4 Sep 2025 TwentyFour Blog Are markets pricing in the threat to Fed independence? The next few days could be pivotal to any concerns around the independence of the US Federal Reserve (Fed). Read more
24 Jun 2025 Flash Fixed Income Flash Fixed Income: Rates calm before the storm? Softer US economic data means the pressures on UST yields now look more balanced, but headlines around President Trump’s pick for the next Fed chair are just one reason investors should expect rates volatility to continue. Read more
17 Jun 2025 TwentyFour Blog Oil, Iran and why markets are staying calm Despite Israel and Iran exchanging fire for a fifth day, markets seem to be completely disregarding the possibility of this conflict mutating into something serious for the global economy. Read more
11 Jun 2025 Market Update Tariff turnaround resets the outlook for fixed income While tariffs have done meaningful damage to the economic outlook and raised volatility in rates markets, the softening of the US stance has restored confidence in credit returns for 2025. Read more
27 May 2025 TwentyFour Blog JGBs: are rising yields a risk to insurers? Over the last couple weeks, we have seen an ongoing increase in government bond yields across the major global economies, with a particular focus on Japan as yields on longer dated Japanese government bonds (JGBs) have moved sharply higher. Read more
20 May 2025 TwentyFour Blog Reaction to eventful Monday bodes well for markets Monday was a somewhat eventful day for markets with several headlines in the US and Europe. Risk assets did not necessarily reflect the eventfulness of the day, finishing virtually unchanged, while rates had a volatile day that ultimately produced a sizeable rally. Read more
3 Apr 2025 TwentyFour Blog Reciprocal tariffs, but not as we know them “Liberation Day” has landed, and not with a whimper. In extraordinary scenes in the Rose Garden of the White House, President Trump held up a board outlining the level of tariffs the US will impose on countries around the world, and in most cases they were worse than worst-case expectations. Read more
1 Apr 2025 TwentyFour Blog Will Bunds bounce back against US Treasuries? If we look at the main drivers of returns in Q1 2025, the first one that comes to mind is tariffs. But while this is true for equities and credit spreads, in the context of global fixed income the main driver of total returns in Q1 was the Bund sell-off triggered by a momentous shift in German fiscal policy. Read more
27 Mar 2025 TwentyFour Blog Gilts in precarious spot with UK at economic crossroads With the recent economic spotlight dominated by President Trump’s rhetoric and Germany’s blockbuster fiscal expansion plans, Wednesday brought the UK back into focus with the latest round of inflation data and the Spring Statement from the Chancellor, Rachel Reeves. Read more
14 Mar 2025 TwentyFour Blog US growth fears highlight strength of European yields Volatility in Bunds seems to have calmed down slightly in the last few days as markets continue to digest huge fiscal expansion plans from Germany and the European Union. At the same time, many forecasters have been downgrading their US growth projections after reassessing the level of pain President Trump seems willing to inflict on the US economy in order to implement his policy agenda. Read more
3 Mar 2025 TwentyFour Blog Market moves and headlines - not enough to change macro outlook Last week, risky assets continued to experience a somewhat volatile period. The tone was generally a risk off one, with correlations between risk free and risky assets back to negative. Read more
14 Feb 2025 TwentyFour Blog Could bank deregulation explain resilience in US Treasuries? In a week when US core consumer price inflation unexpectedly rose to 0.4% month-on-month and Federal Reserve (Fed) chair Jerome Powell told Congress the central bank was in “no hurry” to cut interest rates, many market participants have been surprised by the relatively muted reaction in US Treasuries (USTs). Read more