Fixed Income
Fixed Income
Fixed Income
Global Fixed Income 3Q25 Outlook (Multi-Sector)
Attractive yields persist, but tight spreads and uncertainty call for quality, active selection, and careful duration management.
Convertibles 3Q25 Outlook
Convertible bonds continue to exhibit asymmetric characteristics, with the potential to participate in equity market upside while helping manage downside risk, supported by a strong issuance environment and disciplined positioning.
High Yield 3Q25 Outlook
High yield markets continue to benefit from strong fundamentals and resilient demand, despite tighter spreads and limited new issuance. We believe attractive yields and improving credit quality support a constructive outlook.
Emerging Markets Debt 3Q25 Outlook
Emerging markets debt is supported by strong fundamentals, potential USD weakness, and evolving allocation trends that may favor sovereign and corporate issuers.
Top 5 Muni Market Insights
MacKay Municipal Managers’ Top 5 Muni Insights, shaped by first-half 2025 trends, spotlight compelling yields, resilient credit fundamentals, and opportunities for active investors amid record supply and market inefficiencies.
Navigating the Balance Between Technical Momentum and Fundamental Fragility
Strong technicals continue to support credit markets, but growing fundamental fragilities demand selective, bottom-up scrutiny.
Macroeconomic 3Q25 Outlook
Trade de-escalation supports modest growth, but inflation risks, housing headwinds, and weaker labor supply may limit momentum and delay Fed easing.
Multi-Asset
Multi-Asset
Multi-Asset
Macro in the Midyear Sun
Geopolitics, policy shifts, and inflation risks are reshaping markets, prompting more intentional diversification.
Slowdown on the Horizon…
Despite early-year resilience, rising geopolitical uncertainty and weakening confidence point to an impending economic slowdown.
The Law of the Strongest
In an increasingly fragmented global economy, strength in fundamentals, policy, and adaptability will define tomorrow’s market leaders.
Equities
Equities
Equities
Mid-year Global Economic & Global Equity Outlook
Global equities are rebounding amid easing tariffs and structural tailwinds like AI, infrastructure, and decarbonisation.
Mid-year Economic & Equity Market Outlook
Australia’s economy remains resilient, supported by stable growth, trade strength, and structural investment themes.
Infrastructure Earnings Outlook
Essential infrastructure is positioned to deliver relatively stable earnings growth, with current valuations and macro tailwinds potentially creating an attractive entry point.