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The Quarterly Edit
2026 Outlook & review of Q3 2026
The global bond market barged back onto centre stage this quarter.
The primary enabler for this muscular return was actually benign – the global economy appears to be running a lot faster now than in the decade between the Great Financial Crisis (GFC) and global pandemic. Real interest rates had some further catching up to do in order to reflect this happy reality. However, the latter part of the quarter added a queasier edge, with energy prices responding to fresh escalation in the Strait of Hormuz. The resulting leg higher in borrowing costs was notably more fevered as French government bonds, among other areas, started to creak a little.
Read the full review below:
