
Fixed Income Briefing May 2025
Economic and US Treasury Market Review.
Economic and US Treasury Market Review.
Tariff uncertainty, the US debt downgrade, and yield steepening hit markets in May.
Despite a strong earnings season, volatility persisted across US equities and was headline driven in May.
Steepening yields and dollar down on deficit concerns.
Tariffs on hold, Trump’s Middle-East play, and US budget problems ahead.
The Fed holds, the dollar strengthens, and yields rise as markets focus on US-China trade talks.
President Trump's second term has seen an unexpected depreciation of the US dollar, defying the often-anticipated correlation with rising US interest rates.
Economic and US Treasury Market Review.
Trump Administration continues its swift retreat from aggressive tariffs.
The catalyst for a dramatic regime shift in global trade came on ‘Liberation Day’ on 2nd April when US President Donald Trump signed an executive order enacting reciprocal tariffs on US trade partners.
Uncertainty over Trump’s inconsistent strategy continues to rock markets.