FICC Focus
Episodes
ABS 2025 Market Dynamics With BI’s Rod Chadehumbe: Macro Matters
05 Dec 2024
Contributed by Lukas
The significant tightening in corporate bonds recently has left asset-backed securities looking cheaper, says Rod Chadehumbe, Bloomberg Intelligence’...
Shifting EM Backdrop Will Breed Both Winners and Losers: EM Lens
04 Dec 2024
Contributed by Lukas
Emerging-market assets are likely to swing on US-centric narratives, yet domestic growth and inflation dynamics may be of less concern than in previou...
No Existential Euro Risk, But It's Not a Rosy Picture: FX Moment
03 Dec 2024
Contributed by Lukas
Deteriorating French political headlines are exacerbating the underwhelming French and euro-zone economic narrative, confirming what has become a comp...
Volatility Bite-Size: All Options Considered
29 Nov 2024
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu gives an update on how the US bond marke...
NAV Lending Prospects With Crestline’s Philipp: Credit Crunch
26 Nov 2024
Contributed by Lukas
A slower exit environment for limited partners on the back of elevated rates and inflation has helped drive tremendous growth for the world of NAV len...
Crews & Associates’ Mulholland on Treasury Market: Macro Matters
25 Nov 2024
Contributed by Lukas
The biggest change to the Treasury market has been algorithmic trading, and the proliferation of high-frequency trading firms (HFTs) and principal tra...
Navigating CLO Equity With Eagle Point’s Majewski: Credit Crunch
22 Nov 2024
Contributed by Lukas
A collateralized loan obligation’s (CLO) reinvestment period is among the keys to the success for the asset class in the view of Eagle Point’s Fou...
The Intersection of AI and Muniland: Masters of the Muniverse
20 Nov 2024
Contributed by Lukas
Artificial intelligence is reshaping the world of municipal bonds, with predictive analytics, data-driven decision-making and automated portfolio mana...
Beach Point’s Sauer on LMEs, Coops: State of Distressed Debt
14 Nov 2024
Contributed by Lukas
Lenders must be “hyper-vigilant” at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the larges...
US vs. EU Credit Gaps On Election and Rate Cuts: Credit Crunch
12 Nov 2024
Contributed by Lukas
With the US election having a clear result and credit markets enjoying a strong run this year, charting the course forward is a challenge. Will a Trum...
Deficits, Regulations, and Taxes with Nathan Dean: Macro Matters
11 Nov 2024
Contributed by Lukas
As expected, the Federal Reserve cut 25 bps in this election week, not a surprise, but Jerome Powell wasn’t as hawkish as might have been expect...
Enjoy Dollar Bull US Narrative, With No Complacency: FX Moment
09 Nov 2024
Contributed by Lukas
The cyclically-driven bullish dollar narrative got another boost last week, with President-elect Donald Trump's expected pro-growth stance implying a ...
Unpacking Growth and Inflation Projections With the IMF: EM Lens
01 Nov 2024
Contributed by Lukas
Geopolitical risk remains elevated, yet financial stability doesn’t appear to be a cause for concern as market practitioners turn their attention to...
UBS’ Sabatino on Fed Liquidity and SEC Regulation: Macro Matters
31 Oct 2024
Contributed by Lukas
Cash is not on the sidelines. An investment in a money market fund is an actual investment, says Robert Sabatino, head of Global Liquidity Portfolio ...
Using Technology to Go Odd-Lot Hunting: Masters of the Muniverse
29 Oct 2024
Contributed by Lukas
Investors have poured $13 billion into high-yield municipal bond funds in recent weeks, a move that underscores the need for credit analysis and activ...
Listen Now: Inside Active by Bloomberg Intelligence
27 Oct 2024
Contributed by Lukas
Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define...
400 Capital’s Hentemann on Securitization Market: Credit Crunch
25 Oct 2024
Contributed by Lukas
By engaging across multiple sectors of the structured product markets, 400 Capital Management has the flexibility to independently deal with the uniqu...
Barings’ Ockerbloom Sees Opportunity in Real Estate: EM Lens
23 Oct 2024
Contributed by Lukas
Real Estate remains highly localized, a feature which contributes to its noncorrelated and rate-sensitive nature, says Barings Head of US & European R...
Antares’ Mathew on Direct Lending’s Advantages: Credit Crunch
21 Oct 2024
Contributed by Lukas
With plenty of private equity dry powder and a growing supply-demand imbalance, direct lending is well positioned to grow, according to Antares Capita...
Active Muni ETFs Are a Brave New World: Masters of the Muniverse
18 Oct 2024
Contributed by Lukas
The record growth in municipal bond ETFs, and more specifically actively managed muni ETFs, has led to more innovative alternative strategies. In this...
Abrdn’s McCann on Fed Narratives and Fiscal Risks: Macro Matters
17 Oct 2024
Contributed by Lukas
It does look like the Fed is nailing this soft landing, so we’re feeling quite positive around where we’re going, says James McCann, Deputy Chief...
Polen Capital on Its Multiasset Solutions Outlook: Credit Crunch
16 Oct 2024
Contributed by Lukas
Polen Capital, with deep roots in the world of growth equity investing, has expanded into the opportunistic high yield bond market, leveraging its acq...
High Yield 4Q Investor Survey, Europe vs. US View: Credit Crunch
15 Oct 2024
Contributed by Lukas
High yield credit had a strong year (to date), as yields rallied and spreads followed, while defaults didn't blow up as feared. In Europe, the index d...
Mercer’s Nuzum: Lean Into Emerging and Frontier Markets: EM Lens
14 Oct 2024
Contributed by Lukas
Globalization has slowed, yet access to local markets is improving, and the EM asset class remains underrepresented in most global portfolios. In this...
Nouriel Roubini on Policy Stimulus, Stagflation & Geopolitical Risk: FICC Focus Special
11 Oct 2024
Contributed by Lukas
Despite the recent spike in volatility, investor sentiment is broadly positive, yet tail risks are emanating as we push into year-end. Dr. Nouriel Ro...
Bloomberg Volatility Forum NYC 2024: All Options Considered
10 Oct 2024
Contributed by Lukas
This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2024 held in NYC on October 1st. It starts with the ...
BlackRock’s Lynam Constructive on Credit Outlook: Credit Crunch
07 Oct 2024
Contributed by Lukas
Private credit markets have seen tremendous growth over the past decade, establishing themselves as viable sources of funding for companies across the...
JFW’s Jon Weber on Post-Reorg Boards: State of Distressed Debt
04 Oct 2024
Contributed by Lukas
“LMEs buy time for the sponsor, but I’m increasingly seeing that that’s all it really does.” Jon Weber, founder of JFW & Co., doesn’t mince...
State of US Systemic Risks with DiMartino Booth: Macro Matters
03 Oct 2024
Contributed by Lukas
In the beige book, you see all 12 districts reporting declining spending in some way shape or form, and that’s unheard of: There is no such thing, a...
China Stimulus No FX Game Changer After Cyclical Lift: FX Moment
01 Oct 2024
Contributed by Lukas
China's recent monetary and fiscal stimulus announcements may bring near-term cyclical relief and add to the bullish case for yuan-proxy currencies li...
FS Investments’ Beckman on Opportunistic Credit: Credit Crunch
27 Sep 2024
Contributed by Lukas
The corporate credit landscape could face uncertain times ahead, with upcoming elections, policy shifts and global conflicts. Andrew Beckman, Head of ...
Rate Volatility and Central Banks: All Options Considered
25 Sep 2024
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Chief UK Econom...
Vontobel’s Jackson on Outlook for Global Fixed Income: EM Lens
24 Sep 2024
Contributed by Lukas
Andrew Jackson, head of fixed income at Vontobel Asset Management, joins BI chief emerging market fixed income strategist Damian Sassower, to discuss ...
SVP’s Woltery on Opportunity in Europe: State of Distressed Debt
20 Sep 2024
Contributed by Lukas
SVP operates as “one big virtual global office” built on three functional “pillars” — sourcing, dealmaking and its operating partners — ac...
Unemployment at 5% May Escalate Fed’s Rate Cuts: Macro Matters
19 Sep 2024
Contributed by Lukas
The new supercore CPI to watch is the Bureau of Labor Statistic’s Quarterly Census of Employment and Wages, given US Federal Reserve Chair Jerome Po...
The Future of Financial Research, With BI’s Dwyer: Macro Matters
16 Sep 2024
Contributed by Lukas
With artificial intelligence tools, we think we can cover more, in more depth and with the same number of people, and we can be faster to market, says...
Solutions in a Changing Muni Landscape: Masters of the Muniverse
13 Sep 2024
Contributed by Lukas
The performance of the broad muni index has been positive this year, while also notably falling short of the stronger showing by its fixed-income coun...
Are Spreads Pricing Fed, ECB Cuts for Perfection?: Credit Crunch
12 Sep 2024
Contributed by Lukas
Credit markets have had a strong year, a few blips notwithstanding. After the ECB cut rates twice, the BOE once and with the Fed about to embark on a ...
US Politics Could Soon Revive De-Dollarization Talk: FX Moment
03 Sep 2024
Contributed by Lukas
The dollar's status as the ultimate global reserve currency is intact and the currency is still leading on the International Monetary System's key p...
VIX at 65, MOVE Above 100: All Options Considered
30 Aug 2024
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu covers the VIX at 65 being due to market...
Schroders’ Graham Seeks Alpha in EM Corporate Credit: EM Lens
29 Aug 2024
Contributed by Lukas
Emerging Market corporate and quasi-sovereign debt is outperforming the broader EM sovereign-credit complex, as the asset class returns to favor follo...
Rethinking Macro Credit Patterns via BI STRTE: Credit Crunch
27 Aug 2024
Contributed by Lukas
Macro credit trends tend to be based on more of a feel than precise numbers. In this latest episode of the Credit Crunch podcast, Mahesh Bhimalingam, ...
How Canada’s Economy, Rates Have Diverged From US: Macro Matters
22 Aug 2024
Contributed by Lukas
The Canadian economy is rife with potholes that could potentially be hit by a policy mistake, says Stuart Paul, US and Canadian economist for Bloombe...
Johnston on Credit-Research Data Tools: Masters of the Muniverse
20 Aug 2024
Contributed by Lukas
As we edge closer to a US Federal Reserve rate decision and a presidential election, municipal credit will get more attention. In this Masters of the ...
SLR Cofounders on Specialty Financing Advantages: Credit Crunch
13 Aug 2024
Contributed by Lukas
SLR Capital Partners has built expertise in corporate lending, asset-based financing, life-science credits and other segments over nearly two decades....
Sprayregen on Restructuring Landscape: State of Distressed Debt
08 Aug 2024
Contributed by Lukas
Don’t expect “gentlemanly” behavior from corporate boards under financial stress, says Hilco Global’s Vice Chairman James H. M. Sprayregen, as...
BIoomberg Intelligence on the Great Dollar-Yen Unwind: FX Moment
06 Aug 2024
Contributed by Lukas
The great dollar-yen unwind is under way, with the combined shift to much more dovish Fed-easing prospects and more hawkish BOJ expectations the perfe...
Future of Fed Policy Changes and Fiscal Scenarios: Macro Matters
02 Aug 2024
Contributed by Lukas
The unemployment rate will surprise the Fed, rising to 4.5% at the end of this year, says Anna Wong, chief US economist for Bloomberg Economics. Wong ...
Election Puts Muniland in Its Sights: Masters of the Muniverse
31 Jul 2024
Contributed by Lukas
With US presidential election campaigns in full swing, we thought it prudent to revisit what this year could mean for the municipal bond market in ter...
Systematic Credit Growth Seen by Insight’s Benson: Credit Crunch
29 Jul 2024
Contributed by Lukas
Increased electronification and the growing prevalence of portfolio trading are creating opportunities for systematic credit, which seeks to harness t...
Bonds Are Not Vegetables Says HSBC’s Steven Major: Macro Matters
27 Jul 2024
Contributed by Lukas
Steven Major, HSBC’s global head of fixed-income research, joins Bloomberg Intelligence’s chief US rates strategist Ira Jersey and BI senior rates...
Fed Easing Cycles and Unsustainable Fiscal Policy: Macro Matters
25 Jul 2024
Contributed by Lukas
The economy is firing on all cylinders and continues to show positive momentum, says Lara Rhame, chief US economist at FS Investments. Rhame joins Ma...
Central Bank Reserves, Markets, Bitcoin: All Options Considered
23 Jul 2024
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matt King, Founder of Sator...
Shorecliff’s Nachman on Launching, Running a Fund: Credit Crunch
19 Jul 2024
Contributed by Lukas
Shorecliff Asset Management’s Grant Nachman talks about the intellectually-enriching challenges of launching a new firm in this episode of Bloomberg...
HSBC’s Ulgen on Emerging-Market Fundamentals, Sentiment: EM Lens
17 Jul 2024
Contributed by Lukas
Murat Ulgen, Global Head of EM Research at HSBC, and BI’s Chief Emerging Markets Credit Strategist Damian Sassower discuss how US yields and the dol...
High Yield 3Q Investor Survey, View Ahead of Cuts: Credit Crunch
16 Jul 2024
Contributed by Lukas
High yield corporate credit had a strong 1H, despite rates volatility, as spreads rallied and defaults stayed low. In Europe, the index default rate s...
Global Elections Permeate Sovereign Bond Markets: Macro Matters
11 Jul 2024
Contributed by Lukas
US congressional partisanship is at it’s highest level ever and there’s no fiscal restraint on either side of the aisle, says Macro Matters host a...
Time to Forget French Politics, Focus on the US Race: FX Moment
10 Jul 2024
Contributed by Lukas
French and UK politics generated most headlines in recent weeks -- and France's political conundrum has yet to be solved -- but US politics are likely...
Jacoby on Purdue’s Impact; Uptier Rows: State of Distressed Debt
03 Jul 2024
Contributed by Lukas
US Supreme Court Justice Brett M Kavanaugh would have a “great career as a restructuring professional,” according to University of North Carolina ...
Bittersweet Farewell to BN’s Joe Mysak: Masters of the Muniverse
28 Jun 2024
Contributed by Lukas
A lot has changed in the world of munis over the past 40 years, but don’t take our word for it. Joining hosts Eric Kazatsky and Karen Altamiranoon ...
US Economic, Rates Outlook with BE’s Stuart Paul: Macro Matters
27 Jun 2024
Contributed by Lukas
Watching the household survey portion of the Employment Situation report may be a better indicator of the economy, Stuart Paul of Bloomberg Economics...
TCW’s Foley Looks to EM Debt for Idiosyncratic Carry: EM Lens
19 Jun 2024
Contributed by Lukas
Carry has been the primary driver of EM risk premia in recent years, yet the landscape may be shifting as growth improves, inflation recedes and geopo...
Pretium’s Ouderkirk on Accessing the CLO Market: Credit Crunch
18 Jun 2024
Contributed by Lukas
Diversification, lower default rates and elevated yields are just a few of the features of today’s collateralized loan obligation (CLO) landscape, s...
Matt Doheny on Investing, Yellow, and FTX: State of Distressed Debt
14 Jun 2024
Contributed by Lukas
Citadel and MFN competing to fund an unsecured junior DIP financing was just one of the "remarkable" aspects of Yellow Corp's ongoing bankruptcy, acco...
G3+ Central Bank, Currency, Interest Rate Outlook: Macro Matters
13 Jun 2024
Contributed by Lukas
Federal Reserve Chairman Jerome Powell and the Fed are conflicted on economic data, says Morgan Stanley’s Global Head of Marco Strategy Matt Hornbac...
Can Start of Rate Cuts Keep Credit Spreads Tight?: Credit Crunch
11 Jun 2024
Contributed by Lukas
Credit markets had a strong nine months of rally, particularly in spreads, although there were yield blips. As the environment changes with rate cuts,...
US Election Pricing, Income Funds: All Options Considered
07 Jun 2024
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matthew Tym, Head of Equity...
BoC, Loonie Give Dollar-Bears a Plan B Till Fed Turns: FX Moment
05 Jun 2024
Contributed by Lukas
The Bank of Canada's 25-bp June rate cut and statement bolster the view that dollar bears tired of waiting for the Fed could retain the loonie-bear vi...
Global Economic Decoupling With MKP’s McMahon: Macro Matters
30 May 2024
Contributed by Lukas
“You’ve come off a period of 15-plus years of a zero interest-rate policy that has allowed politicians to believe that you can spend money at no c...
Technological Advancement in Muni SMAs: Masters of the Muniverse
28 May 2024
Contributed by Lukas
Higher-for-longer rates, along with elevated municipal-bond issuance, may signal that attractive entry points for muni investors are here for a bit lo...
17Capital's de Selancy on NAV Lending Expansion: Credit Crunch
24 May 2024
Contributed by Lukas
NAV finance has been at the forefront of innovation in private credit markets, seeing tremendous growth since the start of the pandemic, when private ...
Rabobank’s Lawrence on Investing in a ‘New’ Old World: EM Lens
17 May 2024
Contributed by Lukas
Geopolitical uncertainty is causing many developed and emerging market governments to invoke protectionist measures, and this new world order looks si...
PIMCO’s Jerome Schneider on Money-Market Dynamics: Macro Matters
16 May 2024
Contributed by Lukas
Stickier inflation is here to say, and we probably aren’t returning to 2% in the near term, says Jerome Schneider, managing director and leader of s...
High Yield 2Q Investor Survey, Loan vs. Bond View: Credit Crunch
14 May 2024
Contributed by Lukas
High yield had a great 4Q rally in rates and spreads, which filtered into 1Q gains as defaults stayed low. In Europe, the index default rate stands at...
Katten’s Winters on Distressed Governance: State of Distressed Debt
11 May 2024
Contributed by Lukas
Investigations into debtors’ pre-bankruptcy machinations are evolving toward a “consensus model” where committees of independent directors are c...
BOJ Intervention Alone Won't Turn Dollar-Yen Fortunes: FX Moment
09 May 2024
Contributed by Lukas
The challenges of unilateral FX intervention by the Bank of Japan may mean that a confirmed dovish Fed adjustment and/or a step-up in the BOJ tighteni...
Special Situations Landscape With Polus’ Dafforn: Credit Crunch
06 May 2024
Contributed by Lukas
Slowing growth and elevated interest rates are opening the door to fresh opportunities in the special situations world, as companies face growing “t...
Geopolitics, Biden vs. Trump and Markets: All Options Considered
03 May 2024
Contributed by Lukas
In this edition of All Options Considered, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Jennifer Welch, Chief Geo-economics Ana...
Fed Balance Sheet Runoff and Treasury Issuance: Macro Matters
02 May 2024
Contributed by Lukas
Chairman Jerome Powell had opportunities at the May FOMC meeting to put interest rate hikes back on the table and surprisingly did not, says Ira Jerse...
IMF’s Natalucci and Wu on Risks to Financial Stability: EM Lens
30 Apr 2024
Contributed by Lukas
Loose financial conditions are helping to alleviate short-term stability concerns, yet medium-term vulnerabilities are rising as the result of less-op...
The Economy, the Fed, and the Mortgage Market: Macro Matters
25 Apr 2024
Contributed by Lukas
Inflation is holding stubbornly above the Federal Reserve’s target, throwing expectations for rate cuts into turmoil and playing havoc with housing...
Rate-Cut Delays Wounded Credit - How Much Longer?: Credit Crunch
23 Apr 2024
Contributed by Lukas
Credit markets sold off in the past month, across the board, on rate-cut delays being priced in globally, led by the Fed. It takes us to an interestin...
Yieldstreet’s CIO on Opening Up Alternatives: Credit Crunch
19 Apr 2024
Contributed by Lukas
Alternative investments have historically been available only to institutions and ultrahigh-net-worth individuals, but that may be changing. Yieldstre...
Blind Spots in Active Muni Management: Masters of the Muniverse
17 Apr 2024
Contributed by Lukas
Part of being an active manager is not only looking for assets that have an edge, are mispriced or are the next hottest thing, but also learning to av...
Arena's Zwirn on Flexibilty in Special Situations: Credit Crunch
15 Apr 2024
Contributed by Lukas
Complexity and illiquidity are desirable features for Dan Zwirn, CEO, CIO and Co-Founder of Arena Investors. Zwirn talks about the benefits of the spe...
US Rate Markets Refresh After Two Weeks of Mayhem: Macro Matters
12 Apr 2024
Contributed by Lukas
The US Treasury’s liquidity-support buyback operations aren’t quantitative easing by a different name, says Bloomberg Intelligence US Rates Strate...
Euro-Dollar Parity Talk, Dollar-Yuan, Intra-Asia FX: FX Moment
10 Apr 2024
Contributed by Lukas
In our latest FX Moment podcast, Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, chief Asia FX and rates str...
Volatility Forum 2024 Part II: All Options Considered
08 Apr 2024
Contributed by Lukas
This edition of All Options Considered is part II of the recording of the Bloomberg Volatility Forum 2024 held in London on March 19th. This is the di...
Ken Feinberg on Mass Tort Mediation: State of Distressed Debt
05 Apr 2024
Contributed by Lukas
Deadlines and ensuring the right parties are at the table are two crucial ingredients for successful mediations, according to Ken Feinberg, who was t...
DiNapoli on NY and Taxpayer Migration: Masters of the Muniverse
30 Mar 2024
Contributed by Lukas
New York City hasn’t fully recovered from the pandemic, and that leaves both the city and state concerned about future revenue to face any new econo...
Volatility Forum 2024: All Options Considered
28 Mar 2024
Contributed by Lukas
This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2024 held in London on March 19th. The first part is...
Chatterjee on Carrying in a Low-Volatility Beta Regime: EM Lens
26 Mar 2024
Contributed by Lukas
Event risk will garner greater attention as the emerging-market election calendar heats up in May. In this month’s EM Lens & Look-Through podcast, W...
Mid-Market Lending With Jim Fellows, First Eagle: Credit Crunch
23 Mar 2024
Contributed by Lukas
Philosophy, process, people and performance — that’s what Jim Fellows, co-president and CIO of First Eagle Alternative Credit, says underpins FEAC...
Powell’s Dovish March Surprise With Anna Wong: Macro Matters
21 Mar 2024
Contributed by Lukas
I think the Fed is extremely data dependent, if anything, too data dependent, says Anna Wong, chief US economist for Bloomberg Economics. In this Macr...
Muni Manager’s Active Focus Bucks Tide: Masters of the Muniverse
15 Mar 2024
Contributed by Lukas
Municipals are starting the year semi-flat, and the latest read on consumer prices won’t do much to alleviate the concern of market participants tha...
Is Credit Too Tight On Low Defaults and Rate Cuts?: Credit Crunch
12 Mar 2024
Contributed by Lukas
Credit markets had a strong six months of rally, particularly in spreads, although not necessarily in yields. Are credit spreads too tight, and is tha...
Houlihan Lokey's Hardie on Yet-to-Crest Wave of Distressed Debt: State of Distressed Debt
09 Mar 2024
Contributed by Lukas
The distressed cycle is on the upswing as rates pinch post-pandemic borrowers, in the eyes of William ‘Tuck’ Hardie, Managing Director in Houlihan...
Treasury Market Updates With AmeriVet’s Faranello: Macro Matters
08 Mar 2024
Contributed by Lukas
The Federal Reserve is restrictive, and policymakers left themselves room to cut on the way up, says Greg Faranello, head of US rates at AmeriVet Secu...
What's Next for the Swiss Economy, the SNB and Franc?: FX Moment
06 Mar 2024
Contributed by Lukas
In the latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence's chief G10 FX strategist, talks about the Swiss economy, the SNB'...
JP Morgan’s Maciunas on Shifting Demand for MBS: Macro Matters
29 Feb 2024
Contributed by Lukas
MBS demand from banks and international buyers is seen as weakening in the near term as expectations for the US Federal Reserve’s first rate cut and...