Fixed-Income

Market Outlooks
January 2026

2026 Credit Outlook: From Scarcity to Selection—The Return of a Buyer’s Market

Apollo

Research

20 Pages

While economic growth in the US remains sufficient to support most corporate and consumer fundamentals, the balance of power in credit is changing.

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Markets
January 2026

Investment Outlook

Loomis Sayles

Craig Burelle

Research

17 Pages

Loomis, Sayles and Company outlines a 2026 base case of healthy growth with moderating inflation, where earnings do more of the heavy lifting than valuation.

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Fixed-Income
December 2025

Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations

AQR

Antti Ilmanen

Research

14 Pages

Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.

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Fixed-Income
December 2025

Bond Market Focus Understanding Treasury Yields with Survey Data

AQR

Antti Ilmanen

Research

9 Pages

Antti Ilmanen uses survey data to break the United States 10 year Treasury yield into inflation expectations, real rate expectations, and bond risk premia.

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Markets
August 2025

A Historic Dislocation: Opportunity at the Long End of the Municipal Curve

Morgan Stanley

Craig Brandon

Research

8 Pages

Morgan Stanley highlights the rare steepness in the municipal yield curve, with long-dated bonds underperforming short maturities by nearly 800 bps.

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Fixed-Income
July 2025

Fixed Income Outlook

BlackRock

Rick Rieder

Research

16 Pages

BlackRock emphasizes that today’s fixed-income landscape offers a generational opportunity, with historically high yields—particularly at the front end of the curve—making income more attractive than duration amid macro uncertainty.

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Markets
May 2025

Credit market outlook

Apollo

Torsten Slok

Research

188 Pages

Apollo’s 2025 outlook highlights the resilience of global credit markets following a strong 2024, with spreads at or near multi-year tights.

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Markets
April 2025

Why own bonds?

Wells Fargo

Brian Rehling, Luis Alvarado, Tony Miano

Research

16 Pages

Wells Fargo Investment Institute outlines five key reasons why bonds remain a vital component of diversified portfolios, even amid elevated interest rates and recent market volatility.

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Markets
March 2025

When the Market Outgrows the Index

TCW

David Vick

Research

3 Pages

TCW’s report examines the limitations of the Bloomberg U.S. Aggregate Bond Index (the "Agg") in representing the full spectrum of fixed income opportunities.

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Markets
November 2024

Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section

Research

48 Pages

This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.

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Markets
October 2024

Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World

PIMCO

Research

11 Pages

Pimco published an overview of emerging market debt, which has surpassed U.S. corporate debt to become the world’s largest credit pool. 

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Markets
January 2024

Emerging Market Debt: A Once-in-a-Generation Opportunity

GMO

Victoria Courmes

Research

6 Pages

GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.

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Markets
November 2023

Prime Time for Bonds

PIMCO

Erin Browne, Emmanuel Sharef

Research

8 Pages

PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.

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Global Macroeconomics
November 2022

Risk Off, Yield On

PIMCO

Research

6 Pages

PIMCO makes the case that higher yields have changed the playbook, bringing bonds back as a serious portfolio option.

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