The feud between President Trump and the Fed escalated further last week and France faces another episode of political instability. Long-term yields are rising on inflation and fiscal concerns, while credit and EM spreads widened.

Jerome Powell’s speech in Jackson Hole led to a sudden drop in USD yields that fueled positive performance for sovereign bonds, but also credit and EM markets that continue to attract substantial inflows

Interest rates rise on inflation and public debt level concerns, while demand remains firm for corporate credit and EM bonds

Interest rates bounce up after the post-US payroll drop, while credit market recover.

Interest rates and credit spreads swung sharply following weak July payrolls and a wave of new tariffs, though many carve-outs and exemptions have softened the overall impact.

Interest rates had a volatile week amid encouraging signs on trade negotiations, reassuring economic data, the ECB meeting and a general “Risk on” tone in financial markets that drove credit spreads even tighter.

Interest rates generally declined last week with renewed concerns around US tariffs dampening growth expectations, while inflation expectations continue to rise. Credit and EM markets held firm.

President Trump shakes fixed income markets again. Interest rates rise amid intensifying political pressures on the Fed and renewed tariff threats. Tariff uncertainties weigh on Credit and Emerging Market Debt. Primary market demand remains buoyant but volatility looms for spreads and rates.

Buoyant primary market activity and flows continue to support credit and EM debt markets, while government bonds reverse course amid reassuring economic data as markets revised down central banks’ rate cut prospects.

US bonds had a strong month, with both interest rates and credit spreads lower, while European fixed income had to discount higher than expected German government bond issuances and the possible end of the ECB rate cut cycle.