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Fixed Income Perspectives Q4 2025

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16 October 2025

Our latest bond markets insights to help shape portfolios.

Fixed Income Perspectives outlines the current macro and market views from across Capital Group’s extensive fixed income team and offers insights on investors' bond exposure against an ever-changing backdrop.

In our Q4 2025 update, we discuss:
  • Global growth is expected to moderate but remain positive through 2026. The global economy is navigating a complex transition and possible growth convergence, especially between the US and Europe.
  • The Federal Reserve has pivoted to cutting interest rates as softening labour market data take priority over inflation.
  • Valuations across fixed income sectors appear tight relative to history, while fundamentals and technicals remain supported by the policy and growth backdrop. We are focused on building resilience and balance in our portfolios while also positioning for a further steepening of the yield curve.
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Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.
 
Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.
 
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organisation; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.