains a strategic asset in today's market

Beyond the glitter: Why gold remains a strategic...

Discover the strategic value of gold exposure in diversified portfolios.

By Ritu Vohora

Ritu Vohora Investment Specialist, Capital Markets

July 2025 / In the Loop

Ausbiz: Investor FOMO, U.S. debt & the resilience in the U.S. economy

Ausbiz: Investor FOMO, U.S. debt & the resilience...

Speculative stock risks emerge in a "two-speed" U.S. market amid fiscal deficits...

By Samuel Ruiz

Samuel Ruiz Portfolio Specialist

July 2025 / From the Field

What’s the outlook for the global energy transition?

What’s the outlook for the global energy...

Taking stock of the energy transition—are we making any progress?

By Maria Elena Drew

Maria Elena Drew Head, Global Sustainability

July 2025 / From the Field

New Integrated Equity Insights Q2 2025: Are high-quality U.S. large-cap...

Are high-quality U.S. large-cap stocks overpriced?

With historically high quality, expensive large-caps could lag in an internal market...

By Tedd Alexander, David Corris & Brian Dausch

July 2025 / From the Field

Investing in Emerging Markets Debt

Investing in emerging markets debt

There are a number of ways to invest in emerging markets debt.

By Wenting Shen, Nathan Wang & Chester Cheng

July 2025 / In the Loop

125 years of returns: Timeless lessons in investing

125 years of returns: Timeless lessons in...

Short-term anomalies bring risks, but remaining on the sidelines is riskier.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

July 2025 / In the Loop

Market Update – Tariff threats ramp up ahead of new August 1 deadline

Market update: Tariff threats ramp up ahead of new August 1 deadline

Market update: Tariff threats ramp up ahead...

Forward earnings guidance to provide indications as to the impact of tariffs and...

By Toby M. Thompson

Toby M. Thompson Portfolio Manager

July 2025 / Ahead of the Curve

Should we be more worried about U.S. growth or inflation? or neither?

Should we be more worried about U.S. growth or inflation? Or neither?

Should we be more worried about U.S. growth...

Explore U.S. economic trends: growth uncertainty and rising inflation risks

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

July 2025 / From the Field

Gone Private: Allocating to Private Credit in Multi-Asset Income Portfo...

Gone Private: Allocating to Private Credit in Multi-Asset Income Portfolios

Gone Private: Allocating to Private Credit...

Adding private credit to a multi-asset portfolio can enhance yield and diversification

By Richard Coghlan & David Clewell

July 2025 / Monthly Market Playbook

Monthly Market Playbook: Taking a measured approach with high yield bon...

Taking a measured approach with high yield bonds

Taking a measured approach with high yield...

Explore high yield bonds as an attractive alternative to expensive U.S. stocks.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

July 2025 / From the Field

How our sustainable bond framework can drive real impact

How our sustainable bond framework can drive...

Our model helps to evaluate impact bonds and the additionality of the projects they...

By Matthew Lawton & Ellen O'Doherty

July 2025 / From the Field

How the U.S. tax bill could impact the economy and bond markets

How the U.S. tax bill could impact the economy...

Fiscal concerns likely to persist amid a lack of near-term plans to address the deficit.

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

Previous Quarter (Q2 2025) Hide

June 2025 / From the Field

Diversified source of income and growth

Global High Yield

By Mike Della Vedova & Joran Laird

June 2025 / From the Field

Restoring America's nuclear energy capacity—Digging in to potential imp...

Restoring America’s nuclear energy capacity—Digging in to potential impacts...

Restoring America’s nuclear energy capacity—Diggin...

Recent executive orders from the White House call for the quadrupling of U.S. nuclear...

By Rick de los Reyes & Vineet Khanna

June 2025 / In the Loop

Market Update: The Section 899 “revenge tax”

Discover how a newly proposed tax could impact U.S. companies and global markets.

June 2025 / From the Field

CryptoFOMO: Decoding the lexicon of digital currencies

CryptoFOMO: Decoding the lexicon of digital...

A neophyte’s journey to understanding cryptocurrencies (part II).

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

June 2025 / In the Loop

Ausbiz: Market outlook midst geopolitical uncertainties and elevated...

Ausbiz: Market outlook midst geopolitical uncertainties and elevated equity...

Ausbiz: Market outlook midst geopolitical...

Investors urged to stay cautious as high equity valuations persist despite geopolitical...

By Samuel Ruiz

Samuel Ruiz Portfolio Specialist

June 2025 / In the Loop

What happens next in the Israel-Iran conflict: Four potential scenarios

What happens next in the Israel-Iran conflict: Four potential scenarios...

What happens next in the Israel-Iran conflict:...

The conflict is a highly fluid situation with various potential geopolitical outcomes

By Razan Nasser & Peter Botoucharov

June 2025 / From the Field

Policy shifts shed new light on global equity opportunity set

Policy shifts shed new light on global equity...

Policy changes, geopolitical concerns, and potential paradigm shifts will demand...

By David J. Eiswert

David J. Eiswert Portfolio Manager

June 2025 / From the Field

China: Uncovering opportunities amid tariff truce and beyond

China: Uncovering opportunities amid tariff...

With lingering uncertainties from tariffs, we assess their potential impact on the...

By Wenli Zheng

Wenli Zheng Portfolio Manager

June 2025 / From the Field

An anatomy of tariffs: History, theory, and prognosis

An anatomy of tariffs: History, theory, and...

Lessons for navigating an era with higher trade barriers

By Justin Thomson & Tomasz Wieladek

June 2025 / From the Field

Policy risk in U.S. health care: Impacts less than feared despite the...

Policy risk in U.S. health care: Impacts less than feared despite the noise

Policy risk in U.S. health care: Impacts...

With any new administration comes policy risk. For the U.S. health care sector, this...

By Jill Jortner

Jill Jortner Investment Analyst

June 2025 / Monthly Market Playbook

Monthly Market Playbook: Caution: stocks could face speed bumps ahead

Caution: Stocks could face speed bumps ahead

U.S. equities have rallied due to decreased tariff fears. But we remain cautious.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

June 2025 / Ahead of the Curve

Ahead of the curve: U.S. dollar negatives to take precedence in longer...

U.S. dollar negatives to take precedence in longer run

U.S. dollar negatives to take precedence...

Explore the evolving dynamics impacting the U.S. dollar's future.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

May 2025 / From the Field

Safe havens in 2025? It's a complicated relationship

Safe havens in 2025? It's a complicated relationsh...

Explore risk-hedging opportunities in an increasingly complicated market environment.

By Ritu Vohora

Ritu Vohora Investment Specialist, Capital Markets

May 2025 / In the Spotlight

A five-dimensional framework for retirement income needs and solutions

A five-dimensional framework for retirement...

A new tool to help DC plan sponsors evaluate retirement income solutions for their...

By Jessica Sclafani & Berg Cui

May 2025 / From the Field

Partnering for impact and innovation: A closer look at impact outcome...

Partnering for impact and innovation: A closer look at impact outcome bonds

Partnering for impact and innovation: A closer...

Partnering with supranational organizations can play a key role in accessing innovative...

By Matthew Lawton & Ellen O'Doherty

May 2025 / From the Field

Perspectives on securitized credit

Securitized credit markets posted relatively resilient performance in the first quarter...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

May 2025 / In the Loop

U.S. Economy at a Crossroads: Inflation, Trade Realignment, and the Roa...

U.S. economy at a crossroads: Inflation, trade realignment, and the road...

U.S. economy at a crossroads: Inflation,...

Fiscal stimulus should be supportive, but inflation and trade uncertainties remain...

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

May 2025 / On the Horizon

The AI revolution: Reshaping industries and investment landscapes

The AI revolution: Reshaping industries and...

By Eric L. Veiel

Eric L. Veiel Head, Global Investments and CIO

May 2025 / From the Field

Dynamic markets may favor a hybrid of active and passive investing

Dynamic markets may favor a hybrid of active...

An active-enhanced index strategy has the potential to add value in a variety of...

By Tamzin Manning

Tamzin Manning Portfolio Specialist

May 2025 / From the Field

How to effectively manage interest rate risk in today’s world

How to effectively manage interest rate risk...

With volatility likely to persist, an active approach remains critical.

By Amanda Stitt

Amanda Stitt Portfolio Specialist

May 2025 / Monthly Market Playbook

Are U.S. Treasuries still a shelter from recession?

Are U.S. Treasuries still a shelter from...

Tariffs and Fed policy uncertainty have undermined the traditional role of U.S.Treasuries.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

May 2025 / Ahead of the Curve

Ahead of the curve: Tariffs add to a toxic combination for U.S. Treasur...

Tariffs add to a toxic combination for U.S. Treasuries

Tariffs add to a toxic combination for U.S....

Explore the impact of tariffs on inflation and U.S. Treasury yields.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

Ausbiz: What's the end game for Trump's tariffs?

By Thomas Poullaouec

Thomas Poullaouec Head, Global Investment Solutions

April 2025 / From the Field

The "Magnificent Seven," equity market concentration, and portfolio str...

The “Magnificent Seven,” equity market concentration, and portfolio strategy

The “Magnificent Seven,” equity market concentrati...

The outook for equity market concentration and how to address it in active portfolios.

By Peter Stournaras

Peter Stournaras Co-Head, Global Equity Portfolio Management

April 2025 / From the Field

New Integrated Equity Insights Q1 2025: Adapting to structural market...

Adapting to structural market changes

Structural market changes require an understanding of risks and adapting old strategies

By Tedd Alexander, David Corris & Brian Dausch

April 2025 / In the Loop

Tariffs create uneven outcomes, but they can also present opportunities

Tariffs create uneven outcomes, but they...

Tariffs create uneven outcomes, but policy changes present opportunities for active...

April 2025 / From the Field

Charting progress: As bond issuance climbs, what's next for the blue...

Charting progress: As bond issuance climbs, what’s next for the blue economy?

Charting progress: As bond issuance climbs,...

While blue bonds are still a relatively nascent type of sustainable debt, the market...

By Willem Visser

Willem Visser Sector Portfolio Manager

April 2025 / From the Field

Five rules for investing in volatile times

What past crises can teach us about investing during market stress

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

April 2025 / From the Field

A closer look at the diversification potential of private assets

A closer look at the diversification potential...

Private assets can enhance multi-asset portfolios. However, careful risk analysis...

By Robert Panariello & Som Priestley

April 2025 / From the Field

The losers and (relative) winners of Trump’s shapeshifting tariff war

The losers and (relative) winners of Trump’s...

The proposed levies will hit hard if imposed after the 90-day pause

April 2025 / In the Loop

What’s behind the U.S. Treasury market’s roller coaster ride?

What’s behind the U.S. Treasury market’s...

Abrupt moves in the wake of the tariff announcement garner significant attention.

By Adam Marden & Pranay Subedi

April 2025 / From the Field

Will we escape the non-U.S. stocks value trap?

Will we escape the non‑U.S. stocks value trap?

Will we escape the non‑U.S. stocks value...

European stimulus could be a game changer for undervalued non-U.S. stocks.

By Sébastien Page

Sébastien Page Head, Global Multi-Asset and CIO

Ausbiz - Trump and tariffs: Global markets may never be the same again

Ausbiz - Trump and tariffs: Global markets...

By Samuel Ruiz

Samuel Ruiz Portfolio Specialist

Event Summary: Navigating Through Global Market Turbulence

Event Summary: Navigating Through Global...

By Multiple Authors

April 2025 / From the Field

What tariffs could mean for your wealth

The “Liberation Day” announcements have unleashed a maelstrom.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

April 2025 / In the Loop

Trump’s tariffs: More detail, less certainty

Economic pain eventually could lead to tariff relief, but a return to normal seems...

By Gilad Fortgang

Gilad Fortgang Associate Analyst

April 2025 / Monthly Market Playbook

Tariffs: What investors need to know

Explore the potential effects of expanded tariffs on U.S. and global markets.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

April 2025 / From the Field

The power of a global multi-sector bond solution in today's markets

The power of a global multi-sector bond solution in today’s markets

The power of a global multi-sector bond solution...

The ability to invest in multiple sectors offers potential income and diversification...

By Kenneth A. Orchard & Vincent Chung

Q1 2025 Show

Global Multi‑Sector Bond Strategy

Strategy Focus

By Kenneth A. Orchard

Kenneth A. Orchard Head, International Fixed Income

March 2025 / From the Field

Will President Trump's reshoring policies fuel an industrial accelerati...

Will President Trump’s reshoring policies fuel an industrial acceleration?

Will President Trump’s reshoring policies...

New policy measures could provide the catalyst to address long-term trends.

By Peter J. Bates

Peter J. Bates Portfolio Manager

March 2025 / Ahead of the Curve

Ahead of the Curve: A contrarian scenario comes true on remarkable Germ...

A contrarian scenario comes true on remarkable German fiscal push

A contrarian scenario comes true on remarkable...

Germany’s fiscal expansion reshapes global bond markets.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

Meet the Manager: Iona Dent, Associate Portfolio Manager, Global Growth...

Meet the Manager: Iona Dent, Associate Portfolio...

By Iona Dent

Iona Dent Associate Portfolio Manager

March 2025 / From the Field

CryptoFOMO: Are digital assets becoming a risk‑off trade?

CryptoFOMO: Are digital assets becoming a...

A neophyte’s guide to cryptocurrencies.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

March 2025 / From the Field

Uncertainty heightens the need for active fixed income management

Uncertainty heightens the need for active...

Explore how active bond management can thrive in the new investing paradigm of higher...

By Christopher Dillon & Brian Weaver

March 2025 / From the Field

In a world of flux, fundamentals (and active stock-picking) matter

In a world of flux, fundamentals (and active stock picking) matter

In a world of flux, fundamentals (and active...

Durable, compound growth companies look best placed to navigate the near-term landscape.

By Justin P. White

Justin P. White Portfolio Manager

March 2025 / From the Field

How will a rising 10-year Treasury yield impact other assets?

How will a rising 10‑year Treasury yield impact other assets?

How will a rising 10‑year Treasury yield...

Floating rate loans appear well-positioned to benefit from rate rises

By Sébastien Page

Sébastien Page Head, Global Multi-Asset and CIO

March 2025 / From the Field

AI²: How radical innovations are revolutionizing tech and health care

AI²: How radical innovations are revolutionizing...

Twin developments are transforming the investment landscape.

By Nabil Hanano & Dominic Rizzo

March 2025 / From the Field

Why fixed income is attractive for investors moving out of cash

Why fixed income is attractive for investors...

Elevated bond yields offer an appealing opportunity to lock in income.

By Kenneth A. Orchard & Vincent Chung

March 2025 / From the Field

Where can investors find defensive assets in today’s evolving markets?

Where can investors find defensive assets...

Explore top defensive assets for today's changing market landscape.

By Arif Husain, Sébastien Page & Adam Marden

March 2025 / In the Spotlight

How wildfires highlight the links between marine and terrestrial ecosys...

How wildfires highlight the links between marine and terrestrial ecosystems

How wildfires highlight the links between...

Wildfires’ impacts stretch beyond land to the oceans—posing a threat to the blue...

By Willem Visser & Duncan Scott

March 2025 / Monthly Market Playbook

Have we reached peak U.S. exceptionalism?

Future earnings growth may not support a valuation premium for U.S. over non-U.S....

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

March 2025 / From the Field

"Uneasy equilibrium" creates an opportunity in global fixed income

"Uneasy equilibrium” creates an opportunity in global fixed income

"Uneasy equilibrium” creates an opportunity...

With the U.S. economy in an uneasy equilibrium, global fixed income offers appealing...

By Kenneth A. Orchard & Vincent Chung

March 2025 / From the Field

Perspectives on securitized credit

2024 Q4: Securitized credit market performance remained solid in the fourth quarter...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

March 2025 / From the Field

Growth or value? Why choose when you can have core?

Growth or value? Why choose when you can...

Making stock selection the main driver of excess returns.

By Peter J. Bates

Peter J. Bates Portfolio Manager

April 2025 / From the Field

U.S. policy under Trump: What investors need to know