---
title: A look back at the year 2025
description: A near end to the central bank rate cut cycle, some major divergences in sovereign rates and broadly tighter credit and EM spreads
---

[Fast food for thought](https://blog.syzgroup.com/fast-food-for-thought)

# [A look back at the year 2025](https://blog.syzgroup.com/fast-food-for-thought/a-look-back-at-the-year-2025)

 Written by [Maggie Cheng, CFA, CAIA](https://blog.syzgroup.com/fast-food-for-thought/author/maggie-cheng) | Dec 23, 2025, 12:00:07 PM

<https://blog.syzgroup.com/hubfs/Syz%20Fixed%20Income%20Weekly%2020251223.pdf?hsLang=en>

[View full post](https://blog.syzgroup.com/fast-food-for-thought/a-look-back-at-the-year-2025)

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