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.

It appears the US government is poised to reopen, with a vote in Congress over the weekend the first step towards this happening.