Tariffs have largely faded into the background as central bank activity and fiscal sustainability concerns came to the fore. We review recent developments and explore what’s next.

Are we approaching the end of a rate cutting cycle? There does appear to be a dampening of several key themes, reflected in the dollar finally plateauing a little after a tumultuous 12 months. Read our weekly snapshot of global fixed income markets.

Resilient growth and rising markets mask underlying structural tensions – the risks of a misstep are accumulating. We assess the balance for investors.