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Fixed Income Insights

Markets remain at a crossroads.
Discover how to navigate a flexible path forward.

T. Rowe Price EM-Phasis:

Our Latest Views on Emerging Markets

Monthly Fixed Income Credit Sector Views

November 2022 / FIXED INCOME

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Third Quarter 2022

By Christopher P. Brown & Ramon de Castro

By Christopher P. Brown & Ramon de Castro

October 2022 / U.S. FIXED INCOME

Finding Opportunities in Evolving Fixed Income Markets

Finding Opportunities in Evolving Fixed Income Markets

Finding Opportunities in Evolving Fixed Income...

Flexible multi-sector approach is essential as markets shift.

By Christopher P. Brown & Anna Dreyer

By Christopher P. Brown & Anna Dreyer

October 2022 / VIDEO

Global Impact Credit Annual Report Highlights

Global Impact Credit Annual Report Highlights

Global Impact Credit Annual Report Highlights

By Matthew Lawton

Matthew Lawton Portfolio Manager

August 2022 / U.S. FIXED INCOME

Turmoil Creates Opportunity for Short Duration Bonds

Turmoil Creates Opportunity for Short Duration Bonds

Turmoil Creates Opportunity for Short Duration...

Fed hikes have pushed up yields on lower-risk bond allocations.

By Multiple Authors

By Multiple Authors

August 2022 / GLOBAL FIXED INCOME

The Bond Bear Market Appears Over—For Now

The Bond Bear Market Appears Over—For Now

The Bond Bear Market Appears Over—For Now

An early recession should reduce the chance of aggressive rate hikes.

By Kenneth A. Orchard

Kenneth A. Orchard Portfolio Manager

July 2022 / EMERGING MARKETS

Emerging Markets Face a Highly Varied Growth Outlook

Emerging Markets Face a Highly Varied Growth Outlook

Emerging Markets Face a Highly Varied Growth...

Inflation and monetary policies are not affecting regions equally.

By Christopher J. Kushlis

Christopher J. Kushlis Asia Sovereign Analyst, London

July 2022 / FIXED INCOME

Value Has Returned to High Yield

Value Has Returned to High Yield

Value Has Returned to High Yield

Fundamentals are strong, and spreads are attractive.

By Michael Della Vedova & Stephen Marsh

By Michael Della Vedova & Stephen Marsh

July 2022 / EMERGING MARKETS

Reports of the Death of EM Debt Are Exaggerated

Reports of the Death of EM Debt Are Exaggerated

Reports of the Death of EM Debt Are Exaggerated

Spreads are attractive compared with other asset classes.

By Samy Muaddi & Benjamin Robins

By Samy Muaddi & Benjamin Robins

June 2022 / GLOBAL FIXED INCOME

Plans to Replace LIBOR Are Nearing Completion

Plans to Replace LIBOR Are Nearing Completion

Plans to Replace LIBOR Are Nearing Completion

Update from T. Rowe Price on the USD LIBOR transition.

By Predrag Rogic & Douglas Spratley

By Predrag Rogic & Douglas Spratley

June 2022 / FIXED INCOME

Why We Have Become More Favorable on Duration

Why We Have Become More Favorable on Duration

Why We Have Become More Favorable on Duration

Key indicators suggest that yields have peaked.

By Andrew McCormick & Stephen L. Bartolini

By Andrew McCormick & Stephen L. Bartolini

June 2022 / FIXED INCOME

Analyzing the Case for Asia Credit Bonds

Analyzing the Case for Asia Credit Bonds

Analyzing the Case for Asia Credit Bonds

An attractive combination of risk and return.

By Sheldon Chan

Sheldon Chan Portfolio Manager

June 2022 / FIXED INCOME

Evaluating ESG Bonds—What's Behind the Label

Evaluating ESG Bonds—What's Behind the Label

Evaluating ESG Bonds—What's Behind the Label

Greenwashing risks underpin importance of assessing an ESG bond’s credentials.

By Matthew Lawton

Matthew Lawton Portfolio Manager

May 2022 / GLOBAL FIXED INCOME

Global Impact Credit Strategy: Impact Statement

Global Impact Credit Strategy: Impact Statement

Global Impact Credit Strategy: Impact Statement

April 2022 / SEARCH FOR YIELD

Balancing Yield With Portfolio Stability

Balancing Yield With Portfolio Stability

Balancing Yield With Portfolio Stability

Understanding an asset’s growth and defensive qualities is key.

By Michael Walsh

Michael Walsh Multi‑Asset Solutions Strategist

April 2022 / VIDEO

Video Series: Evaluating Impact Opportunities in Public Fixed Income...

Video Series: Evaluating Impact Opportunities in Public Fixed Income Markets

Video Series: Evaluating Impact Opportunities...

By Matthew Lawton

Matthew Lawton Portfolio Manager

March 2022 / FIXED INCOME

Meet Matthew Lawton

Meet Matthew Lawton

Meet Matthew Lawton

Portfolio Manager, Global Impact Credit Strategy

By Matthew Lawton

Matthew Lawton Portfolio Manager, Global Impact Credit Strategy

March 2022 / FIXED INCOME

The Case for a Tactical and Strategic Allocation to Bank Loans

The Case for a Tactical and Strategic Allocation to Bank Loans

The Case for a Tactical and Strategic Allocation...

Insights Webinar Summary

By Andrew McCormick & Paul Massaro

By Andrew McCormick & Paul Massaro

March 2022 / MARKET EVENTS

Investing Globally May Boost Yields as Rates Rise

Investing Globally May Boost Yields as Rates Rise

Investing Globally May Boost Yields as Rates...

Home bias could mean key opportunities are missed.

By Michael Walsh

Michael Walsh Solutions Strategist

February 2022 / VIDEO

Video Series – Fixed Income 2022: Nowhere to Hide?

Video Series – Fixed Income 2022: Nowhere to Hide?

Video Series – Fixed Income 2022: Nowhere...

Arif Husain Head of International Fixed Income and CIO

February 2022 / FIXED INCOME

Five Reasons Why I’m Reducing Credit Risk

Five Reasons Why I’m Reducing Credit Risk

Five Reasons Why I’m Reducing Credit Risk

Tight spreads and hawkish central banks are a concern.

By Kenneth A. Orchard

Kenneth A. Orchard Portfolio Manager

February 2022 / GLOBAL FIXED INCOME

Fixed Income 2022: Nowhere to Hide?

Fixed Income 2022: Nowhere to Hide?

Fixed Income 2022: Nowhere to Hide?

A fresh approach to fixed income investing in a year that could be potentially dominated...

Arif Husain Head of International Fixed Income and CIO

January 2022 / U.S. FIXED INCOME

Digging Deep in Securitized Credit as Supply Booms

Digging Deep in Securitized Credit as Supply Booms

Digging Deep in Securitized Credit as Supply...

Our analysts are finding value in data centers, aircraft ABS.

By Ramon de Castro & David Xu

By Ramon de Castro & David Xu

January 2022 / U.S. FIXED INCOME

Rethinking Fixed Income Allocations

Rethinking Fixed Income Allocations

Rethinking Fixed Income Allocations

Sourcing strategies with varying risk and return drivers is key.

By Saurabh Sud, Lowell Yura & Gregor T. Dannacher

By Saurabh Sud, Lowell Yura & Gregor T. Dannacher

January 2022 / BLOG

EM Currencies Can Boost Bond Portfolios Amid Rising Inflation

EM Currencies Can Boost Bond Portfolios Amid Rising Inflation

EM Currencies Can Boost Bond Portfolios Amid...

Currencies of commodity-exporting countries are particularly attractive.

By Kenneth A. Orchard & Onur Uncu

By Kenneth A. Orchard & Onur Uncu

January 2022 / GLOBAL FIXED INCOME

Unlocking Impact Outside of ESG-Labeled Debt

Unlocking Impact Outside of ESG-Labeled Debt

Unlocking Impact Outside of ESG-Labeled Debt

Driving real change means investors should look beyond the label.

By Matthew Lawton

Matthew Lawton Portfolio Manager

December 2021 / VIDEO

Inflation: I'm Fed Up and other Macro Themes

Inflation: I'm Fed Up and other Macro Themes

Inflation: I'm Fed Up and other Macro Themes

By Steve Boothe

Steve Boothe Head of Investment Grade

December 2021 / VIDEO

Portfolio Construction: How to Find Yield and Avoid Undue Risks

Portfolio Construction: How to Find Yield and Avoid Undue Risks

Portfolio Construction: How to Find Yield...

Samy Muaddi Portfolio Manager

November 2021 / VIDEO

Building Fixed Income Portfolios for the Recovery – And Beyond: Video...

Building Fixed Income Portfolios for the Recovery – And Beyond: Video Series

Building Fixed Income Portfolios for the...

By Mark J. Vaselkiv, Christopher P. Brown & Anna Dreyer

By Mark J. Vaselkiv, Christopher P. Brown & Anna Dreyer

November 2021 / U.S. FIXED INCOME

Higher Long-Run Inflation Outlook Makes TIPS Exposure Key

Higher Long-Run Inflation Outlook Makes TIPS Exposure Key

Higher Long-Run Inflation Outlook Makes TIPS...

Price rises to slow, but inflation likely to stay relatively high.

By Mike Sewell & Elliot Shue

By Mike Sewell & Elliot Shue

November 2021 / POLICY INSIGHTS

Central Banks Diverge in Response to Inflation

Central Banks Diverge in Response to Inflation

Central Banks Diverge in Response to Inflation

How differences are creating opportunities in fixed income.

By Multiple Authors

By Multiple Authors

For More Powerful Insights

November 2022 / IMPACT INVESTING

Impact Investing in Credit: Debunking Four Common Misconceptions

Impact Investing in Credit: Debunking Four Common Misconceptions

Impact Investing in Credit: Debunking Four...

By Matthew Lawton & Benjamin Baxter

By Matthew Lawton & Benjamin Baxter

November 2022 / FIXED INCOME

Global High Yield—Managing Through Volatile Markets

Global High Yield—Managing Through Volatile Markets

Global High Yield—Managing Through Volatile...

Fundamental research is imperative as macro headwinds rise.

By Michael Della Vedova & Stephen Marsh

By Michael Della Vedova & Stephen Marsh

October 2022 / VIDEO

Video Series: Bonds, Down but Not Out

Video Series: Bonds, Down but Not Out

Video Series: Bonds, Down but Not Out

By Christopher P. Brown & Anna Dreyer

By Christopher P. Brown & Anna Dreyer

October 2022 / U.S. FIXED INCOME

Case for a Strategic Allocation to High Yield Bonds

Case for a Strategic Allocation to High Yield Bonds

Case for a Strategic Allocation to High Yield...

Hybrid characteristics provide attractive risk/reward profile.

By Kevin Loome & Ashley Wiersma

By Kevin Loome & Ashley Wiersma

October 2022 / U.S. FIXED INCOME

Inflationary Forces Set to Overpower Disinflationary Trends

Inflationary Forces Set to Overpower Disinflationary Trends

Inflationary Forces Set to Overpower Disinflationa...

The post-GFC environment of low rates appears to be over.

By Christopher Faulkner-MacDonagh, Alex Obaza & Blerina Uruçi

By Christopher Faulkner-MacDonagh, Alex Obaza & Blerina Uruçi

August 2022 / FIXED INCOME

High Yield Bonds Appear Well Positioned for a Recession

High Yield Bonds Appear Well Positioned for a Recession

High Yield Bonds Appear Well Positioned for...

The sector is in better health than prior to previous downturns.

By Michael Della Vedova & Stephen Marsh

By Michael Della Vedova & Stephen Marsh

August 2022 / VIDEO

Dynamic Global Bond: The Anchor for Investors' Portfolios

Dynamic Global Bond: The Anchor for Investors' Portfolios

Dynamic Global Bond: The Anchor for Investors'...

By Amanda Stitt

Amanda Stitt Portfolio Specialist

August 2022 / GLOBAL FIXED INCOME

Why Active Duration Management Matters

Why Active Duration Management Matters

Why Active Duration Management Matters

As market dynamics twist and turn, a flexible approach delivers results.

Arif Husain Head of International Fixed Income and CIO

July 2022 / GLOBAL ECONOMY

Economic Headwinds Are Proving Stronger Than Expected

Economic Headwinds Are Proving Stronger Than Expected

Economic Headwinds Are Proving Stronger Than...

The challenges facing the global economy will not abate soon.

By Nikolaj Schmidt

Nikolaj Schmidt Chief Global Economist

July 2022 / U.S. FIXED INCOME

Attractive Income Bolsters High Yield Bonds

Attractive Income Bolsters High Yield Bonds

Attractive Income Bolsters High Yield Bonds

Recent downturn may also offer price appreciation opportunities.

By Kevin Loome & Ashley Wiersma

By Kevin Loome & Ashley Wiersma

July 2022 / U.S. FIXED INCOME

Looking Beyond Short-Term Inflation Pressure in TIPS

Looking Beyond Short-Term Inflation Pressure in TIPS

Looking Beyond Short-Term Inflation Pressure...

Rapid Fed tightening makes interest rate risk management key.

By Mike Sewell & Blerina Uruçi

By Mike Sewell & Blerina Uruçi

June 2022 / U.S. FIXED INCOME

Interest Rate Volatility Creates Value in RMBS

Interest Rate Volatility Creates Value in RMBS

Interest Rate Volatility Creates Value in...

Strong housing supports mortgage-backed bonds with credit risk.

By Ramon de Castro & Dennis Lee

By Ramon de Castro & Dennis Lee

June 2022 / VIDEO

What lies ahead for emerging markets?

What lies ahead for emerging markets?

What lies ahead for emerging markets?

By Christopher J. Kushlis

Christopher J. Kushlis Chief of China and Emerging Markets Macro Strategy

June 2022 / VIDEO

Consumers are Financially Strong, But Inflation Looms

Consumers are Financially Strong, But Inflation Looms

Consumers are Financially Strong, But Inflation...

By Pranay Subedi

Pranay Subedi Credit Analyst

June 2022 / GLOBAL FIXED INCOME

Fixed Income—New Dynamics Demand Fresh Thinking

Fixed Income—New Dynamics Demand Fresh Thinking

Fixed Income—New Dynamics Demand Fresh Thinking

How changing markets require investors to think and act differently.

Arif Husain Head of International Fixed Income and CIO

April 2022 / U.S. FIXED INCOME

Agency Mortgage Market in Transition

Agency Mortgage Market in Transition

Agency Mortgage Market in Transition

MBS valuations are renormalizing as the Fed steps aside.

Keir Joyce Portfolio Manager

April 2022 / FIXED INCOME

Why It’s Not Yet Time to Add Credit Risk

Why It’s Not Yet Time to Add Credit Risk

Why It’s Not Yet Time to Add Credit Risk

Despite cheaper valuations, a rally does not seem imminent.

By Kenneth A. Orchard

Kenneth A. Orchard Portfolio Manager

April 2022 / FIXED INCOME

High Yield Bonds Could Prove Resilient as Inflation Surges

High Yield Bonds Could Prove Resilient as Inflation Surges

High Yield Bonds Could Prove Resilient as...

Shorter durations, higher yields could provide a buffer as rates rise.

By Kevin Loome & Ashley Wiersma

By Kevin Loome & Ashley Wiersma

March 2022 / INVESTMENT INSIGHTS

A Determined Federal Reserve Prepares for Tightening Cycle

A Determined Federal Reserve Prepares for Tightening Cycle

A Determined Federal Reserve Prepares for...

We anticipate continued Treasury yield curve flattening.

By Stephen L. Bartolini & Steve Boothe

By Stephen L. Bartolini & Steve Boothe

March 2022 / BLOG

Long Dated Credit Can Boost Returns in a Tightening Environment

Long Dated Credit Can Boost Returns in a Tightening Environment

Long Dated Credit Can Boost Returns in a...

Shorter‑dated bonds are typically hit harder by rising inflation and low growth.

By Kenneth A. Orchard & Onur Uncu

By Kenneth A. Orchard & Onur Uncu

February 2022 / GLOBAL FIXED INCOME

Shoulda, Woulda, Coulda

Shoulda, Woulda, Coulda

Shoulda, Woulda, Coulda

Adventures in global high yield.

By Mark J. Vaselkiv

Mark J. Vaselkiv Chief Investment Officer, Fixed Income

February 2022 / GLOBAL FIXED INCOME

Strategic Allocation to Bank Loans May Enhance Value

Strategic Allocation to Bank Loans May Enhance Value

Strategic Allocation to Bank Loans May Enhance...

The asset class offers a low duration profile, attractive yields.

By Paul Massaro & Stephen M. Finamore

By Paul Massaro & Stephen M. Finamore

February 2022 / GLOBAL FIXED INCOME

Helping Global Bond Investors When Duration Fails

Helping Global Bond Investors When Duration Fails

Helping Global Bond Investors When Duration...

Strategies to reduce potential duration-led losses.

Joran Laird Portfolio Specialist

January 2022 / VIDEO

Strong Fundamentals, Demand Drive Investment-Grade Corporates

Strong Fundamentals, Demand Drive Investment-Grade Corporates

Strong Fundamentals, Demand Drive Investment-Grade...

By Lauren T. Wagandt

Lauren T. Wagandt Portfolio Manager

January 2022 / GLOBAL FIXED INCOME

Why Fixed Income Investors Should Think Differently in 2022

Why Fixed Income Investors Should Think Differently in 2022

Why Fixed Income Investors Should Think Differentl...

Higher rates and more volatility demand a flexible approach.

Arif Husain Head of International Fixed Income and CIO

January 2022 / U.S. FIXED INCOME

Finding Opportunities Amid Fixed Income Turbulence

Finding Opportunities Amid Fixed Income Turbulence

Finding Opportunities Amid Fixed Income Turbulence

Flexible multi-sector approach is essential as markets shift.

By Christopher P. Brown & Anna Dreyer

By Christopher P. Brown & Anna Dreyer

December 2021 / ECONOMICS

The Great Inflation Debate

The Great Inflation Debate

The Great Inflation Debate

Have we entered a new era?

By Justin Thomson

Justin Thomson Head of International Equity and CIO

December 2021 / GLOBAL FIXED INCOME

Why Impact Investing Needs Public Debt Markets

Why Impact Investing Needs Public Debt Markets

Why Impact Investing Needs Public Debt Markets

Their size and diversified nature can foster long‑term change.

By Matthew Lawton

Matthew Lawton Portfolio Manager

November 2021 / BLOG

Rising Yields Present a Familiar Challenge in a New Era

Rising Yields Present a Familiar Challenge in a New Era

Rising Yields Present a Familiar Challenge...

Inflation concerns are highest in decades.

By Kenneth A. Orchard & Onur Uncu

By Kenneth A. Orchard & Onur Uncu

November 2021 / VIDEO

Redefining Fixed Income Enhancing High Yield Allocations: Video Series

Redefining Fixed Income Enhancing High Yield Allocations: Video Series

Redefining Fixed Income Enhancing High Yield...

Kevin Loome Portfolio Manager

November 2021 / POLICY INSIGHTS

The Bond Market Has Woken Up From a Deep Slumber

The Bond Market Has Woken Up From a Deep Slumber

The Bond Market Has Woken Up From a Deep...

Heightened volatility reflects a changed reality.

By Multiple Authors

By Multiple Authors

November 2021 / FIXED INCOME

Fed Talk: Views and Implications for Fixed Income Portfolios

Fed Talk: Views and Implications for Fixed Income Portfolios

Fed Talk: Views and Implications for Fixed...

Insights Webinar Summary

By Steve Boothe, Christopher P. Brown & Stephen L. Bartolini

By Steve Boothe, Christopher P. Brown & Stephen L. Bartolini

Morningstar Awards 2020©. Morningstar, Inc. All Rights Reserved. Awarded to T. Rowe Price for 2020 U.S. Morningstar Exemplary Stewardship and to Jerome Clark for 2020 U.S. Morningstar Outstanding Portfolio Manager, U.S.A.