FICC Focus

With Kevin Warsh’s first meeting as Federal Reserve chair behind him, the discourse can move to what it signals for monetary policy. Bloomberg Economics Chief US Economist Anna Wong joins Ira Jersey on this edition of Macro Matters and argues that while Warsh avoided explicit forward guidance, his emphasis was on price stability, skepticism toward forecast precision and support for a shorter policy statement all point to a more hawkish lean than many investors expected. 

They discuss whether Warsh is pushing the Fed back toward a more Greenspan-like communication style, why she believes the dot plot could eventually disappear in favor of broader forecast ranges, and how task forces on the balance sheet, inflation and data reliability could shape future policy debates. They also examine the outlook for inflation and the labor market, why Wong sees a rate hike this year as a mistake given her expectation for headline and core PCE to fall back toward target, and how Bloomberg Intelligence views current SOFR futures pricing as internally inconsistent. The episode closes with a discussion of the global backdrop, including softer oil prices, tighter policy abroad and the implications for the dollar and the US disinflation outlook.

The Macro Matters podcast is part of BI’s FICC Focus series.

This edition of the All Options Considered podcast features a recording from the Bloomberg Volatility Forum held in Singapore on June 3. Bloomberg Intelligence’s Alison Williams, head of global strategy, delivers opening remarks, followed by a keynote presentation from Chief Global Derivatives Strategist Tanvir Sandhu on multi-asset volatility strategy. The program also includes a panel discussion on derivatives markets featuring Oliver Chan, portfolio manager at Capula Investment Management; Stéphane Martin, APAC head of derivatives institutional sales at Optiver; and Ivan Nurminsky, portfolio manager at Dymon Asia. In addition, Diego Parrilla, chief investment officer at Quadriga Asset Managers, discusses “The Energy World Is Flat 2.0.” Both sessions are moderated by Lianting Tu, managing editor for Asia-Pacific equities at Bloomberg News.

The All Options Considered podcast is part of BI’s FICC Focus series.

“If there’s kind of a squeamishness about forum shopping in the US, there’s a little...it’s just overseas, there’s none at all,” observed Harvard Law Professor Jared Ellias. “There’s a great deal of pride and interest in building...an insolvency system that is equal and in some ways more useful than what they have in the United States.” Ellias sat down with Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel to discuss his new paper, “The Global Law of Debt,” co-authored with Narine Lalafaryan. Ellias traces how the historical entanglement of the New York and London debt markets has evolved into a highly competitive, globalized ecosystem where borrowers now forum-shop across borders to maximize flexibility and bypass traditional constraints like Chapter 11’s absolute-priority rule. The conversation dives into the export of aggressive liability management exercises (LMEs), the implementation of hybrid “Frankenstein” debt documents and how foreign-court systems relish taking market share from the US. The podcast concludes (1:05:40) with BI’s Noel Hebert joining Negisa and Phil to discuss the latest developments in First Brands Group, Optimum Communications, QVC Group and Trinseo.

Link to referenced paper: https://bankruptcyroundtable.law.harvard.edu/2026/03/24/the-global-law-of-debt/

JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to remain on hold for now. Priya Misra, fixed-income portfolio manager at the firm and a manager of the JPMorgan Core Plus Bond ETF (JCPB Equity), joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to explain how she defines the “plus” in core-plus investing, from macro duration and curve views to allocations across securitized credit, high yield and mortgage convexity management. She also discusses what Kevin Warsh’s arrival as Fed chair could mean for communication policy and the dot plot, arguing that investors still need enough Fed transparency to understand each official’s reaction function. The two examine where she sees value across fixed income, including high-quality spread product, duration in the five- to 10-year sector as a hedge and select structured-credit opportunities such as agency CMBS and non-agency mortgage exposure over parts of the agency RMBS market.

The Macro Matters podcast is part of BI’s FICC Focus series.

Credit continues to rally despite the lack of a US-Iran peace deal, and it has served as a safe haven relative to rates. In this Credit Crunch podcast, host Mahesh Bhimalingam, global head of credit strategy at Bloomberg Intelligence, and Souheir Asba, credit portfolio manager at AllianceBernstein, discuss how hyperscaler issuance and upcoming IPOs could affect the credit landscape through index and portfolio changes, and how investors should position for this wave of supply. They also compare credit performance with rates since the Iran war began, assess relative value across investment-grade, high-yield and rates markets and share sector outlooks and views on AT1s and corporate hybrids.

The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.