Bond Bulletin

As US tariff policy turmoil continues unabated, investors are looking eastward towards European fixed income, including in the central and eastern European (CEE) countries. This week’s Bond Bulletin examines investment opportunities in European emerging market local currency debt.

What does this mean for fixed income investors?

The geopolitical environment remains in flux and continued uncertainty over US tariff policy is likely to have lasting negative impact on global economic conditions. In this context, energy demand is expected to remain depressed, while the Organization of the Petroleum Exporting Countries (OPEC) announced its intention to increase supply, limiting the risk of higher prices. The balance of inflation risks remains to the downside, leaving the disinflationary impulse space to unfold in central and eastern Europe. Though high real yields are available in each of the CEE3 countries, we believe Poland currently offers the most idiosyncratic upside.

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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