7 Oct 2025 TwentyFour Blog French politics: déjà vu France is in the news again. Prime Minister Lecornu became the latest casualty of the French politics saga that began just over a year ago when president Macron called a surprise early election. Read more
22 Sep 2025 Flash Fixed Income Flash Fixed Income: Rate cuts won’t help long-dated bonds With the Fed’s stance suggesting it is prioritising growth over sticky inflation risks, volatility in longer dated bonds is likely to persist and the case for increasing duration in fixed income is not compelling. 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
14 May 2025 Flash Fixed Income Flash Fixed Income: Are markets complacent on tariff risks? The question for investors now is how much of the macro risk remains, and how well that risk is being reflected in asset valuations. Read more
14 Apr 2025 TwentyFour Blog Three conclusions from a chaotic week for markets Last week was one of the most volatile on record. President Trump's announcement of a 90-day pause in reciprocal tariffs for every country bar China sparked one of the largest rallies in equity indices in recent history. 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
31 Jan 2025 TwentyFour Blog Fed and ECB meetings point to divergence in paths Federal Reserve (Fed) chair Jerome Powell had the honour of kicking off the 2025 season for the major central banks this week, swiftly followed by the chore of having to plead the fifth every time he was asked about a President Trump policy. Read more
24 Jan 2025 TwentyFour Blog Tariffs are the noise. Housing is the signal. Much of the discussion around inflation over the past few months has centred on the potential for US tariffs, a focus that has only intensified following Donald Trump’s inauguration. Read more
21 Jan 2025 Event Replay Q1 Investor Update - January 2025 Trade wars and geopolitical risk head a list of potential catalysts for spread widening in 2025. However, with a macro backdrop of falling rates and solid global growth, we think credit will continue to outperform government bonds and support healthy total return expectations for fixed income investors. Watch now
16 Jan 2025 TwentyFour Blog Q1 2024 déjà vu as inflation data soothes rates sell-off Global rates markets rallied sharply on Wednesday after fixed income investors received some long-awaited good news in the shape of Consumer Price Index (CPI) data for December, which came in below consensus in both the US and the UK. Read more
15 Jan 2025 TwentyFour Blog Servicers key as UK rates put pressure on pre-crisis RMBS Last week Fitch Ratings published a report concerning asset performance deterioration in UK residential mortgage-backed securities (RMBS) originated prior to the global financial crisis (GFC). Read more
9 Jan 2025 TwentyFour Blog Gilt yields gap higher We saw a sell-off across the UK Gilt curve on Wednesday with yields rising by 4bp at the short end and 11bp at the long end. This took the 10-year Gilt to 4.80% and the 30-year Gilt to 5.35%, with the latter bringing the unwelcome headline that UK borrowing costs are at their highest since the last century. Read more