Following the shift in the political landscape, Julius Baer experts expect higher nominal growth driven by both real growth and inflation in the US. Given less room for rate cuts, they anticipate yields to stay higher for longer and Fed funds rate to be above neutral next year. Although it is too early to quantify the consequences of the political shift in terms of trade and fiscal policy, investors now benefit from a better starting point in bond markets. 

In this episode of Beyond Markets, Magdalene Teo, Head of Fixed Income Asia at Julius Baer, discusses the near-term outlook and strategy for fixed income going into 2025.