The Weekly Fix

RBC Global Asset Management (U.S.) Inc.
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Today’s markets move fast. To keep you up to speed each week, Andrzej Skiba, CFA, Head of BlueBay U.S. Fixed Income at RBC Global Asset Management, and members of his investment team will deliver forward looking market commentary and insights into what’s driving fixed income markets over the coming week.

  1. 4D AGO

    High returns, heavy supply: walking 2026’s fixed income tightrope

    A year of high returns or high risks? Fixed income markets look to navigate 2026’s key challenges. In the latest edition of The Weekly Fix, Andrzej Skiba, BlueBay Head of U.S. Fixed Income at RBC GAM, explores a strong fixed income outlook for the new year, driven by carry income and economic momentum. However, the year also brings critical questions about monetary policy, the AI-driven capital wave, and heavy credit issuance. High single-digit returns may be achievable, supported by carry income and projected economic growth.Inflation remains above target, and potential rate cuts could hinge on changes at the Fed.Credit markets may contend with heavy issuance, posing questions about demand and spread levels.

    6 min

  2. 12/16/2025

    Cash tsunami: $8T in money markets as investors play the waiting game

    Amid high-short term rates and diverging Fed opinions, investors have turned to money market funds, waiting for clarity on the economic outlook. In this week’s episode, Laurie Mount, Portfolio Manager with RBC’s BlueBay U.S. Fixed Income team, highlights key trends shaping cash management strategies: The Fed lowered the fed funds rate by 25 basis points to 3.50–3.75%, with varied perspectives on the pace of rate adjustments.Money market assets surpassed $8 trillion, fueled by elevated short-term rates and cautious investor sentiment.Looking ahead, 2026 may bring key labor market developments critical to inflation, growth, and further potential Fed cuts.

    5 min

  3. 12/09/2025

    2026 vision: rate cuts, tight spreads, and AI’s growing pains

    Is the AI boom testing market limits, or uncovering new opportunities in fixed income for 2026? Anne Greenwood, Institutional Portfolio Manager on RBC GAM's BlueBay U.S. Fixed Income team, explores the outlook for U.S. fixed income markets in 2026, focusing on Federal Reserve policy, the credit cycle, and the impact of surging AI-driven debt issuance. We expect a hawkish rate cut to close 2025, signaling a dovish path ahead, with more cuts expected in 2026 as U.S. growth reaccelerates.Despite tight spreads, stronger credit quality and rising volatility create opportunities for idiosyncratic spread compression trades.Record AI-related debt issuance may lead to short-term dislocations, but diversified funding channels and sustainable growth in AI point to resilience.

    4 min

  4. 12/02/2025

    Data drought: navigating the economic fog

    Mindy Gudmundson, Institutional Portfolio Manager on RBC GAM's BlueBay U.S. Fixed Income team, explores how the longest-ever government shutdown has led to a data backlog, intensifying bond market volatility and uncertainty surrounding December’s FOMC rate decision. The 43-day government shutdown delayed critical economic data releases, distorting analysis and increasing market volatility as investors navigate incomplete information.U.S. Treasury yields experienced sharp movements, closing above 4.05%, as markets priced in a potential Federal Reserve rate cut in December.Investor tensions remain elevated amid rate-cut speculation, stock-market instability, and persistent macroeconomic ambiguity, driving interest in fixed-income securities.

    4 min

  5. 11/18/2025

    High yield bonds: Generating income, navigating volatility

    With more volatility potentially on the horizon, we believe US High Yield bonds can provide a ‘port in the storm’. Tim Leary, Senior Portfolio Manager on RBC GAM’s BlueBay U.S. Fixed Income team, explains how US High Yield (HY) bonds have continued to stand out as a reliable option for generating income while managing rate risk during periods of market uncertainty. The US HY index currently provides an Option Adjusted Spread (OAS) of 307 bps with a duration of just over 3 years, widening 14 bps this year despite a 7% return.Compared to US Investment Grade (IG) corporates, which yield 83 bps with a 6.4-year duration, HY bonds have offered higher income potential with notably lower interest rate exposure.With economic data releases expected to drive rate volatility, well-rated HY bonds have continued to deliver steady interest income for investors managing through changing conditions.

    3 min

  6. 11/11/2025

    Tech bros vs finance bros: big tech’s mega bond issuance

    Big Tech is reshaping the bond market. Are investors ready for Silicon Valley’s mega issuances? Neil Sun, Portfolio Manager on the BlueBay U.S. Fixed Income team, discusses a tectonic shift in Silicon Valley’s funding strategy. Once cash-rich with pristine balance sheets, major tech companies are now tapping the investment-grade bond market to finance their soaring AI-related capital expenditures. Silicon Valley's debt strategy shift, including $75bn in recent issuances, shows tech giants are prioritizing debt over equity due to tight spreads and tax advantages.Multi-tranche deals across maturities, from 5 to 50 years, are catering to robust demand from insurance and pension funds seeking durable and high-rated bonds.For investors, the short-term market impact may feel bumpy with wider spreads, but this creates valuable opportunities to grab highly rated mega-cap bonds at more attractive valuations.

    3 min

  7. 11/04/2025

    Powell's caution: a foggy road ahead for interest rates

    Divided Fed, uncertain future: Powell’s cautious tone raises questions about policy shifts ahead. Laurie Mount, Portfolio Manager with RBC GAM’s BlueBay US Fixed Income team, highlights the Federal Reserve's recent rate cut and its impact on cash strategies amid ongoing economic uncertainties. The Fed lowered the fed funds rate by 25 basis points to 3.75–4.00%, while signaling caution regarding December cuts due to labor market risks and committee divisions over inflation concerns.Fed Chair Powell warned against assuming another rate cut soon, citing a lack of data due to the government shutdown, which has already led markets to cut December rate cut predictions significantly.In response, our team is prioritizing floating-rate securities and short-term fixed-rate assets under one year, vigilantly analyzing Fed communications and economic data to adapt to evolving conditions.

    4 min

  8. 10/28/2025

    Systemic risks versus idiosyncratic events

    Systemic risk, or just unusual events? Recent market turbulence leaves some questions about how long high valuations and tight spreads will continue. Anne Greenwood, Institutional Portfolio Manager on RBC BlueBay’s US Fixed Income team, discusses the current market landscape and opportunities for active managers. Equities at record highs and tight credit spreads indicate market resilience, despite recent jitters.Lower-quality high-yield bonds and leverage loans require caution due to deteriorating credit metrics and increased default rates.Active managers may be able to capitalize on volatility by providing liquidity and generating strong risk-adjusted returns in fundamentally stable companies.

    6 min
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About

Today’s markets move fast. To keep you up to speed each week, Andrzej Skiba, CFA, Head of BlueBay U.S. Fixed Income at RBC Global Asset Management, and members of his investment team will deliver forward looking market commentary and insights into what’s driving fixed income markets over the coming week.

Information

  • Creator
    RBC Global Asset Management (U.S.) Inc.
  • Years Active
    2023 - 2026
  • Episodes
    114
  • Rating
    Clean
  • Copyright
    © Copyright 2026 RBC Global Asset Management (U.S.) Inc.
  • Show Website
    The Weekly Fix