Global rate markets are driven by oil price fluctuations while credit and EM debt remain very resilient

Higher rates pushed by inflation fears and hawkish central banks, but resilient credit and EM spreads

Fixed Income markets face downward pressures from higher inflation expectations

Fixed Income markets extend their April rebound, still driven by strong EM debt performance

EM debt and Credit markets post a solid rebound, government bonds still face headwinds

A relief rally on a fragile pause: ceasefire diplomacy with caveats

New highs in oil prices and softer economic data weighed on fixed income markets, as concerns about slowing growth began to balance ongoing inflation fears.

The oil price shock continues to feed through global rate level and monetary policy expectations, while credit markets show resilience.

The repricing in interest rate prospects continues, credit and EMD markets show only moderate signs of stress so far

Surging energy prices shake rate markets, spreads face moderate upside pressures so far