FICC Focus

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of US Rates Strategy. On this Macro Matters episode of the FICC Focus podcast series, Marshall joins host Ira Jersey, BI’s chief US rates strategist, to discuss rate volatility’s move lower, expectations for the Federal Reserve’s monetary and balance sheet policy, the Treasury yield curve and the relationship of swap spreads and Treasury yields. They also examine Goldman’s outlook for Treasury supply.

The Macro Matters podcast is part of BI’s FICC Focus series.

"Helping... investors to really understand what they could get in these markets is helpful because I think it is where our economy is moving, and we all want to be able to benefit from that growth," says Wellington's Director of Private Credit Emily Bannister, when discussing the shift to privately owned companies. Bannister joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about public-private convergence, leveraging Wellington's deep public market history, transitional real estate and growth equity. The two also touch on private credit in oil infrastructure, and positioning the business for growth.

Credit and high yield had a good 2025 despite tariffs and rate volatility, as spreads held their ground. Will 1Q sustain this resilience, and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 1Q26 Investor Survey and the market outlook with Ashwin Palta, global high yield PM at BNY Investments Newton. They discuss tight spreads, Fed actions and impending US tech sector supply into Europe, along with distress and default rates. This podcast also covers survey results on investor positioning, sentiment, key return drivers, supply forecasts and relative value across asset classes (high grade vs. junk), geography (Europe vs. US), ratings and sectors.

The G-10 FX narrative has mainly been dollar- and structurally driven year-to-date, while euro headlines have been sidelined. This could change into 2H as European fiscal stimulus starts to lift the region’s economic narrative and validates the ECB-driven relative yield advantage into 2H. In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Constantin Bolz, Head of G-10 FX for UBS’s Chief Investment Office, focus on the euro side of the bullish euro-dollar view and how a cautiously optimistic euro macro narrative can be consistent with a euro-dollar break of $1.20. They also present their strongest G-10 FX convictions for the year — on pro-cyclical currencies including the Aussie dollar and the Norwegian krone — and touch on expected Swiss franc and yen fortunes for 2026.

“It is the inconsistency of decisions which oftentimes bedevils a company’s ultimate success. You create that consistency. You can also push decisioning down from the C-suite into the next operating level. That creates dynamism and speed in decision-making. Speed in decision-making creates faster turns in the capital in the business,” says Andrew Milgram, managing partner and chief investment officer of Marblegate Asset Management. Milgram discusses how his firm works with portfolio companies to improve processes for better operational outcomes in this episode of the State of Distressed Debt podcast. In his hour-plus conversation with Bloomberg Intelligence’s Noel Hebert and Phil Brendel, Milgram shares his perspective on how Marblegate’s direct-investing approach and focus on the middle market de-emphasizes the credit cycle. He also discusses First Brands Group, liability management exercises and his outlook for 2026. The podcast concludes with BI’s Negisa Balluku joining to break down the latest legal developments at First Brands and Serta, followed by a discussion with Brendel and Hebert around Saks’ DIP battle with Amazon and Axonic.