FICC Focus

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  Credit Crunch: Manulife’s Purdie on AI, ESG and Relative Value 14.09.2026 1sa 1dk

  “We want to encourage risk-taking, but we want to encourage the right type of risk-taking, which is informed risk-taking,” says Colin Purdie, global CIO of public markets for Manulife Investment Management. In this episode of Credit Crunch, Purdie joins Bloomberg Intelligence’s Noel Hebert to discuss portfolio construction and decentralized decision-making within a global platform. The two explore the material growth in equity and credit issuance to fund data centers, where the benefits of AI may accrue, why physical climate risk could be mispriced and where to find relative value. Purdie also explains why the 2022 gilt crisis was an important lesson, offers thoughts on whether de-dollarization is done or delayed, and speaks to the source of demand for corporate new issuance and the potential effect of a less-transparent Federal Reserve. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.
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  FX Moment: The Fed Meeting & What It Means for Bonds, the Dollar 11.09.2026 15dk

  In this episode of the FX Moment podcast, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman talks to BI’s Chief Interest Rate Strategist Ira Jersey for a flavor on what to expect from the Fed at the Sept. 16 FOMC Meeting. The hotter-than-expected August CPI data is boosting the case for September policy action, though that isn’t a done deal and there’s still uncertainty as to what to expect on policy messaging and on whether any September action would mark the beginning of a tightening cycle or whether it’s more about removing some of 2025’s policy easing. The implications for the bond market and the dollar are different depending on the scenario that unfolds. Ira and Audrey also discuss the implications that a no-change policy outcome would have on the bond market and the dollar, via the cyclical and structural channels. Listen to this episode on Apple Podcasts and Spotify.
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  Macro Matters: Insight Investment’s Murphy on Fixed Income 10.09.2026 20dk

  The angst, consternation and hand-wringing over debt levels may be a contrarian indicator that rate markets are oversold, says Brendan Murphy, North American head of fixed income at Insight Investment Management. Murphy joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss the outlook for fixed income. Murphy attributes elevated yields to a stronger macro backdrop, persistent inflation uncertainty, the Fed leadership shift to Chair Kevin Warsh and fiscal concerns amplified by heavy AI-driven corporate issuance. He outlines Insight Investment’s base case that the Fed holds at its upcoming meeting, favors the five-year part of the curve and prefers non-agency securitized credit and agency mortgages over investment grade on valuation grounds. The episode closes with Murphy’s contrarian view that widespread market pessimism may signal a fixed-income buying opportunity, with high-quality portfolios now yielding around 6%, competitive with long-run equity return expectations.  The Macro Matters podcast is part of BI’s FICC Focus series. 
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  All Options Considered: Bond Volatility, USD/JPY and Gas Tail Risk 08.09.2026 7dk

  Cross-asset volatility has declined over summer even though the path of resistance for yields has been higher. In this edition of the All Options Considered podcast, BI’s Chief Global Derivatives Strategist Tanvir Sandhu gives an update on macro dynamics, bond market volatility, yen, S&P 500 dispersion strategies and the fat tails on gas prices.
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  EM Lens: Global X’s Dorson Shines Spotlight on EM Equities, FX 04.09.2026 28dk

  Emerging market equities have outperformed the S&P 500 by over 14% over the past year, as investors take advantage of attractive valuations, falling currency volatility and a more resilient macroeconomic backdrop. Malcolm Dorson, Senior EM Portfolio Manager and Head of the Active Investment Team at Global X, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the durability of thematic and idiosyncratic investment opportunities across the EM equity universe. Dorson and Sassower assess relative performance, foreign positioning and fund flows as institutional investors exhibit greater interest in moving down the EM capital structure.
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  Macro Matters: Barclays’ Meaning on UK Rates, Inflation, Growth 03.09.2026 19dk

  With the latest energy shock pushing UK inflation higher while economic growth remains subdued, investors are questioning whether markets have priced too much Bank of England tightening. Jack Meaning, UK chief economist at Barclays, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Meaning explains why Barclays expects inflation to climb above 3% in the second half of 2026 but sees little evidence of the wage or second-round effects that would make the increase durable. The two discuss why keeping Bank Rate at 3.75% already represents a meaningful tightening relative to earlier market expectations and how restrictive financing conditions and labor-market slack are weighing on growth. They also explore whether improving investment intentions — including spending tied to artificial intelligence — can provide support. The conversation examines Brexit’s lingering impact, the UK’s difficult fiscal choices and why Barclays expects the Bank of England to remain on hold this year before inflation moves back toward target in 2027. The episode concludes with a look at the central bank’s upcoming quantitative-tightening decision and the debate over continuing active gilt sales.
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  EM Lens: Sandglass’ Lozovsky Reinforces Bullish EM Narrative 28.08.2026 22dk

  Emerging market fund flows are accelerating as credit fundamentals continue to improve amid historically loose financial conditions, wide real yields and deteriorating US dollar demand. Genna Lozovsky, managing principal and chief investment officer of Sandglass Capital Management, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to share his outlook for special situations and distressed EM credit amid a historically tight spread environment. Lozovsky and Sassower focus on opportunities in off-the-run EM growth, distressed corporates and speculative-grade sovereign debt.
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  Macro Matters: MetLife’s Matus on Fed Policy, AI and Markets 27.08.2026 25dk

  With US growth holding up and inflation still running above target, investors are weighing whether the Federal Reserve needs to tighten policy further or can afford to stay on hold. Drew Matus, chief market strategist at MetLife Investment Management, joins Bloomberg Intelligence chief US interest-rate strategist Ira Jersey to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Matus argues that rate hikes would do little to address the forces currently supporting inflation while risking unnecessary damage to the broader economy, and explains why he expects the Fed to remain on hold. The two also discuss how the AI investment boom and household wealth effects are supporting US growth, why Matus sees AI as a potential source of job creation and productivity gains, and where those benefits could create opportunities across emerging markets and Japan. They also examine global fixed-income valuations, geopolitical and oil-market risks and why clearer rules governing the relationship between the Treasury and Fed — including the composition and size of the central bank’s balance sheet — could ultimately reduce uncertainty for markets. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: Around the World of Global Credit in 60 Minutes 25.08.2026 58dk

  Global credit markets have stayed relatively calm through war and peace, despite swings in the rates markets, making strategic insights essential. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts our global team to discuss key research, data and views from around the world. Tim Tan and Jason Lee in Asia, Reto Bachmann from structured credit, Heema Patel in Europe and Alice Zhou in the US share their outlooks and the key themes shaping their regions. Access their research on the Bloomberg Terminal at BI STRTA, BI STRTE and BI STRTN.
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  State of Distressed: Burian, Stark on the Preordained Bankruptcy 21.08.2026 1sa 34dk

  To demonstrate how the modern bankruptcy system often feels prepackaged and inevitable, Brown Rudnick’s Robert Stark compares the current state of Chapter 11 to a trip to the local bureaucracy: “We could do everything that is being done now by setting up bankruptcy at a DMV, go cut your deal in the back room, bring your $60 check, stand in line, and get a rubber stamp by the DMV.” Stark and Houlihan Lokey’s Saul Burian join Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel to explore the increasing friction in today’s bankruptcy courts, including the consequences of judge-led mediation, the rise of aggressive DIP financing features like roll-ups and post-reorg equity packages, and the debate over the true neutrality of “independent” directors. The podcast concludes with a look at the restructuring outlook and a discussion about the surprising return of “dumb frauds” catching major Wall Street institutions off guard. Cases mentioned include First Brands Group, Multi-Color Corp., Del Monte, J&J, BlockFi, 3M and American Tire.
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  Macro Matters: Mariner CIO E.G. Fisher on Liquidity and Credit 20.08.2026 31dk

  With the Federal Reserve leaning toward a smaller balance sheet and several year-end funding pressures approaching, investors may need to pay closer attention to liquidity and the cost of financing leveraged positions. E.G. Fisher, chief investment officer at Mariner Investment Group, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Fisher explains why market liquidity remains strong but funding liquidity could become more challenging as bank reserves decline, the Treasury General Account grows and major balance-sheet reporting dates approach. The two discuss whether Treasury lending of TGA balances could ease repo pressures, how Chair Kevin Warsh’s preference for a smaller Fed balance sheet may affect funding markets and why recent Treasury buybacks at the long end are only a partial response to rising yields and growing debt. They also examine relative-value opportunities across rates and credit, including increased dispersion, record corporate issuance tied to the AI build-out and how steepening credit curves are creating opportunities for arbitrage investors. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Masters of the Muniverse: JPMorgan and the Muni SMA Revolution 19.08.2026 1sa 10dk

  Municipal separately managed accounts (SMAs) have exploded 16-fold in market share, becoming a predominant investment vehicle in the post-global financial crisis world, with tight spreads and low ratios making alpha elusive. In this episode of Masters of the Muniverse, Bloomberg Intelligence’s new head of municipal research and strategy, Matthew Gastall, sits down with two guests from JPMorgan, the world’s second-largest SMA provider. Dan Freise, senior portfolio manager at J.P. Morgan Asset Management, and Paul Jacobson, head of municipal strategy at J.P. Morgan Private Bank, unpack active trading strategies, high-conviction sector positioning, and the critical market risks on their radar. Masters of the Muniverse is part of BI’s FICC Focus series.
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  Credit Crunch: Barings’ Yan on Outlook for Portfolio Finance 14.08.2026 54dk

  “The pace and trajectory of private-market growth has simply outpaced the growth of bank balance sheets,” says Dadong Yan, head of Barings Portfolio Finance, explaining the success of the asset class and the opportunities that lie ahead. In this episode of Credit Crunch, Yan joins Bloomberg Intelligence’s Noel Hebert to discuss the evolution of portfolio finance from a bank-dominated lending business to an institutional investment opportunity, and how institutional capital helps to fill the financing gap created in private markets. The two talk about the importance of disciplined underwriting, diversification and structural protections, while Yan argues that controlling lender positions, proprietary data and rigorous risk management — not simply yield — will determine long-term success in the asset class. The Credit Crunch podcast is part of BI’s FICC Focus series.
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  Macro Matters: US Economic Outlook With Natixis’ Hodge 13.08.2026 18dk

  Cooling inflation and a softer labor market are giving the Federal Reserve more room to remain patient, even as investors debate whether Kevin Warsh’s Fed could still deliver another rate increase. Chris Hodge, chief economist at Natixis, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Hodge explains why recent CPI and PPI data reinforce his view that disinflation remains intact, with tariff effects largely having passed through, housing pressures moderating and wage growth consistent with inflation moving closer to the Fed’s target. The group discusses why Natixis expects the Fed to remain on an extended hold, how recent weakness in the labor market could increase policymakers’ tolerance for above-target inflation and what changes may emerge from Warsh’s reviews of the central bank’s inflation framework and data. They also examine the housing outlook, the approaching midterm elections and why divided government may constrain major fiscal legislation without materially changing the longer-term US deficit trajectory. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: New Fed Watch as Rates, Not Spreads Drive Credit 12.08.2026 38dk

  Rates and the new Fed are at the forefront of market headlines amid wide government bond yields. In this episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, discusses how credit remains a safe haven in every crisis with Mohammed Kazmi, senior portfolio manager at Union Bancaire Privée. They dig deep into the new Fed policy, its operational changes and Fedspeak, and the impact on the yield curve and credit. They also discuss the impact of nominal growth on credit quality and defaults, why credit has been a safe haven and why that is unlikely to change in the near future. The Credit Crunch podcast is part of BI’s FICC Focus series.
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  All Options Considered: Lessons From Korea’s ETF Volatility 11.08.2026 12dk

  South Korea has become a real-world case study in how market concentration, investor enthusiasm and leveraged ETFs can amplify volatility. In this episode, Bloomberg Intelligence’s Tanvir Sandhu, Rena Kwok and Shirley Wong examine how leveraged products can create powerful feedback loops when positioning starts to outweigh fundamentals. They unpack the mechanics of ETF rebalancing, the role of AI and semiconductor enthusiasm in Korea’s recent market swings and the implications for brokerages, fixed-income investors and broader investment themes across Asia.
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  Credit Crunch: Principal’s Goosay on Credit Relative Value Setup 10.08.2026 1sa 1dk

  “We’ve gotten a little addicted post-2008 to the Fed guiding us,” says Michael Goosay, CIO and global head of fixed income for Principal Asset Management. “I’ve been doing this a very long time to remember when... we kind of had to guess at what the Fed did.” In this episode of the Credit Crunch podcast, Goosay joins Bloomberg Intelligence’s Noel Hebert to talk about the potential implication of a less-transparent Federal Reserve, while hitting on other key areas including investment grade and high yield credit, AI-driven corporate issuance, interest rates and global capital flows. The two also discuss portfolio construction and how, despite macro uncertainty having increased, corporate fundamentals remain resilient, and how the current backdrop favors active management. Emerging markets, securitized credit and municipals are discussed in brief, as is the current relative value landscape. The Credit Crunch podcast is part of BI’s FICC Focus series.
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  EM Lens: GMO’s Courmes Steers EM Local Bond Bulls 07.08.2026 26dk

  Emerging market local-currency government debt deserves a prominent place in global fixed income portfolios, as economic fundamentals remain resilient and the US dollar remains rich. Victoria Courmes, portfolio manager on GMO’s emerging country debt team, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the firm’s total return expectations through the second half of 2026. Courmes and Sassower identify undervalued sectors, explore alternative investment strategies and discuss the risk-return tradeoff in opportunistic frontier markets.
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  Macro Matters: Invesco’s Brignac on Liquidity, Fed Balance Sheet 06.08.2026 22dk

  With the change in leadership at the Federal Reserve, investors are paying greater-than-usual attention to the outlook for short-term funding markets, money-market funds and the central bank’s balance sheet. Laurie Brignac, head of global liquidity at Invesco, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Brignac explains why lending excess Treasury General Account balances into the repo market may create more operational risk than income, and why shrinking the Fed’s balance sheet would require changes to bank liquidity regulations before reserve balances can fall significantly. The group also examines whether the Fed should return to traditional temporary open-market operations, how stigma continues to limit use of standing liquidity facilities and where Invesco sees value across Treasury bills, commercial paper and ultra-short strategies. They close with a discussion of institutional and retail money-fund flows, the market’s capacity to absorb growing bill issuance and what investors should watch as the Fed’s task forces review its communications, data and balance-sheet frameworks. The Macro Matters podcast is part of BI’s FICC Focus series.
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  FX Moment: Dollar-Yen Bearish Push Needs US Data Validation Next 04.08.2026 27dk

  In this episode of the FX Moment podcast, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Chris Turner, head of FX strategy at ING Bank in London, discuss dollar-yen near- and mid-term dynamics. The combined shift in the dollar view following the July 29 Fed meeting, stretched long positioning and joint US-Japan FX intervention were the perfect catalysts for a sharp move lower in dollar-yen, yet the market is already questioning whether the move can be sustained. Childe-Freeman and Turner both see a risk of further joint FX intervention, which should keep dollar-yen bulls in check for now, while US economic data and the associated Fed outlook, along with the BOJ’s September policy decision and Japan’s fiscal credibility, may determine how bullish investors can be on the yen into 4Q. They also discuss non-dollar ways to express the carry trade, including via bullish Norwegian krone and Australian dollar views.