The market pricing for 2023 Federal Reserve interest rate cuts is off base, Bloomberg Economics Chief US Economist Anna Wong says on this Macro Matter’s edition of the FICC Focus podcast. Wong joins host and Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey to discuss her view of the economic environment, the affect the banking turmoil may have going forward, and how the job market could develop. Wong suggests there might be a risk that after a pause, the Fed could be forced to increase interest rates more as inflation may remain sticky. In the Interest Rate Intro segment, US Rate Strategy Associate Will Hoffman asks Jersey about the path of banks’ net interest margins. Jersey highlights how shifts in capital rules and interest being paid on reserves as reasons for higher NIMs, even as the yield curve has inverted. Yet, distributional affects could be striking and leave room for fear of more banking issues.

Interest rate volatility remains a risk, but it’s still possible for the Fed to achieve a “softish” landing, with positive implications for the broader EM complex. In this episode of the Emerging Market Lens & Look-Through podcast, Kevin Daly, investment director at Abrdn Investments joins Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower to share his views on emerging and frontier markets as the outlook for global growth deteriorates. 

The inflation vs. recession debate and how that will drive Fed pause vs. pivot dynamics is casting a shadow over credit markets. Key questions include whether the tightening of lending standards will drive up defaults or whether resilient fundamentals will prevent this. In our sixth episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence and Robert McAdie, Head of Global Cross Asset Strategy at BNP Paribas, discuss the banking crisis, macro headwinds due to central bank tightening and its impact on risk-free and risk assets, including credit. They address yield-curve inversion and its correction, and its impact on the credit curve. The podcast also highlights quantitative tightening by the ECB and BOE and what can cause the markets to spook.

There’s been a sharp drop in rates across the curve, but that’s come at the expense of two bank failures and the introduction of a new depositary back-stop facility from the federal government, according to Bloomberg Intelligence. In this Masters of the Muniverse podcast episode, Vanguard’s head of municipal investment Paul Malloy joins BI strategist Eric Kazatsky to discuss all things macro and micro in the world of munis.

The supply of mortgage-backed securities remains very tight as refinancings have dried up again, Bloomberg Intelligence Mortgage Strategist Erica Adelberg says on the FICC Focus Podcast.  In this Macro Matters edition, Adelberg joins Chief US Interest Rate Strategist Ira Jersey to discuss recent housing and mortgage data, remarking on how exceptionally low application volume shows persistent stress on the market. Slow prepayments have caused light gross issuance, even with the Federal Reserve reducing its mortgage holdings. Adelberg says she thinks the Fed won’t consider selling mortgages directly as this could disrupt market function.  In the Interest Rate Intro segment, BI Strategy Associate Will Hoffman asks Jersey about the generally inverted yield curve. Jersey notes that the inversion is the market’s expectation of where policy rates will be in the future. He states that the market thinks the yield curve will be inverted for the next two years, but much less so than it is currently.

We have potentially seen the first European high yield index default (bond rated D but not yet out of the index) in nearly two years, while the proportion of stressed and distressed bonds continues to fall given a long rally. Where is the risk in the high yield index and how big a default wave do we see this time? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the default outlook and trends in a Q&A format with Zachary Swabe, Portfolio Manager for High Yield, UBS Asset Management. We discuss the risk profile of the index by rating and sector, the proportion of CCC and CC-D credits, their evolution and relative valuations, and the impact on supply and returns in detail. We also address the macroeconomic outlook affecting high yield in the near and long term.

Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how March may buck 2023's credit rally. Then, they have an in-depth feature interview with Victor Khosla, Chief Investment Officer & Founder of Strategic Value Partners on maintaining an investment culture while experiencing significant growth and his views on the current opportunity set (6:38). Finally, BI bankruptcy litigation analyst Negisa Balluku and Bloomberg News' Eliza Ronalds-Hannon join them for a roundtable discussion of distressed topics, including J&J's and 3M's forays in Chapter 11, Revlon, Bed Bath & Beyond, FTX, and Cineworld (1:11:52).

FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on how the G10 FX narrative has evolved over the past couple of months and how this has shaped dollar sentiment back to all bullish from all bearish. Identifying how the narrative evolves from here is the next key challenge when it comes to assessing the US dollar's likely near-term fortune, and data watching may become highly relevant again in the next few weeks in that respect. Bloomberg Intelligence's FX team expects a negative dollar story to return in the course of 2023, but it can't be a linear view and the US macro and yield trajectory must adjust back to more benign levels first.

Interest rates could remain higher than the previous few cycles, with an upward sloping yield curve by the end of 2024, Gregory Staples, DWS Investment Management’s head of fixed income in North America, says on this episode of Bloomberg Intelligence’s FICC Focus Podcast.  In this Macro Matters edition, Chief US Interest Rate Strategist Ira Jersey is joined by Staples, who talks about his role at DWS and the variety of strategies he helps to manage. Among other topics, Staples discusses the differences in managing fixed income investments for insurance companies and mutual funds, his short- and longer-term view for markets, and what sectors may be at risk given DWS’ expectation for a midyear economic slowdown.  In the Interest Rate Intro segment, BI Strategy Associate Will Hoffman asks Jersey about the average time it took the Federal Reserve to cut interest rates historically after reaching the peak. As a second question, Hoffman inquires about what factors tend to influence TIPS real yields. Listeners can hear more about this topic, which was covered in our Oct. 27 FICC Focus Podcast.

Fundamentally, Chinese equities stand out from global peers as the nation’s profit recession appears to be ending just as the rest of the world decelerates. In this month’s Emerging Market Lens & Look-Through edition of the FICC Focus podcast, Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower is joined by Dan Suzuki, Deputy Chief Investment Officer at Richard Bernstein Advisors, who shares his views on investor positioning and market valuations in a world of slower growth and declining profitability.

The scenario of an extreme market impact from zero days to expiration options may be overstated and Commodity Trading Advisors' positive beta to equity may be a near-term headwind for SPX. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dean Curnutt, the CEO of Macro Risk Advisors. Points covered include key themes from the volatility markets year-to-date, 0DTE options, CTAs and VIX optionality.

Investment grade had a sustained good run in the past four months with spreads compressing all the way combined with bumper supply in the new year. How long will it sustain and are we due a correction if spreads are indeed rich? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the investment grade market with Heema Patel, Credit Strategy Associate at Bloomberg Intelligence. We discuss the place of high grade relative to rates as well as high yield, this year's record supply, valuations, upcoming ECB QT and its impact on high grade, along with high grade ratings and fundamentals in detail.

In this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Adam Stern, the co-head of research at Breckinridge Capital Advisors. Breckinridge is a $42 billion asset manager and has long been considered one of the industry's firsts in muni ESG. Stern gives his take on the current state of Muniland, and if ESG investors are losing confidence in the designation and standards. muni ESG

The European high yield default rate remains at zero, and the proportion of stressed and distressed bonds continues to fall given a long rally. How long will it sustain and when do we see a default wave, if any? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discussed the results of the 1Q23 High Yield Survey and comment on the market outlook and trends in a Q&A format with George Flynn, Head of Credit at Wisealpha Technologies. We discussed our 1Q23 survey publication covering investor positioning, sentiment, key return drivers, default view, supply forecast, relative by geography, rating and sectors in detail. We also addressed the macroeconomic outlook affecting high yield in the near and long term.

In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) Chief G10 FX Strategist, talks currency prospects with Mark Andersen, Global Head of Asset Allocation at UBS Wealth Management. In particular, Mark and Audrey discuss the US dollar outlook following the remarkably strong US January employment report and to what extent this data is a game changer, or not, for the currency prospects for the rest of the year.

Short maturity government bond yields in Europe and the US may move somewhat high in the near term, according to Bloomberg Intelligence.  In this Macro Matters edition of the Bloomberg Intelligence FICC Focus podcast, Chief US Interest Rate Strategist Ira Jersey is joined by his European counterpart Huw Worthington to discuss the February meetings of the US, UK and European central banks and the corresponding rate markets. Jersey notes his view that the market still doesn’t think the Federal Reserve can remain on hold, even though Chairman Jerome Powell explicitly said the Fed wouldn’t cut. Worthington thinks short-term German yields are about 0.5% too low, but that the markets are broadly in a range near term.  In the Interest Rate Intro segment, BI Strategy Associate Will Hoffman asks Jersey why he thinks the market doesn’t believe in the Fed’s resolve. To contact the reporter on this story:

"It takes a long time to slow things down, especially when you’ve just pumped $2.5 trillion of monetary stimulus into the economy," Paul Goldschmid, partner & co-portfolio manager at King Street Capital, says about why this credit cycle may take longer to play out vs. those seen in the past 20-30 years. In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how credit is hard to keep down in January as well as what’s next, followed by an in-depth feature interview with Goldschmid about distressed markets today and King Street’s investment process (6:15). Negisa Balluku joins the podcast to talk about Johnson & Johnson’s litigation loss in the Third Circuit, Party City and Genesis (1:03:07).

In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes from the volatility markets year-to-date, reflects on the low volatility regime and the outlook ahead.

In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Sergey Goncharov, Emerging Market Portfolio Manager at Vontobel. Goncharov shares his outlook for EM credit, as primary markets are open for business and corporate default rates remain low amid rising risk of recession. Central bank policy rates are well above pre-pandemic levels, and we see potential to receive in EM local debt markets as monetary tightening subsides.

On this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Stanford University Professor and "Prophet of Remote Work," Nick Bloom. We discuss how remote work has a history much deeper than the pandemic and what the future may look like for the workplace, cities and public transit.

Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt’s awful 2022 performance and what’s next. Then, Philip and BI bankruptcy litigation analyst Negisa Balluku have an in-depth feature interview with Robert J. Stark, Chair of Brown Rudnick’s Bankruptcy & Corporate Restructuring group on corporate restructuring strategies and dynamics from all angles (8:00). Finally, Eliza Ronalds-Hannon join them for a roundtable discussion on names in the news - FTX, Voyager, Cineworld, Revlon, Bed Bath & Beyond, Party City, and Endo. (1:43:32). Listeners are also invited to join Bloomberg Intelligence Analysts Negisa Balluku and Holly Froum on Jan. 27 at 10:00 AM as they revisit the intersection of mass torts and bankruptcy in light of the evolving legal framework. https://bloomberg.zoom.us/webinar/register/WN_gw4NrtsRTn-GBen_qfxBzg With key rulings on the horizon, large corporate defendants and lawyers alike are keeping an eye on 3M and Johnson & Johnson’s attempts to short-circuit mass tort litigation via Chapter 11.

CLOs are driving loan supply and in our second Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence, and Paul Mehta, Head of Leveraged Loans at Aberdeen, reflected on how the leveraged loan market fared last year and the outlook for loans in 2023. We discussed our leveraged loan outlook publication covering loan pricing, returns, supply and relative value vs. high yield bonds as well as loan growth vs. the bond market in detail. We also addressed the outlook for CLO issuance and arbitrage for 2023.

Developed market central banks continue to fight inflation, but are at different points in tightening monetary policy. The Federal Reserve and Bank of England may be nearing the end of hiking regimes, while the European Central Bank may be somewhat slower to end tightening, according to Bloomberg Intelligence Interest Rate Strategists. In this Macro Matters edition of the FICC Focus Podcast, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey is joined by Huw Worthington, BI's European Interest Rate Strategist. Worthington reviews his views on how much further the ECB and BoE may increase rates and the affect that may have on government bond yields. He also discusses the different ways central bank balance sheet runoff may increase net issuance of debt - which creates risk for some countries. Italy in particular is a worry for the London based Worthington, with the ECB potentially needing to intervene if spreads widen. The possibility of the Bank of Japan eliminating yield curve control is also discussed. In a new segment of the podcast, “Interest Rate Intro,” US Interest Rate Associate Strategist Will Hoffman asks Jersey about the interaction of central bank Treasury purchases and market pricing.

In our inaugural Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Heema Patel, Credit Strategy Associate, reflected on the scope and impact on credit markets of Quantitative Tightening by the ECB and BOE in 2023. Our positive outlook for credit returns in Europe is in place but the central banks have a key role in deciding if such a view will materialise or not. This podcast aims to give an idea of the size and monthly pace of such quantitative tightening by the ECB and BOE and what can cause the markets to spook.

Quantitative modeling is an ever growing component of financial analysis, with most investors using some form of it within their investment processes. In this Macro Matters edition of the FICC Focus Podcast, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey is joined by Vera Tian and Alex Montiel, Bloomberg Data Scientists working with the BI FICC research team. Tian discusses how she developed the BI Rates model for two-year inflation swaps and the work she’s doing on equity-derivative markets. Her work allows investors to determine how much the market is long or short gamma, giving a clue to potential market moves. Montiel describes the process for building the BI Rates Federal Reserve sentiment model and iterations thereof. He and Jersey note that data availability are important. Montiel also previews a fair-value model of the Treasury yield curve. In a new segment of the podcast, “Interest Rate Intro,” US Interest Rate Associate Strategist Will Hoffman asks Jersey about the repurchase agreement market — what is it, how does it work and why is it important?

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, Chief Asia FX and rates strategist Stephen Chiu and EMEA EM FX and Rates Strategist Sergei Voloboev reflect on the outlook for global currencies as we start 2023 and more specifically, on the extent to which the late 4Q 2022 dollar sell-off affects their 2023 currency outlooks, if at all. They also contemplate some relevant FX views and themes outside the dollar box for this year. Our analysts' 2023 dollar bearish narrative is intact, but this can't be a linear view and a temporary risk-off return - that could could be triggered by a wide range of drivers including a shift back to more hawkish Fed expectations, earnings disappointment and/or geopolitical jitters, China macro concerns - could revive the US dollar in 1Q.

In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes from the volatility markets in 2022 and the outlook ahead.

On this month's Masters of the Muniverse Eric Kazatsky and co-host Karen Altamirano are joined by three local men who have differing takes on the municipal landscape for 2023 and in some cases hope that their calls for the year ahead are not dashed by unforeseen forces, once again. In no particular order they are joined by Peter Degroot Head of Municipal Research and Strategy at JP Morgan, Vikram Rai Head of Municipal Strategy at Citi and Mikhail Foux Head of Municipal Research at Barclays.

The market will eventually believe that the Federal Reserve's "Put" is further out of the money meaning the central bank may keep the federal funds rate at the peak for longer than the market is pricing, says BI Chief US Rate Strategist Ira Jersey. In this Macro Matter's edition of the FICC Focus podcast, Jersey is joined by Erica Adelberg, BI Mortgage Strategist. Jersey first discusses the December Federal Reserve meeting, his market outlook, and his view that the market will eventually believe in the Fed's resolve to bring inflation down via keeping interest rates higher for longer. Adelberg then discusses the micro foundations of the mortgage-backed securities (MBS) market, from underwriting to settlement. She describes the To Be Announced (TBA) market, how it fits into the financial landscape, and gives thoughts to the affect of "specified pools" of mortgages being included in the Bloomberg Structured Products Index.

In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Christian Lawrence, Head of Cross-Asset Strategy at Rabobank. Lawrence reflects on valuations amid the ongoing position squeeze, and shares his year-ahead outlook for emerging market rates and FX. Latin America stands out as the region is rife with risk premia that is tightly correlated to thematic macroeconomic variables.

“End of the day, there was a 45-cent recovery to unsecured creditors of Lehman. Do you think that’s going to happen here [with FTX]?...It’s apples and oranges. Because Lehman had a real asset base,” Mark J. Shapiro, Shearman & Sterling Partner and Chairman of the Financial Restructuring & Insolvency group, says on this episode of Bloomberg Intelligence’s FICC Focus Podcast. FICC Focus offers the latest market views on interest rates, corporate bonds, emerging-market debt, commodities and currencies by Bloomberg Intelligence analysts. In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt’s poor performance year-to-date. BI bankruptcy litigation analyst Negisa Balluku has an in-depth feature interview with Shapiro on FTX’s sharp fall, having witnessed Lehman’s collapse as its Head of Restructuring in 2008 (8:18). Hebert, Brendel and Balluku review their latest observations of crypto, Endo International, 3M, Diamond Sports Group, Talen Energy and Cineworld (27:49). Bloomberg Intelligence will host a webinar on Cineworld’s Bankruptcy & Wider Industry Implications on Dec. 16 at 10:30 am ET. Click here to register: https://bloomberg.zoom.us/webinar/register/WN_1pvGba9SRRqKQewVpB0v1w

Treasury yields may fall further by the end of 2023, leading to positive returns for the Bloomberg Aggregate Index overall, according to Bloomberg Intelligence. In this Macro Matters edition of the FICC Focus Podcast, BI Chief US Interest Rate Strategist Ira Jersey is joined by BI Chief Credit Strategist Noel Hebert and BI Chief Mortgage Strategist Erica Adelberg to discuss their outlook for the Bloomberg Aggregate Index. Jersey notes that his view that Treasury yields could decline further by the end of next year is based on a slowing of economic activity, but with the Federal Reserve loath to ease interest rates too soon thereby causing more yield-curve inversion in 1H, followed by bull steepening (less inversion) in 2H. Adelberg sees the possibility for positive excess returns in mortgage-backed securities (MBS). She notes a lack of supply and wider spreads could bring in buyers of MBS, and that the risk of a convexity-related mortgage-refinancing wage is unlikely. Hebert says that corporate issuance may slow in 2023 and that a slower economic environment could mean modestly negative excess returns for investment-grade corporate debt. To contact the editor responsible for this story

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, along with chief Asia FX and rates strategist Stephen Chiu, reflect on next year's Global FX Outlook and assert that evolving FX drivers mean that conditions for a weaker US dollar are in place as we contemplate 2023. There are risks to the view and it's not a linear outlook, but looming inflation and rate peaks, a shift of focus from inflation to growth and a return in risk appetite mean that the case for holding dollars is weakening considerably.

On this month's Masters of the Muniverse, Eric Kazatsky and co-host Amanda Albright are joined by the Municipal Securities Rulemaking Boards; President and CEO, Mark Kim. This edition comes at a time when municipal fixed income is feeling pressure from evolutionary forces. In fact, one of the best analogies we can give, is that munis are the John Dutton of fixed income Yellow Stone ranch, and the asset class is hell bent on resisting any sort of change or threats. However, if we take a step back and look across the landscape of investing, we could all agree that more change and transparency is never a bad thing.

In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, BE's Senior UK Economist. They discuss the volatility in UK bonds and the outlook for the economy.

“We are certainly not talking about six or seven percent [federal funds target rate, but]... modestly above 5%,” Goldman Sachs Chief Interest Rate Strategist Praveen Korapaty says on this episode of Bloomberg Intelligence’s FICC Focus Podcast. In this Macro Matter’s edition, Chief US Interest Rate Strategist Ira Jersey is joined by Korapaty to discuss his team’s outlook for the Federal Reserve policy action and Treasury yields for 2023. Korapaty discusses his view that 10-year yields may climb above the recent highs and his view that interest rate cuts won’t come early. Jersey and Korapaty also discuss the transition from Libor to the secured overnight financing rate.

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging-market debt, commodities and currencies by Bloomberg Intelligence analysts. In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Kaushik Rudra, Managing Director & Global Head of Fixed Income Research at Standard Chartered Bank. Rudra shares his outlook for emerging market fixed income, as falling US treasury yields and a weaker dollar fuel the technical rally in risk assets. China remains in focus following recent steps by Beijing to alleviate pressure on the domestic economy, and property market in particular.

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, along with chief Asia FX and rates strategist Stephen Chiu, reflect on the recent euro revival and on how a sustainable euro-dollar recovery could unfold in the months and quarters to come.   

“Powell did a masterful job in neutralizing the market rally from [after the Federal Reserve] put out its statement. I think Powell did what he needed to in order to ensure they could slow the pace of rate hikes, while moving the terminal rate higher,” Bloomberg Economics Chief US Economist Anna Wong says on this episode of Bloomberg Intelligence’s FICC Focus Podcast. In this Macro Matter’s edition, Chief US Interest Rate Strategist Ira Jersey is joined by Wong to discuss the aftermath of the November Federal Open Market Committee meeting. Wong notes her view that the market is pricing for her current expectation of rate hikes. Jersey and Wong then discuss how long the Fed may keep the federal funds rate at its peak, how the future economic situation may develop, and what the Fed’s reaction function could be. Wong then produces an impromptu Fun Fed Fact segment explaining how the “dual mandate” developed in the late 1970s.

With distressed supply settling back following a test of June’s highs, Bloomberg Intelligence expects it may consolidate a bit between $100-$150 billion as seasonal trends turn supportive in December, and believes this distressed supply rise will continue, however, more likely in drawn out and steady fashion rather than quick and volatile. FICC Focus offers the latest market views on interest rates, corporate bonds, emerging-market debt, commodities and currencies by Bloomberg Intelligence analysts.  In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and distressed credit analyst Philip Brendel discuss the leisurely pace of this distressed cycle and when it may pick up. Bankruptcy litigation analyst Negisa Balluku has an in-depth feature interview with Melissa B. Jacoby, Professor of Law at UNC School of Law (7:50) and Bloomberg News distressed debt reporter Eliza Ronalds-Hannon joins the panel to share thoughts on distressed credits in the cinema and crypto spaces, as well as Bed, Bath, & Beyond, Revlon and Incora (42:40).

Hybrids have significantly underperformed in 2022 and now trade wider than their high yield brethren, a trend that could extend into 2023. Private credit continues to grow assets and influence, yet spreads trail far behind their similar named “parent” companies. Bloomberg Intelligence’s global analysis also suggests changes in discount rates could be a big benefit for pension liabilities. This month’s podcast highlights the credit implications for BT, Telefonica, Boeing, Blackstone, KKR and other business-development companies. In this Credit Chat edition, European TMT analyst Aidan Cheslin, US Financials analyst David Havens and US Industrials analyst Matthew Geudtner join Robert Schiffman to discuss declining hybrid valuations, the growth of the private credit industry and the impact of rising rates on pension underfunding.

In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Professor Gregory Besharov at the University of Oxford. They discuss the volatility in UK bonds, crypto and the housing market.

In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Rohit Goel, Director of Macro Research at Breakout Capital. Goel shares his outlook for EM currencies, as persistent dollar strength fuels the call for coordinated FX intervention. China remains the elephant in the room, and Goel shares his views following this month's Communist Party Congress.

“There is significant interest rate risk in TIPS in ETFs and Mutual Funds because they can’t necessarily get enough leverage to do a break-even trade,” Winshore Capital Partners Portfolio Manager Robert Tzucker tells Bloomberg Intelligence. In this Macro Matter’s edition of the FICC Focus Podcast, Chief US Interest Rate Strategist Ira Jersey is joined by Tzucker to discuss Treasury Inflation Protected Securities (TIPS) and other inflation linked instruments. Tzucker discusses how TIPS work, market liquidity and that he believes that TIPS are the market expectation of inflation, but the market sometimes gets it wrong. In the Fun Fed Fact segment, BI Interest Rate Strategist Angelo Manolatos reviews the October Bank of Canada and European Central Bank meetings that were relatively dovish to expectations. Jersey then answers the question of how this week’s central bank decisions might affect near-term Federal Reserve announcements.

"Who would have thought LDI would be in the popular press in my whole career?" says David Eichhorn, CEO of NISA Investment Advisors on this edition of the FICC Focus Podcast. In this Macro Matters edition of the FICC Focus Podcast, Eichhorn joins BI Chief US Interest Rate Strategist Ira Jersey to discuss Liability Driven Investments (LDI), particularly US Defined Benefit pension plan, which he helps manage. Eichhorn discusses how LDI investments differ from other types of plans, how his firm manages risk, and his view for the future of the pension industry. During a discussion about if US pensions could contribute to a market move similar to what occurred in the UK in the recent past, Eichhorn notes that US plans take much less interest risk and manager derivative collateral much differently than their cousins across the pond. The show's Fun Fed Fact segment takes a bit of a turn when BI Interest Rate Strategist Angelo Manolatos and Jersey discuss the Treasury Refunding dealer questions about potential Treasury buybacks and TIPS issuance.

Jonathan Mondillo, head of North American fixed income at Abrdn Plc, talks about his outlook for state and local debt after a rough 2022.

Global banks are much better positioned from a capital and liquidity perspective than they were heading into the 2008 financial crisis, yet pockets of concern are beginning to percolate. Bloomberg Intelligence’s analysis suggests solid credit quality is supported by considerable liquidity, but potential funding needs for U.S. Bancorp, PNC Financial, Truist and Mitsubishi UFJ may create bond-pricing anomalies, while Credit Suisse’s ultimate fate is a major question mark. In this Credit Chat edition, Senior US, European and Asia Bank Analysts Arnold Kakuda, Jeroen Julius and Pri de Silva join Robert Schiffman, to share their views on bank balance-sheet flexibility, rising funding needs and increased volatility of bond and credit-default swap prices.

In our latest FX Moment Podcast, the host, Bloomberg Intelligence (BI) Chief G10 FX Strategist Audrey Childe-Freeman, along with Chief Asia FX and Rates Strategist Stephen Chiu reflect on the 4Q FX Outlook, with the US dollar bullish drivers arguably priced in and the currency looking stretched and overvalued, but a catalyst for a turnaround has yet to be identified. Our FX Strategists also touch on the theme of FX interventions, which may become more frequent in some cases, but when unilateral in nature, aren't likely to sustainably reverse the trend.