FICC Focus

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622

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Oct 2026

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About the show

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.

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60 recent

October 30, 202655 min

Credit Crunch: PGIM Credit’s Peters on Convergence, Crowding Out

“The idea of patient capital is something of a dinosaur,” says Greg Peters, co-CIO for PGIM Credit, on the speed with which markets can reprice. “The rise of algos and CTAs, you’re just seeing a lot more volatility in the market.” Peters joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss the market function, why sovereign and AI funding needs risk crowding-out behavior in markets, particularly at the long end, and the importance of a new response function at the Federal Reserve. They explore relative value across the curve, whether the hyperscaler debt stack is investable and regulatory arbitrage as a potential destabilizing force for markets. The Credit Crunch podcast is part of BI’s FICC Focus series.

October 28, 20269 min

All Options Considered: Is 100 High for Rates Volatility?

In this edition of All Options Considered, BI Chief Global Derivatives Strategist Tanvir Sandhu discusses why US rates volatility has risen from its early-2026 lows but remains near longer-run historical averages rather than at an outright extreme. He also examines how higher forward rates may limit a return to those lows, where volatility is concentrated across the swaption surface and why risks priced by the options market are becoming more two-sided.

October 23, 202655 min

Credit Crunch: Waterfall’s Cuby on ABF and the European Consumer

“We’re credit guys,” says James Cuby, partner and head of Europe for Waterfall Asset Management, when discussing asset selection and the right risk-return profile. “We’re not going to be able to generate a 30% return, and therefore an investor’s not going to be comfortable with a minus 20% return.” Cuby joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss Europe’s asset-based finance landscape, including the continued migration from banks into alternative credit providers, what lending models are built to navigate that evolution, and what it takes to compete given the aggressive flow into the asset class. They explore the effects of the current rates backdrop and sovereign debt concerns, looming elections and why European consumers may be better credits than their US counterparts. Cuby also touches on the role of technology and the importance of relationships in deal sourcing.

October 22, 202627 min

Macro Matters: Buckler’s Lazar on Repo, Clearing and the Fed

With repo markets functioning smoothly but major structural changes approaching, investors are focused on funding conditions, Federal Reserve liquidity and the shift to mandatory Treasury clearing. Andrew Lazar, head of sales at Buckler Securities, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss these issues on this Macro Matters edition of the FICC Focus podcast. Lazar explains why softer demand for leverage has helped keep repo conditions calm, how Fed reserve-management purchases can provide liquidity during periods of stress and why central clearing could raise costs without ending Treasury basis trades. The group also discusses the Fed’s rate outlook, Chairman Kevin Warsh’s shifting communications strategy and why Lazar sees scope for long-dated Treasury yields to decline if geopolitical and energy pressures ease. The Macro Matters podcast is part of BI’s FICC Focus series.

October 21, 202649 min

Credit Crunch: Around the World of Global Credit in 60 Minutes

Global credit markets have stayed relatively calm through wars and sovereign crises like the one in France, despite swings in rates, making strategic insights essential. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts BI’s global credit strategy team to discuss key research, data and views from around the world. Tim Tan and Jason Lee (Asia), Reto Bachmann (structured credit), Heema Patel (Europe) and Alice Zhou (US) share their outlooks and the key themes shaping their regions. Access their research on the Bloomberg Terminal at BI STRTA, BI STRTE and BI STRTN. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.

October 20, 202657 min

Masters of the Muniverse: Why Boring Munis Have Rarely Paid More

Looking across 200 years of history to the AI-driven energy boom, there’s a case that munis haven’t looked this good in a long time. On this episode of Masters of the Muniverse, Matt Gastall, head of municipal research and strategy at Bloomberg Intelligence, sits down with Mark Schmidt, CFA, executive director and head of municipal strategy and research at Morgan Stanley, for a fast-paced tour of today’s municipal bond market. Masters of the Muniverse is part of BI’s FICC Focus series.

October 16, 202621 min

FX Moment: Structural Yuan Bull Run vs Unsolved Yen Bull Puzzle

In this episode of the FX Moment podcast, recorded in Hong Kong, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Gary Ng, Senior Economist at Natixis CIB in Hong Kong, discuss Asia FX in 4Q and into 2027, with a focus on the yuan and the yen. The bottom line is that structural yuan bulls were validated into 4Q and may extend into 2027, with the 6.65 dollar-yuan reference value credible in the near to mid-term. This is mainly about a yuan-supportive balance of payments position and yuan appeal on global diversification strategies, while relative yield differentials are less of a driver for that currency pair. On the yen and on dollar-yen in particular, Gary and Audrey touched on the mixed drivers and considerations and on what may be the the best avenue to sustained yen strength beyond a turn in the US dollar.The FX Moment podcast is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.

October 15, 202621 min

Macro Matters: Wellington’s Medeiros on the Fed and 2027 Risks

With nominal GDP running above 6% year to date and earnings season kicking off, Mike Medeiros, macro strategist at Wellington Management, explains why corporate profitability has been well-supported and why that support may be fading, in his return to the Macro Matters edition of the FICC Focus podcast, hosted by Ira Jersey, chief interest-rate strategist for Bloomberg Intelligence. The wide-ranging discussion on the macro backdrop heading into 4Q and beyond covers the Fed’s hiking cycle under Chairman Kevin Warsh, the shift away from forward guidance and why current policy rates may still not be sufficiently restrictive to bring core inflation sustainably back to 2%. Mike and Ira also dig into the Treasury-market selloff — now potentially in the “eighth inning” — tighter financial conditions and what below-trend growth in 2027 could mean for risk assets. The episode also tackles the upcoming midterm elections, implications for AI regulation and the data-center build-out, the fiscal drag from the One Big Beautiful Act and long-term debt sustainability concerns. Finally, Mike shares his medium-term asset allocation views, making the case for real assets over financial assets amid structurally higher rates. The Macro Matters podcast is part of BI’s FICC Focus series.

October 9, 20261 hr 26 min

State of Distressed: Bloomberg’s Diaz-Matos on LME Whack-a-Mole

“Even when you think you’ve patched the last three holes ... what does it matter that you actually blocked one, two, and three if the company can still get there through route four?” observes Alex Diaz-Matos, Bloomberg Intelligence senior covenant analyst, on the game of whack-a-mole between creditors and borrowers in today’s bloated credit agreements. In this episode of the State of Distressed Debt podcast, Bloomberg Intelligence analysts Phil Brendel and Negisa Balluku sit down with Alex to explore the cutthroat tactics in liability management exercises and how Aston Martin, Electronic Arts, Xerox and Optimum Communications have used IP, joint ventures and novel entity structures to raise financing and circumvent seemingly ironclad lender protections. The conversation also breaks down the unintended consequences of increasingly precise drafting, the limits of non-unanimous covenant protections and how the distressed market has evolved since Serta turned theoretical vulnerabilities into harsh reality. The podcast concludes (52:34) with Phil and Negisa providing a roundup of their latest distressed credit research on Optimum Communications, Dish Wireless, Hughes Satellite Systems and Getty Images.

October 8, 202624 min

Macro Matters: Pimco’s Clarida on Fed Policy and Balance Sheet

With the Federal Reserve confronting persistent inflation, strong demand and questions about how much further rates may need to rise, investors are also watching for potentially significant changes to the central bank’s communications and balance-sheet framework. Richard Clarida, Pacific Investment Management Co. managing director and global economic advisor and former Federal Reserve vice chair, joins Bloomberg Intelligence interest-rate strategists Ira Jersey and Will Hoffman to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Clarida explains why Kevin Warsh inherited an FOMC that had already shifted sharply toward tighter policy, why eliminating formal forward guidance doesn’t mean Fed officials will stop signaling their views and why the September rate increase reflected a committee increasingly focused on bringing inflation back to 2%. The group also discusses how the Fed could shrink its balance sheet while retaining an ample-reserves regime, whether its portfolio should move toward a barbell of Treasury bills and longer-dated securities and the potential role for temporary open-market operations. They close with a discussion of how AI-related capital spending is making the economy less interest-rate sensitive and why the Fed may ultimately need to tighten further if strong demand doesn’t moderate on its own. The Macro Matters podcast is part of BI’s FICC Focus series.