1. Executive Briefing (TL;DR)

• The Core Thesis: The global bond and credit markets are undergoing an acute regime shift, driven by a reignition of US-Iran geopolitical hostilities that has pushed 2-year Treasury yields to near annual highs. Concurrently, an unprecedented mega-borrowing spree by corporate tech hyperscalers to fund artificial intelligence capital expenditures is beginning to test investor…

1. Executive Briefing (TL;DR)

• The Core Thesis: The macro-investing landscape is shaped by two dominant structural vectors: geopolitical conflict ("War") and massive artificial intelligence capital expenditure ("AI"). In an environment characterized by energy-driven cost-push inflation and intense equity market concentration, fixed income must be managed actively across sectors to serve as an uncorrelated…

1. Executive Briefing (TL;DR)

• The Core Thesis: The European credit landscape is locked in a delicate transition phase between macroeconomic distress and structural repair. While Germany's industrial core faces persistent structural headwinds and near-term corporate insolvency pressure, emerging structural shifts—including German pension asset accumulation, aggressive EU defensive trade protectionism, and…

Note: Recorded on June 17, 2026.

1. Executive Briefing (TL;DR)

• The Core Thesis: Corporate bond issuance driven by massive Artificial Intelligence capital expenditures is rising at an unprecedented velocity, yet credit markets remain unperturbed. Strong technical demand driven by high absolute all-in yields continues to compress spreads and damp volatility, obscuring potential structural risks from…

1. Executive Briefing (TL;DR)

• The Core Thesis: The European private credit and direct lending market presents a bifurcated reality: a highly benign, near-term default environment contrasted by alarming structural vulnerabilities in credit workouts. While trailing default rates remain historically low and manageable, the multi-jurisdictional complexities of European restructuring regimes lead to…

1. Executive Briefing (TL;DR)

• The Core Thesis: Emerging market (EM) fixed income has experienced a structural maturation, delivering some of the strongest risk-adjusted returns across global credit over the past two years despite geopolitical headwinds and a strong US dollar. Moving forward, structural changes like deep local markets and proactive central banking justify structurally lower risk premia,…

1. Executive Briefing (TL;DR)

• The Core Thesis: While equity market volatility increases and tech sectors trigger bubble warnings, the fixed income market presents highly attractive, lower-risk structural opportunities across multiple asset classes. Under a new Federal Reserve leadership era that is embracing a "higher-for-longer" monetary policy pause, investors can capture strong yield streams primarily…

• Patrick Rock: Host of Credit Currents [00:00:32].
• Mark Zandy: Chief Economist at Moody's Analytics [00:00:44].
• Atsi Sheth: Chief Credit Officer at Moody's Ratings [00:00:47].

**The Macroeconomic K-Shaped Structure…

• Host: Scarlett Fu (Bloomberg Television) [00:00:00]
• Panelists & Featured Guests:
• Michael McKee (Bloomberg International Economics & Policy Correspondent) [00:03:01]
• Nisha Patel (SMA Fixed Income Portfolio Manager at Parametric) [00:05:40]
• Ghanshayam "G" Dhingra (Head of US…

• Hosts: Ian Lingan (Head of US Rates Strategy at BMO Capital Markets) and Ben Jeffrey [00:00:11]
• Air Date / Trading Week: Published June 12, 2026, targeting the upcoming macro trading week of June 15, 2026 [00:00:11]

**TOPIC 1: INFLATION DATA DISSECTION (MAY CPI VS. PPI & PCE)…

[00:00:06] Introduction: SpaceX Week and Market "Crowding Out"

• Context: The speaker acknowledges that it is "SpaceX week," prompting intense market discussion regarding the potential for capital "crowding out." [00:00:13]
• Capital Raises & Historical Context:
• Approximately $200 billion is concentrated in three upcoming…

• Main Presenter [00:00:04]: Rudy Sam, Global Co-Head of Fixed Income at Russell Investments.
• Closing Presenter [00:05:41]: Sophie Antaly, Head of Portfolio and Business Consulting at Russell Investments.

1. US Rates Markets: Labor & Inflation Dynamics

• **Labor Market Resilience…

• Recording Date: May 20, 2026 | Publication Date: June 11, 2026
• Host: Aaron Mulvahill
• Guest: Bill Egan (Head of Absolute Return and Opportunistic Fixed Income, J.P. Morgan Asset Management)

1. Speaker background & absolute return framework

Career Trajectory & Fixed Income Philosophy

• Mathematical Foundation: Bill Egan began his career in 1990 as a finance major, entering…

Introduction: The Return of Uncertainty [00:00:06]

• Speaker Details: Van Hesser, Chief Market Strategist at KBRA, presenting the "Three Things in Credit" podcast on June 5, 2026.
• Macro Environment: Risk premia in equity and credit markets currently mask a deep underlying macro uncertainty, highlighted by wildly diverging viewpoints from…

Host: Schwab's Chief Investment Strategist Liz Ann Sonders and Collin Martin, Head of Fixed Income Research Add. Guest: RSM Chief Economist Joe Brusuelas

1. Macro Bond Market Dynamics & The Uncertainty Premium

• The Term Premium Shift: The term premium—the model-based, hypothetical extra compensation required by investors to hold long-term bonds over rolling short-term bills—spent a multi-year…

• Host: Simoney Kyriakou, Editor of FT Adviser [00:00:00]
• Guest: Joe Little, Chief Strategist at HSBC Asset Management [00:00:47]

1. The Divergent Perspectives: Economists vs. Investors [00:01:00]

• **The Investor/Market…

Speaker & Video Profile

• Subject Matter Experts: Lim Soo Chong - J.P. Morgan, Head of Asia Credit Research [00:00:00]
• Data Context: Broadcast date May 29, 2026. Analysis tracks active macro metrics, focusing on a 0.1% default rate and a 64% US dollar global market dominance benchmark…

Host: Piers Butler Speakers: Janet Henry (Global Chief Economist), Simon Wells (Chief European Economist)

## 1. Geopolitical Hostilities & The Shock Absorption Buffer [00:00:35]

• Conflict Timeline: The US-Iran military conflict has officially dragged on for 12 weeks (approximately 2 months of active escalation) with efforts to reopen the…

00:00:04 | Institutional Transition & Leadership Profile

• The Transition: On the morning of May 22, 2026, Kevin Warsh was officially sworn in as the 17th Chair of the U.S. Federal Reserve, concluding Jerome Powell's 8-year tenure at the helm of the central bank.
• The Powell Variable: In an unusual structural arrangement, former Chair Jerome Powell…