In the US, the dichotomy between what the market expects, a further hike (25 basis points) and then the end of the Fed's tightening cycle, and what the Fed continues to send out as a message, that rates will have to remain high for an extended period of time, will continue to drive the markets this week.

The traditional debt ceiling issue seems to be of greater concern this time around than in previous episodes, as the 1-year U.S. CDS exceeded 100 bps for the first time, while the difference between 1-month and 3-month Treasury yields reached nearly 2%.

The sharp rise in global rates had a negative impact on the performance of credit indices

Mixed signals on US employment data pushed yields lower!

A solid month for the fixed income asset class!

What if the Federal Reserve raised its funds rates for the last time this cycle?

The UBS/Credit Suisse agreement will have a material impact on the entire AT1 market!

The Silicon Valley Bank story put the brakes on rising interest rates

In the US, the tone was mixed from Fed members on the future of the Fed's monetary policy.

The Fed minutes essentially revealed that the process of tightening monetary policy is expected to continue at least until the second quarter of 2023.