2024 provided active managers an opportunity to show off their moves. Central banks lacked rhythm, geopolitics caused missteps, but investors, governments and companies all wanted to join the party. We look back at 2024 and discuss what is in the spotlight for 2025.

What does this mean for fixed income investors?

We believe that active management will be key for 2025. The symphony of spreads being tight will continue meaning that selectivity will be key. After a soft landing in 2024, investors should think ahead to what the next song may be. If a tail risk scenario occurs, investors should maintain the flexibility to position their portfolios accordingly through changing their duration, allocation and security selection. We must always be prepared for the party to end, but for now, while the music plays, we all continue to dance into the New Year.

Happy Holidays from the Bond Bulletin team.

About the Bond Bulletin

Each week J.P. Morgan Asset Management's Global Fixed Income, Currency and Commodities group reviews key issues for bond investors through the lens of its common Fundamental, Quantitative Valuation and Technical (FQT) research framework.

Our common research language based on Fundamental, Quantitative Valuation and Technical analysis provides a framework for comparing research across fixed income sectors and allows for the global integration of investment ideas.



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