Fixed Income Global Fixed Income Strategy Monthly Report | April 2026
Invesco Fixed Income
April 9, 2026
Fixed Income Global Fixed Income Strategy Monthly Report | April 2026
Get an analysis of important drivers of global fixed income markets, including macroeconomic trends, interest rates, currencies, and credit, in our monthly global strategy report.
In this edition:
Global macro strategy
As Europe faces another energy shock, we lay out the consequences for growth, inflation, policy, and markets.
Global credit strategy
Higher energy prices support European energy and utility issuers in the short term, but a prolonged conflict in the Middle East raises risks.
Interest rate outlook
US: We’re neutral on US rates because it’s less exposed to energy market disruption
Europe: We see value in European short-term rates but are neutral on longer-term European rates amid a more mixed outlook.
Currency outlook
US: We’ve upgraded to neutral on the US dollar in the short term, because of its recent ‘safe-haven’ status
Europe: We’ve downgraded to neutral on the euro, due to the eurozone’s vulnerability to energy market disruptions.
Bottom line: Navigating an energy shock
Q&A with investment grade portfolio managers Matt Brill and Todd Schomberg on navigating an energy shock and Federal Reserve uncertainty, and why the intermediate curve matters in 2026.
Important information:
GL5362663
Investment risks:
The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.
This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.
Views and opinions are based on current market conditions and are subject to change.
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