Bondcast - The Rates Podcast

A cut in the US, but what’s in store for UK rates?

12 Dec 2025

Contributed by Lukas

In this week’s Bondcast, Joann Spadigam is joined by Stuart Sparks and Paul Robson to discuss policy updates in the US, the UK and Europe. Following...

When all is Fed and done

24 Nov 2025

Contributed by Lukas

In this special edition of Bondcast, host Tim Phillips is joined by Paul Robson, Joann Spadigam and Stuart Sparks to ask what lies ahead in bond marke...

Decisions, decisions for central bank policymakers

31 Oct 2025

Contributed by Lukas

In this week’s Bondcast, Joann Spadigam is joined by Deepika Dayal and Paul Robson to discuss the outlook for next week’s interest rate decision f...

All about cuts

24 Oct 2025

Contributed by Lukas

In this week’s Bondcast, host Joann Spadigam is joined by Paul Robson and Ian Vanderdorn to discuss rates markets. They analyse the UK’s latest in...

What’s behind the market rally?

17 Oct 2025

Contributed by Lukas

This week, host Joann Spadigam and guests explore a change in the fortunes of fixed-income assets, led by gilts and comments from the Bank of England ...

Our take on the crises in France and the US

10 Oct 2025

Contributed by Lukas

With fresh turmoil in the French parliament, this week's host Ian Vanderhorn is joined by guest Oriane Parmentier to talk about what might happen...

What to make of the US shutdown

03 Oct 2025

Contributed by Lukas

This week host Joann Spadigam is joined by Ian Vanderhorn to analyse what the US Government shutdown means for markets, and the data they rely on. The...

No alarms and no surprises

19 Sep 2025

Contributed by Lukas

In this episode of Bondcast, host Ian Vanderhorn and guests discuss recent monetary policy decisions made by the Bank of England (BoE) and the Federal...

Mixed messages from global central banks

12 Sep 2025

Contributed by Lukas

This week host Joann Spadigam is joined by Oriane Parmentier and Ian Vanderhorn to discuss key economic indicators and political developments affectin...

Bond markets go back to school

05 Sep 2025

Contributed by Lukas

As the Bondcast team returns from summer, they discuss recent movements in rates markets, focusing on fiscal concerns in the UK, expectations for the ...

A cut for UK rates in August, but will the Fed follow suit in September?

11 Aug 2025

Contributed by Lukas

It wasn't the first cut in the cycle, nor at 25 basis points was it the deepest, but there was still plenty to talk about following the Bank of E...

A hold in the US, but the devil is in the details

01 Aug 2025

Contributed by Lukas

This week Joann Spadigam, Kevin Cummins and Ian Vanderhorn focus on the Federal Reserve's decision to hold rates in the US. They analyse the stan...

Central bank spotlight

25 Jul 2025

Contributed by Lukas

This week, it's all about central banks. Host Joann Spadigam is joined by Paul Robson and Deepika Dayal to discuss the ECB's recent interest...

UK and US policy in the spotlight

18 Jul 2025

Contributed by Lukas

Joann Spadigam, Paul Robson and Ian Vanderhorn take a closer look at the latest UK data and the potential impact on the Bank of England’s thinking a...

Complacency, complexity and complications

11 Jul 2025

Contributed by Lukas

In this episode of Bondcast, Joann Spadigam and Stuart Sparks discuss the current state of tariffs and trade deals, particularly in relation to the US...

Where there's a Bill, there's a way

04 Jul 2025

Contributed by Lukas

This week, Joann Spadigam, Paul Robson and Ian VanderHorn discuss recent developments in bond markets, focusing on gilt market volatility, the Bank of...

Normal service resumes?

26 Jun 2025

Contributed by Lukas

This week, Joann Spadigam is joined by Kevin Cummins, Paul Robson and Stuart Sparks to discuss the recent geopolitical shifts and the impact on market...

Interest rate holds and global uncertainty

20 Jun 2025

Contributed by Lukas

This week Joann Spadigam is joined by Paul Robson in a Bondcast/Currency Exchange crossover to talk about interest rate holds in the UK and US. Were t...

Italy's hot, but France not so much as spreads near to zero

19 Jun 2025

Contributed by Lukas

This week, Joann Spadigam, Giovanni Zanni, and Oriane Parmentier discuss the convergence of Italian and French yields. As the spread nears zero, they ...

What to expect ahead of UK and US rate decisions

13 Jun 2025

Contributed by Lukas

In this episode, Joann Spadigam, Paul Robson and Stuart Sparks discuss recent economic data in the UK, including inflation and labour market statistic...

ECB on summer break, but what about the UK and US?

06 Jun 2025

Contributed by Lukas

This week Joann Spadigam, Paul Robson and Stuart Sparks discuss the recent European Central Bank meeting, interest rate projections, and the implicati...

Japan, UK issuance, and another tariff re-de-escalation

30 May 2025

Contributed by Lukas

With Japan’s bond markets making headlines, Joann Spadigam is joined by Paul Robson and Stuart Sparks to analyse market sentiment and discuss the br...

A curse on curves?

23 May 2025

Contributed by Lukas

With high long-end yields in the UK and the US, Joann Spadigam is joined by Paul Robson and Stuart Sparks to analyse market sentiment, and discuss why...

Growth returns, but what about inflation?

16 May 2025

Contributed by Lukas

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 expecte...

A hawkish cut and a hawkish hold

09 May 2025

Contributed by Lukas

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 decisio...

De-escalation helps markets, but UK yields remain high

25 Apr 2025

Contributed by Lukas

In this episode Imogen Bachra and Brian Daingerfield discuss the latest developments in tariffs, the future of Fed chair Jerome Powell, and the recent...

What to make of recent market events?

11 Apr 2025

Contributed by Lukas

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 Europ...

The market reacts to tariffs, but where to from here?

04 Apr 2025

Contributed by Lukas

In this crossover episode of Bondcast and Currency Exchange, Imogen Bachra is joined by Brian Daingerfield and Oriane Parmentier to discuss all things...

UK Spring Statement, market signals and more

28 Mar 2025

Contributed by Lukas

This week Imogen Bachra, Joann Spadigam and Stuart Sparks discuss the UK Spring Statement, its implications for the UK fiscal situation, and the upcom...

Unchanged melody?

21 Mar 2025

Contributed by Lukas

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. T...

Risks have returned, but will the shocks continue?

14 Mar 2025

Contributed by Lukas

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...

A cut in Europe, but questions abound

07 Mar 2025

Contributed by Lukas

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...

Geopolitics, markets and military might

27 Feb 2025

Contributed by Lukas

Welcome to a special edition of Bondcast, where we dive into the geopolitical events shaping markets. Host Imogen Bachra is joined by Scott Livingston...

Europe will emerge stronger?

21 Feb 2025

Contributed by Lukas

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 Eur...

Strong US labour data, but the Fed remains patient

14 Feb 2025

Contributed by Lukas

In this episode of Bondcast, Imogen Bachra, Joanne Spadigam, and Deepika Dayal discuss the latest trends in rates markets, focusing on inflation data,...

The trade war whiplash

07 Feb 2025

Contributed by Lukas

In this episode, Imogen Bachra, Brian Daingerfield and Oriane Parmentier discuss the latest developments in rates markets, focusing on trade war dynam...

A hold, a cut and pension fund tweaks

31 Jan 2025

Contributed by Lukas

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...

Dilemmas, Donald and de-risking

24 Jan 2025

Contributed by Lukas

This week the Bondcast team discusses strong wage inflation data in the UK, which, combined with sluggish output growth, poses a policy dilemma for th...

“One swallow doesn’t make a summer” (16 January '25)

17 Jan 2025

Contributed by Lukas

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 B...

Rising borrowing costs in the UK, but is it alone?

10 Jan 2025

Contributed by Lukas

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 ...

The three kings of central banking: ECB, Fed and BoE

13 Dec 2024

Contributed by Lukas

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 nuanc...

A new French PM, future cuts by the ECB and US employment data

05 Dec 2024

Contributed by Lukas

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 c...

The Year Ahead 2025: Rates markets and the fiscal cliffhanger

29 Nov 2024

Contributed by Lukas

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 2...

US election special: what the Trump victory means for markets (8 November '24)

08 Nov 2024

Contributed by Lukas

This week it’s a podcast crossover, as Imogen Bachra and Brian Daingerfield deliver a Bondcast-meets-Currency Exchange special. High on the agenda i...

UK Budget breakdown, euro news and the Fed’s post-election mindset (1 November '24)

01 Nov 2024

Contributed by Lukas

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 ...

Betting markets, a big Budget and a dovish shift

25 Oct 2024

Contributed by Lukas

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-callabl...

Data dependence, dovishness and the devils in the details

18 Oct 2024

Contributed by Lukas

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 m...

US inflation data, higher UK yields and eurozone analysis

11 Oct 2024

Contributed by Lukas

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 ...

New UK fiscal frets and old French fears

04 Oct 2024

Contributed by Lukas

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 fi...

European spreads, a Labour conference and new US data (27 September '24)

27 Sep 2024

Contributed by Lukas

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 t...

In the end, a 50 basis point cut

20 Sep 2024

Contributed by Lukas

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 annou...

25 basis points or 25 basis points?

13 Sep 2024

Contributed by Lukas

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 ...

US jobs jitters and finally, a French PM (06 September '24)

06 Sep 2024

Contributed by Lukas

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...

A cut and a hold before we break for summer

01 Aug 2024

Contributed by Lukas

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 markets in the Veep State (26 July '24)

26 Jul 2024

Contributed by Lukas

Joe Biden’s withdrawal from this year’s presidential race means “Veep” Kamala Harris will likely face Donald Trump. How are markets affected? ...

Summertime sadness? (19 July 2024)

19 Jul 2024

Contributed by Lukas

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...

No victory lap just yet (11 July 2024)

12 Jul 2024

Contributed by Lukas

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 chan...

Politics is in focus everywhere

05 Jul 2024

Contributed by Lukas

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 j...

Elections preview: The UK, France and market pricing

28 Jun 2024

Contributed by Lukas

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 a...

A hold in UK rates, but a dovish set of minutes - 21 June '24

21 Jun 2024

Contributed by Lukas

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 J...

Elections, market confidence and a Fed update - 14 June '24

14 Jun 2024

Contributed by Lukas

This week Imogen Bachra is joined by Deepika Dayal and Joann Spadigam to talk all things bonds. From the political backdrop affecting market confidenc...

7 June '24: A cut in Europe and expectations for the Fed

07 Jun 2024

Contributed by Lukas

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 E...

31 May 2024: Politics, markets and the run up to a likely cut

31 May 2024

Contributed by Lukas

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 u...

Election surprises and expectation overshoots

24 May 2024

Contributed by Lukas

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 a...

Are the prints charming?

15 May 2024

Contributed by Lukas

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 i...

What monetary policy divergence could mean for markets

09 May 2024

Contributed by Lukas

This week, Imogen Bachra, Joann Spadigam, and John Briggs discuss how markets are digesting this week’s ‘dovish hold’ from the Bank of England, ...

A Fed hold and imperfect markets

03 May 2024

Contributed by Lukas

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 ...

Led by the Fed?

25 Apr 2024

Contributed by Lukas

This week Imogen Bachra, John Briggs and Joann Spadigam discuss market surprises, with strong inflation in the US, strong purchasing manager sentiment...

Questions of level and time

18 Apr 2024

Contributed by Lukas

This week host Imogen Bachra is joined by John Briggs and Joann Spadigam to discuss bond market movements. With scant evidence of grand disinflation i...

Stronger for longer

12 Apr 2024

Contributed by Lukas

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 we...

Slow and steady

04 Apr 2024

Contributed by Lukas

This week host Joann Spadigam and Kevin Cummins review their expectations for central bank rate cuts later this year. While economic data have surpris...

Hold news

21 Mar 2024

Contributed by Lukas

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 ra...

Unchanged, unchanged, unchanged

14 Mar 2024

Contributed by Lukas

This week Imogen Bachra and Jan Nevruzi dissect US inflation figures and look ahead to a Fed meeting that promises an update on Quantitative Tightenin...

Sticking to our base cases

07 Mar 2024

Contributed by Lukas

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 B...

Looking ahead to the UK's Spring Budget

29 Feb 2024

Contributed by Lukas

This week Joann Spadigam and Jan Nevruzi are joined by special guest Ross Walker to look ahead to the UK Spring Budget on 6 March. While Chancellor Je...

Ready for retail?

22 Feb 2024

Contributed by Lukas

This week host Imogen Bachra and Joann Spadigam discuss their views on policy developments in UK and European bond markets. In the former, fiscal head...

After a big data week, where are markets headed next?

15 Feb 2024

Contributed by Lukas

In the latest episode of Bondcast, Imogen Bachra, Jan Nevruzi and Joann Spadigam debrief after a big data week in the UK and US and discuss the impact...

Dates, data and client views

08 Feb 2024

Contributed by Lukas

This week Imogen Bachra, Jan Nevruzi and Joann Spadigam discuss how their views on the market differ from the businesses they have been speaking with ...

More clues about cuts

01 Feb 2024

Contributed by Lukas

Major central banks have been somewhat taciturn about the prospect of rate cutting, so did that change during the past week? Imogen Bachra, Jan Nevruz...

Market reactions (and overreactions)

25 Jan 2024

Contributed by Lukas

Join host Imogen Bachra, dovish Jan Nevruzi and Joann Spadigam as they analyse the effect that central bank moves are having on bond markets. In Europ...

All eyes on the data

19 Jan 2024

Contributed by Lukas

Join Imogen Bachra, Jan Nevruzi and Joann Spadigam as they discuss how recent jobs and inflation data is affecting markets. In the UK, slightly higher...

Quantitative Tightening, fiscal questions and circling doves

12 Jan 2024

Contributed by Lukas

Join Imogen Bachra, Jan Nevruzi and Joann Spadigam as they analyse the back and forth of market moves and central bank motions over interest rates. In...

How has 2024 started?

05 Jan 2024

Contributed by Lukas

Join Imogen Bachra, Jan Nevruzi and Joann Spadigam as they examine how markets started 2024. In the US, the Fed is not giving out much new information...

Hold school

14 Dec 2023

Contributed by Lukas

The Bank of England (BoE), the Federal Reserve and the European Central Bank (ECB) shocked few by collectively holding rates this week, but that doesn...

Great Expectations...

07 Dec 2023

Contributed by Lukas

...well, maybe not so great, but this week Imogen Bachra, Jan Nevruzi and Joann Spadigam discuss the market mood ahead of announcements by all three o...

Might rate cuts come early?

01 Dec 2023

Contributed by Lukas

Join host Imogen Bachra and guests Jan Nevruzi and Joann Spadigam as they discuss signs that some central banks may cut their base rates sooner than e...

Year Ahead update and reactions to the Autumn Statement

23 Nov 2023

Contributed by Lukas

Join host Imogen Bachra and guest Joann Spadigam as they discuss how customers have responded to our Year Ahead 2024 report, and analyse the contents ...

What does monetary policy divergence mean for fixed income?

15 Nov 2023

Contributed by Lukas

The expected divergence of monetary cycles presents both challenges and opportunities for fixed income investors and issuers, especially at a time whe...

Shifting sentiments

09 Nov 2023

Contributed by Lukas

fter softening employment data was released in the US, host Imogen Bachra, Joann Spadigam and Jan Nevruzi analyse how markets have been reacting to bo...

Meeting notes

02 Nov 2023

Contributed by Lukas

As both the Fed and the Bank of England (BoE) held rates this week, host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to pick over the ac...

Holding tight

27 Oct 2023

Contributed by Lukas

Fresh after this week's European Central Bank meeting, host Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to talk all things rates,...

Data's back in the driving seat for rates

19 Oct 2023

Contributed by Lukas

Imogen Bachra, Joann Spadigam, and Jan Nevruzi catch up after another volatile week in rates markets. They digest some of the latest data prints and d...

Restriction territory

12 Oct 2023

Contributed by Lukas

Amid broad consensus that base interest rates have neared their peaks, focus is on when central banks will begin to cut, and by how much. Joann Spadig...

Highs and woes

05 Oct 2023

Contributed by Lukas

Bond yields have risen in the past week, especially at the shorter end of curves. Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to di...

Ahead of the curves

28 Sep 2023

Contributed by Lukas

The bonds markets have been a bit wild of late, leading to some speculation about oversupply in the market for US treasuries and others to look closel...

Holding patterns

21 Sep 2023

Contributed by Lukas

Neither the Fed or the Bank of England increased rates this week, after last week's dovish hike by the European Central Bank (ECB). Host Imogen B...

Mount Everest or Table Mountain?

14 Sep 2023

Contributed by Lukas

On the back of the European Central Bank's "dovish hike", host Imogen Bachra is joined by Joann Spadigam and Kevin Cummins to discuss t...

Catching up, and looking ahead

07 Sep 2023

Contributed by Lukas

Following a three-week summer break, Bondcast is back. Host Imogen Bachra is joined by Joann Spadigam and Jan Nevruzi to catch up on what happened whi...

See you in September

03 Aug 2023

Contributed by Lukas

In the latest episode of Bondcast, Imogen Bachra, Giles Gale, and Jan Nevruzi debrief after yet another base rate hike from the Bank of England. They ...

With the Fed and ECB out of the way, all eyes on the BoE

28 Jul 2023

Contributed by Lukas

In the latest episode of Bondcast, Imogen Bachra, Jan Nevruzi, and Giles Gale take stock of the latest rate hikes from the Fed and the European Centra...