Bondcast - The Rates Podcast

This week Joann Spadigam is joined by Deepika Dayal and Paul Robson to discuss the latest news for the UK and US economies. With stronger than expected GDP growth in the UK, and an easing of trade tensions between the US and China, what next for monetary policy and market sentiment on both sides of the Atlantic? They also examine the European economic landscape and the potential effects of fiscal policy and trade negotiations on growth and inflation.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 15 May 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week, Imogen Bachra is joined by Joann Spadigam and Stuart Sparks to talk the hawk following recent Bank of England and Fed interest rate decisions. They also examine the political landscape in Germany and its potential impact on fiscal policy, as well as the European Central Bank's stance in light of current market expectations.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 08 May 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode Imogen Bachra and Brian Daingerfield discuss the latest developments in tariffs, the future of Fed chair Jerome Powell, and the recent UK gilt remit revision. They explore how market reactions are influenced by tariff negotiations, the implications of Powell's potential removal, and the Bank of England's approach to monetary policy amid changing economic conditions. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 24 April 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week host Imogen Bachra is joined by Brian Daingerfield, Stuart Sparks and Joann Spadigam to discuss rates and FX markets in the UK, US and Europe. What can we expect next, and where might we go from here in terms of central bank monetary policy decisions? Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 10 April 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this crossover episode of Bondcast and Currency Exchange, Imogen Bachra is joined by Brian Daingerfield and Oriane Parmentier to discuss all things tariffs, and the political situation in France. It's not just markets that are surrounded by uncertainty. How the Fed will dictate interest rates now seems less clear than it did just a few weeks ago, owing to likely higher inflation alongside weaker growth expectations. In France meanwhile, will Marine Le Pen's criminal conviction lead to a crisis?Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 3 April 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week Imogen Bachra, Joann Spadigam and Stuart Sparks discuss the UK Spring Statement, its implications for the UK fiscal situation, and the upcoming tariff announcements affecting Europe. They also analyse the latest profit and productivity data from the US, providing insights into market reactions.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 27 March 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week, Imogen Bachra is joined by Joann Spadigam and Stuart Sparks to discuss recent interest rate decisions at the Bank of England and the Fed. They also talk the upcoming Spring Statement in the UK, fiscal developments in the Euro area, and the Federal Reserve's announcement regarding quantitative tightening.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy. This episode was recorded on 20 March 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In a week of shifting market sentiment, Imogen Bachra is joined by Stuart Sparks and Joann Spadigam to discuss rates in the US, Europe and the UK. All eyes are on the Fed and the European Central Bank as they prepare for base rate decisions next week, amid fiscal and economic uncertainties. And it's more wait and see for the Bank of England.  Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 13 March 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

With International Women's Day upon us, this week's all-female line-up tackles the latest news from rates markets. The European Central Bank (ECB) cut rates to 2.5%, but it is Europe's revised defence budget that is the real focus for markets. Elsewhere, the Federal Reserve looks to be out of its cutting cycle for 2025 and in the UK what are we to make of modest yield rises?Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.NB. This episode was recorded on 6 March 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

Welcome to a special edition of Bondcast, where we dive into the geopolitical events shaping markets. Host Imogen Bachra is joined by Scott Livingstone, NatWest Group's international advisor, and Bondcast regular Joann Spadigam, to discuss the intersection of geopolitics and interest rates.Key topics include the possible Russia-Ukraine peace deal, the future of European defence spending, China's strategic silence and the Iran factor.Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.NB. This episode was recorded on 26 February 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode, Imogen Bachra is joined by Stuart Sparks and Joann Spadigam to discuss the latest news, events and data shaping rates markets. In Europe they cover the impact of the Russia-Ukraine conflict on European defence spending and the implications of the upcoming German elections. Elsewhere they analyse the Fed's wait-and-see approach, and the current economic data and inflation outlook in the UK. Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.NB. This episode was recorded on 20 February 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode of Bondcast, Imogen Bachra, Joanne Spadigam, and Deepika Dayal discuss the latest trends in rates markets, focusing on inflation data, labour market dynamics, and central bank policies in the US and UK. They analyse the implications of recent inflation reports, the Fed's potential reactions, and the Bank of England's stance after last week's interest rate decision. They also cover the recent UK gilt syndication, as well as the economic outlook for the euro area and the European Central Bank's neutral rate estimates.Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 13 February 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode, Imogen Bachra, Brian Daingerfield and Oriane Parmentier discuss the latest developments in rates markets, focusing on trade war dynamics, tariff policies and the implications for markets. They also discuss the recent rate cut by the Bank of England, the evolving economic data landscape in the US, and the fragile French political backdrop.Remember to hit subscribe so you can listen to the latest episode in this series as soon as it's available and get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 6 February 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlLinks

This week Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to talk all things rates and, uniquely for the team, how change may be afoot for pensions in the Netherlands and the UK. While the Fed predictably held rates in the US, the ECB predictably cut them in Europe, but what to make of the data supporting these moves? What of terminal rates? If you have a view of where UK rates will be at the end of '25, please vote in our LinkedIn survey, and we'll discuss the results in next week's episode.  Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available to get our views on the big themes and events moving markets and shaping the economy in 2025.  NB. This episode was recorded on 30 January 2025.  For any terms used please refer to this glossary Please view our full disclaimer here   

This week the Bondcast team discusses strong wage inflation data in the UK, which, combined with sluggish output growth, poses a policy dilemma for the Bank of England. Elsewhere they examine recent US data, Donald Trump's plans and whether the strong economic start for the year will affect the Fed's terminal rate for the year. Plus, what to expect ahead of the European Central Bank's upcoming rates decision?Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available to get our views on the big themes and events moving markets and shaping the economy in 2025. NB. This episode was recorded on 23 January 2025. For any terms used please refer to this glossary Please view our full disclaimer here   

With soft-ish inflation prints in the UK and beyond, are we at the start of a trend? Separating the signals from the noise this week are host Imogen Bachra, Deepika Dayal and Joann Spadigam, who share news and views on all things rates - including their takes on when we may see further central bank cuts, and what to make of supply dynamics in Europe.  Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025. NB. This episode was recorded on 16 January 2025. For any terms used please refer to this glossary Please view our full disclaimer here   

It's early 2025 and yields are as high as December's party spirits. This week host Imogen Bachra is joined by Kevin Cummins and Joann Spadigam to talk UK government bond moves, a cutting-cautious Fed, and a dovish European Central Bank keen to boost economic growth. Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 9 January 2025.For any terms used please refer to this glossaryPlease view our full disclaimer here   

Following a 25 basis point cut by the European Central Bank (ECB), host Joann Spadigam is joined by Kevin Cummins and Ross Walker to dissect the nuance of central bank positions. As we enter 2025, how are markets thinking about key economic data prints? And what are the likely cutting patterns as we proceed further into easing cycles?Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 12 December 2024.For any terms used please refer to this glossaryPlease view our full disclaimer here   

This week host Joann Spadigam is joined by guests Oriane Parmentier and Kevin Cummins to update on recent events shaping rates markets. All eyes, of course, are currently on France, where political turmoil is influencing spreads, while in the euro area what can we expect ahead of a rates decision next week? Finally, they discuss what to expect from US employment data, and how the Fed may react. Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 4 December 2024For any terms used please refer to this glossaryPlease view our full disclaimer here 

In this special edition of Bondcast, Imogen Bachra is joined by Brian Daingerfield and Joann Spadigam to discuss some key themes from our Year Ahead 2025 report, an in-depth guide to what will be shaping economies and markets over the coming 12 months. Following a year of change at the ballot box, new governments have made political promises and fiscal commitments, with increases to government debt on the horizon. How these decisions affect inflation and therefore terminal bank rates is an open-ish question… but the answer is not lower. Finally, they discuss the political backdrop going into 2025, and crucially, how markets are thinking about Trump 2.0. Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 21 November 2024For any terms used please refer to this glossary Please view our full disclaimer here

This week it's a podcast crossover, as Imogen Bachra and Brian Daingerfield deliver a Bondcast-meets-Currency Exchange special. High on the agenda is what the magnitude of Donald Trump's election victory means for currencies and policy rate decisions, both in the near and long-term, as the US faces tax cuts and importers look set for tariffs. Away from the polls, both the Fed and the Bank of England cut rates this week by 25 basis points. To what extent were they both doing so with revised outlooks for future inflation? Listen in to find out. This episode was recorded on 8 November 2024For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlRemember to subscribe so you can listen to our latest episodes as soon as they're available – and hit the ‘like' button so it's easier for others to find. And if you have any questions you'd like answered on the podcast, reach out directly or on Bloomberg – or email bondcast@natwest.com.

Join host Joann Spadigam, and guests Deepika Dayal and Ross Walker as they analyse a busy week for rates markets. In the UK, markets are processing a higher than expected set of Government borrowing needs, so what might this mean for the Bank of England's terminal rate in 2025? And in the EU, the European Central Bank (ECB) may also look to cut less aggressively next year. Meanwhile, in the US there's a presidential election/Fed decision mashup for markets to consider, with both long- and short-term implications for the economy. We did say it's been busy. This episode was recorded on 31 October 2024

This week Imogen Bachra is joined by Brian Daingerfield and Giovanni Zanni to discuss rates moves in the US, the UK and Europe. What was an un-callable US presidential race based on polling data has become a tussle in betting markets, with Trump the clear favourite. Meanwhile in the UK, the prospect of new fiscal rules is giving markets something to think about, and in Europe dovish tones are affecting the rates outlook. Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.  NB: This was recorded on 24 October 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlPlease note that captions are automatically generated.

The European Central Bank (ECB) surprised few by cutting its base rate by 25 basis points (bp) on Thursday, but was there anything to learn from the messaging around its decision? This week host Imogen Bachra and Joann Spadigam scrutinise the latest from rates markets and central banks, where data dependence on inflation remains à la mode in the UK and Europe. Lastly, they look ahead to British Chancellor Rachel Reeves' first Budget, and whether the market may be surprised by the overall funding requirement. (Hint: they think so). This episode was recorded on 17 October 2024.For any terms used please refer to https://www.natwest.com/corporates/insights/markets/glossary.html.Please view our full disclaimer https://www.natwest.com/corporates/disclaimer.html.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. 

This week the Bondcast team unpicks higher-than-expected Consumer Price Index data in the US, and shares where they think rates will go from here. In the UK, recent yield increases have met our targets, but how might upcoming data next week affect the curve? They also debrief on the French Budget and look ahead to the next European Central Bank decision on rates. This episode was recorded on 10 October 2024.For any terms used please refer to https://www.natwest.com/corporates/insights/markets/glossary.html.Please view our full disclaimer https://www.natwest.com/corporates/disclaimer.html.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.

This week Imogen Bachra and Joann Spadigam ruminate about rates markets on either side of the Channel. In the UK, markets appear to be waking up to fiscal concerns, and have had to take into account recent remarks from Bank of England governor Andrew Bailey. Meanwhile, how might the euro area's falling inflation affect future decisions on rates? Finally, to France, where markets are waiting for next week's budget. This episode was recorded on 3 October 2024.For any terms used please refer to https://www.natwest.com/corporates/insights/markets/glossary.html.Please view our full disclaimer https://www.natwest.com/corporates/disclaimer.html.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.

This week, host Joann Spadigam is joined by Deepika Dayal and Ross Walker to discuss all things rates. In Europe, what is the market's attitude towards October's European Central Bank meeting, and what is happening to spreads in euro-denominated debt? In the UK the Labour conference had analysts pouring over signs for a shift in fiscal policy, while the Fed's focus on employment numbers takes centre stage in the US.This episode was recorded on 26 September 2024.For any terms used please refer to https://www.natwest.com/corporates/insights/markets/glossary.html.Please view our full disclaimer https://www.natwest.com/corporates/disclaimer.html.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.   

This week Ross Walker and Kevin Cummins discuss central bank rates decisions in the US and the UK. Markets had all caught up by the time the Fed announced its 50 basis point cut, but remain less certain about further cuts in 2024 and how to interpret employment figures. In the UK, the Bank of England's decision to hold rates was arguably hawkish, but spurred by that familiar bugbear... high services inflation. Looking ahead, how might the UK's fiscal approach affect the terminal rate of this current easing cycle? This episode was recorded on 19 September 2024.For any terms used please refer to https://www.natwest.com/corporates/insights/markets/glossary.html.Please view our full disclaimer https://www.natwest.com/corporates/disclaimer.html.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.

With the cutting cycle among major central banks under way, Giovanni Zanni, Kevin Cummins and Paul Robson talk all things rates markets. Ahead of the much anticipated rate decision at the Fed next week, the mood is very much for a 25 basis point (bp) cut in the US – even if the door is open just enough to allow for 50. In the UK, the next decision on rates seems more finely balanced following a close decision to cut in August. In Europe, a further cut of 25bp on Thursday seemed almost inevitable. Looking longer term, however, where might terminal rates eventually settle?NB: This was recorded on 12 September 2024.For any terms used please refer to this glossary.Please view our full disclaimer here.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.

In an early ode to autumn, our Bondcast trio predict a season of missed targets and not-so-mellow economic conditions. This week host Imogen Bachra is joined by Joann Spadigam and Deepika Dayal to catch up on how late summer's fruitful developments have affected bond markets, and where they go from here. In the US, all eyes are on jobs numbers and whether the Fed will cut in 50 or 25bp clips. And in France it's bonjour to incoming PM Michel Barnier… but will his appointment soothe the political pangs? The early protests suggest not. Not so much an ode to autumn as an oh dear. NB: This was recorded on 5 September 2024.For any terms used please refer to this glossary. Please view our full disclaimer here.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.

It's been a big week for rates markets. Imogen Bachra, Joann Spadigam, and Kevin Cummins dig into the Federal Reserve's decision to keep interest rates on hold, and whether markets are right to expect a cut as soon as September. Speaking of cuts, we take a closer look at the Bank of England's decision to trim 25 basis points off the Bank Rate – the first cut in 4 years – and what that means for UK interest rates in the months ahead. Finally, the Bondcast crew dig into recent euro area GDP and inflation figures and discuss what that means for future rate cuts from the European Central Bank.  We'll be taking a break from the podcast the rest of August, but we'll see you all again in September.NB: This was recorded on 1 August 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

Joe Biden's withdrawal from this year's presidential race means “Veep” Kamala Harris will likely face Donald Trump. How are markets affected? This week Imogen Bachra is joined by Brian Daingerfield and Joann Spadigam to discuss not only US politics, but the run-up to another finely-balanced interest rates decision in the UK and the impact of pension reform in France. This episode was recorded on 25 July 2024.For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

Not so good news for the doves on the Bank of England's Monetary Policy Committee, as persistent services inflation may yet stall an August rate cut. This week Imogen Bachra and Joann Spadigam read the runes on UK and European markets, and share their views on yield curves.This episode was recorded on 18 July 2024.For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week host Joann Spadigam is joined by Kevin Cummins to talk rates news in Europe and the US. With more good data on inflation, might the Fed change its stance on when to reduce rates? Maybe, maybe not, but with more data on the way, it can bide its time. In France, what does the latest round of election news mean for euro spreads?  Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.This episode was recorded on 11 July 2024.For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

While the UK election results lit few fireworks for markets, the same can't be said of political events elsewhere. This week host Imogen Bachra is joined by Brian Daingerfield and Joann Spadigam to talk about the fiscal challenge facing the UK, in the US how betting markets view a Joe Biden victory (or drop-out) amid many permutations, and in France what we can expect from the second round of voting in the parliamentary elections.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.This episode was recorded on 5 July 2024.For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.html  Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html 

Ahead of elections in France and the UK, how are markets pricing in possible outcomes? This week Imogen Bachra and Joann Spadigam consider how bonds are being affected and what clues markets are looking for. While they're confident that a Labour victory has been priced in to current spreads, across the channel there is far less certainty about the eventual political outcome.  This episode was recorded on 27 June 2024. For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

With inflation now at its target, what were the prospects that the Bank of England would cut its base rate? Not much, according to Imogen Bachra and Joann Spadigam, who this week look at both the reasons for a hold, and whether the Monetary Policy Committee is becoming just a bit more dovish. Hint: it is. Away from the UK, they cover elections in France and Germany's Q3 funding update.  This episode was recorded on 20 June '24. For any terms used please read our glossary. Please view our full disclaimer here.

This week Imogen Bachra is joined by Deepika Dayal and Joann Spadigam to talk all things bonds. From the political backdrop affecting market confidence to the details of dot plots, the trio cover major developments in the US, the UK and the eurozone.   This episode was recorded on 13 June '24. For any terms used please read our glossary. Please view our full disclaimer here.

At 25bps the European Central Bank's (ECB) first interest cut may not have been the deepest, but the ECB is still ahead of the Fed and the Bank of England in its easing cycle. Looking to the prospects of further cuts in the year, Joann Spadigam and Kevin Cummins go beyond Europe and focus on how the Fed is being guided by data.This episode was recorded on 6 June 2024.For any terms used please refer to our glossary.Please view our full disclaimer here.

This week Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to discuss major bond markets. High on the agenda is what to expect in the run up to a likely cut in rates next week by the European Central Bank. They also discuss how elections are shaping rates markets and ask why quantitative tightening is a growing topic.   This episode was recorded on 30 May 2024.For any terms used please refer to our glossary.Please view our full disclaimer here.

This week host Imogen Bachra is again joined by Deepika Dayal and Giovanni Zanni to discuss not just rates, but how political developments in the UK and Europe are affecting markets. In the UK, the starting gun has fired for a July general election, while in the EU, parliamentary elections are also looming. Away from the ballot box, it's starting to feel like monetary Groundhog Day: stronger than expected print data looks likely to keep rates higher for longer.Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available.This episode was recorded on 23 May 2024. For any terms used please refer to our glossary:https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week host Imogen Bachra is joined by Deepika Dayal and Giovanni Zanni to discuss all things rates. In the US, how does the Fed's preferred inflation gauge compare with retail sales prints? Elsewhere, markets are contending with some important jobs data in the UK, while in Europe, what could derail a rate cut in June? Very little, it seems.  Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. This episode was recorded on 15 May 2024. For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here:https://www.natwest.com/corporates/disclaimer.html 

This week, Imogen Bachra, Joann Spadigam, and John Briggs discuss how markets are digesting this week's ‘dovish hold' from the Bank of England, and the pace of UK monetary policy easing in the months ahead. They also share their thoughts on monetary policy divergence across regions and the impact on bond markets.Remember to hit ''follow' so you can listen to our latest episodes as soon as they're available – and hit the ‘like' button so it's easier for others to find. And if you have any questions you'd like answered on the podcast, reach out directly or on Bloomberg – or email bondcast@natwest.com. NB: This was recorded on 9 May 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html 

This week host Imogen Bachra is joined by Kevin Cummins and Joann Spadigam to discuss how major central banks are approaching monetary policy. In the US, the Fed held rates and expectations for a cut are further adapting to strong inflation data. The picture is quite different in Europe, while in the UK, all eyes are on the Bank of England's next meeting. Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. This episode was recorded on 2 May 2024. For any terms used please refer to our glossary:https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html 

This week Imogen Bachra, John Briggs and Joann Spadigam discuss market surprises, with strong inflation in the US, strong purchasing manager sentiment in Europe and a strong suggestion from the Bank of England's Huw Pill that UK rates may not fall before June. Aside from the immediate figures and updates, they discuss supply, long-term debt qualms and who's led by the Fed.   Remember to hit 'follow' so you can listen to our latest episodes as soon as they're available – and hit the ‘like' button so it's easier for others to find. And if you have any questions you'd like answered on the podcast, reach out directly or on Bloomberg – or email bondcast@natwest.com. NB: This was recorded on 25 April 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

This week host Imogen Bachra is joined by John Briggs and Joann Spadigam to discuss bond market movements. With scant evidence of grand disinflation in the US, the panel ask whether the Fed may cut rates at all this year, and what the markets may price in. In the UK, what should we make of recent inflation data which contained upside surprises, while in Europe, how acceptable are Italian and French national debt levels? Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. NB: This was recorded on 18 April 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html 

This week host Imogen Bachra is joined by Joann Spadigam and Deepika Dayal to pick over recent developments in bond markets. Much of the focus this week was on developments in the US, where higher than expected inflation is thwarting the Fed's scope to cute rate this summer (we've revised our forecasts). Quite what this means for policies in Europe and the UK is uncertain, but divergence is the watchword.   Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. N.B This was recorded on 11 April 2024. For any terms used please refer to our glossary: https://www.natwest.com/corporates/insights/markets/glossary.html  Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html 

This week host Joann Spadigam and Kevin Cummins review their expectations for central bank rate cuts later this year. While economic data have surprised in the US, they don't think it's enough to dramatically change the Fed's position. But with more data on the way, it's a case of wait and see. In Europe, the broad inflation news is in line with the European Central Bank's expectations, and an April cut still seems unlikely.  Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. NB: This was recorded on 4 April 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html Please note that captions are automatically generated.

This week host Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to talk about the latest developments in the US, the UK and Europe. With rates on hold, however, there is still lots for market participants to mull over from recent central bank updates, as the risks of inflation persist. June is still on the table for the Fed's first rate cut, while at the Bank of England no member of the Monetary Policy Committee voted for a rate hike. From Europe, we hear about what clients have to say.   Bondcast is away for Good Friday but will return on 5 April. Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. NB: This was recorded on 21 March 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html Please note that captions are automatically generated.

This week Imogen Bachra and Jan Nevruzi dissect US inflation figures and look ahead to a Fed meeting that promises an update on Quantitative Tightening policy, among other things. Will it be enough to upset the relative calm of late and move markets? They also analyse what may happen next week in the UK and look at whether the European Central Bank is still expected to cut rates in June.   Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. NB: This was recorded on 14 March 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html Please note that captions are automatically generated.

This week Imogen Bachra, Joann Spadigam and Jan Nevruzi share key takeaways from recent events in the UK, Europe and the US. At the European Central Bank, did new inflation figures give a better indication of when it might cut rates? In the UK, a predictable Spring Budget yielded little drama for markets, while in the US Fed Chair Jerome Powell testified in front of Congress.    Remember to hit ‘subscribe' or ‘follow' so you can watch or listen to the latest episode of Bondcast as soon as they're available. NB: This was recorded on 7 March 2024. For any terms used please refer to this glossary:  https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html Please note that captions are automatically generated.