June 05, 2024

Fixed Income Insights - June 2024

Monthly report

Treasuries await Fed, but signs of slower growth

Download the latest reports


A de-synchronised easing cycle may start in June, with the ECB signalling a likely easing move, even if the Fed is some months from easing. This looks like a long, flat, U-shaped easing cycle, suggesting trading ranges persist on government bonds. Credit is still in a sweet spot, but spreads are getting tight.

Key highlights:

  • Macro and policy backdrop – Less synchronised easing cycles ahead
  • Yields, curves and spreads – Markets rally on inflation and front-run policy easing
  • Credit and MBS analysis – Freddie moves to revive secondary mortgage market
  • High yield credit analysis – Tight spreads beginning to impact HY credits?
  • SI sovereign bond analysis – SI outperformance in 2024 partially reverses 2022-23
  • Performance – Longer duration governments and linkers rallied, IG credit outperformed HY 

These reports provide actionable insights on global fixed income markets. They cover shifts in global yield curve and credit spreads, across sovereign, inflation-linked and corporate indices, and FX-adjusted return performance using proprietary month-end data from our global fixed income indices.

For specialist content on a range of investment topics, including macroeconomic analysis and how it affects market performance and multi-asset analysis, viewed through our indices and data, explore our Global Investment Research hub.

The Japan version of Fixed Income Insights has been discontinued. Our Global Investment Research team will be launching a new, expansive, quarterly APAC financial markets report in Q3.

Our new quarterly report ‘APAC Financial Markets Spotlight’ will analyse the macro backdrop and multi-asset financial markets across APAC, and is designed to provide investors with key insights into the multiple and diverse markets in the region. Please subscribe to receive it by email as soon as it is published.

Subscribe to Market Maps reports

Get timely market analysis and commentary on what’s been happening across asset classes, regions, industries and styles.  You’ll receive your report(s) by email as soon as they are published.