As investors prepare for the effects of higher-for-longer rates and a new administration in 2025, we offer five themes we think will drive fixed income markets in the first half of the year.

After a bumpy start, 2024 emerged as a year of resilience for fixed income markets, with strong returns and a promising outlook for U.S. corporate bonds.

M&A was already rebounding and could accelerate more, thanks to Trump’s focus on deregulation. Tech, investment banks and small caps may be beneficiaries.

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Strong economic growth coupled with inflation risks from potential policy shifts have paved the way for a prolonged period of higher interest rates. That could be a good thing for fixed income investors.

Our long-term return expectations serve as key inputs into strategic asset allocation for multi-asset portfolios and provide context for shorter-term forecasting.

The incoming administration will have an impact on every industry within investment grade credit, and each will face its own challenges and opportunities.

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Donald Trump is set to reshape America around lower taxes, higher tariffs, less regulation, more drilling and fewer immigrants. Here’s what it means for markets.

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