Multi-Sector Bond Quarterly Update – July 2025

Key takeaways

• The quarter began with a tariff related shock, as President Trump's Liberation Day announcement drove heightened volatility across global financial markets.
• Despite macro headwinds, stable economic data and solid corporate fundamentals, in addition to supportive technical tailwinds, continued to drive risk markets higher.
• Looking ahead, we expect trade-related headlines to continue, while markets closely watch incoming data to assess the impact of tariffs on the US economy.