Multi-Sector Bond Quarterly Update – April 2025
TwentyFour Asset Management’s Eoin Walsh breaks down a turbulent first quarter for investors, driven by newly imposed Trump tariffs and shifting economic forecasts.
Key takeaways
Multi-sector bond market performance
- Newly imposed Trump tariffs quickly impacted markets and early optimism around strong US growth faded as recession fears and stagflation concerns grew.
- In Europe, recession worries persisted with below-potential growth expectations and a sharp sell-off in rates markets.
- Eurozone defence spending surged in response to tense Trump–Putin negotiations, as Germany moved to lift its debt brake.
Market outlook
- Markets remain on edge heading into Q2 following the April 2 2025 tariff announcement.
- Consumer sentiment will be key to US growth trajectory amidst an increasingly divided political landscape.
- Despite macro headwinds credit continues to offer compelling relative value.
About the author
About the author