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Stanza | fragility, resilience and innovation

Read Stanza: we explore market instability, unpack opportunities to innovate in retirement income and offer perspectives on foundational changes reshaping markets such as longevity, tokenisation and AI.
Read the latest edition
Assessing European energy dependence

The global economic order is changing. Old assumptions no longer hold, and new risks and opportunities are emerging.
Read our analysis
Opportunities and misperceptions in fixed income

Peter Bentley, Global Head of Fixed Income, discusses current opportunities and misperceptions in fixed income.
Discover fixed income opportunities
Changing economic orders

Deglobalisation, fiscal dominance and demographic change point to a world of greater volatility, higher inflation risk, and wider cross‑country divergence.
Assess long-term market shifts

Global Perspectives

Fixed income

Higher Treasury yields may present opportunities

Long-dated US Treasury yields have hit the headlines, as the Treasury intervened in the market.

02 Sep 2026 5-7 min read

Fixed income

EU securitisation reforms: scale, recalibration and market access

EU securitisation reforms have the potential to create a larger, more liquid and more accessible market, provided the final rules remain practical for investors.

16 Sep 2026 5-7 min read

Fixed income

Can high yield compete with private credit?

For investors’ next marginal fixed income allocation, we believe high yield bonds could be worth considering against private credit in the current environment.

16 Sep 2026 5-7 min read

Fixed income

Scraping the barrel: oil products – who runs out of what, and when?

With oil inventories declining rapidly, we investigate where product shortages may start to appear.

19 Jun 2026 5-7 min read

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Market viewpoints

September 2026

The market may need to rethink what ‘risk-free’ really means

Markets continue to anchor valuations around the assumption that government bonds represent the risk-free benchmark. However, in a world of rising sovereign debt burdens, we believe that assumption deserves closer scrutiny. History has shown that highly rated corporates, supranationals and agency issuers can occasionally trade through government bonds, and we are already seeing examples of that today. As fiscal risks become more prominent, investors may need to reassess whether yesterday’s valuation frameworks remain fit for tomorrow’s markets.

April LaRusse Head of Investment Specialists
Currency markets are rewarding fundamentals again

In the past, monetary policy dominated currency markets. Today, we are seeing a broader set of return drivers. We are observing that countries with stronger growth, healthier fiscal positions and more supportive terms of trade are typically performing well, which can potentially create attractive opportunities. In our view, foreign exchange remains one of the few markets where valuation, macroeconomic fundamentals and policy divergence can all combine to generate differentiated sources of return.

Francesca Fornasari Head of Currency
Credit valuations are rich, but the cost of being underinvested remains high

Credit spreads may be tight, but higher underlying yields continue to provide a powerful cushion against market volatility. Over the past 18 months, investors who positioned defensively have repeatedly been challenged by resilient growth, healthy corporate fundamentals and the strength of carry. In our view, the income available today remains attractive enough to justify staying invested despite richer valuations.

Brendan Murphy Head of Fixed Income, North America