Weekly View From the Desk

The report analyzes key questions for H2 2026, focusing on potential geopolitical resolutions in Iran, US Fed rate cuts, and central bank divergence in Europe and Japan.

Key Takeaways

• 1.An eventual deal with Iran regarding sanctions relief and uranium stockpiles is a key focus, with Brent crude expected to range between $80-$100.
• 2.The base case for the U.S. economy includes three 25 bp Fed rate cuts over the next 12 months, contingent on falling inflation and labor market slack.
• 3.Unlike the Fed, the ECB and Bank of Japan are expected to hike rates in the near term to address precautionary inflation concerns and currency weakness.

Table of Contents

• MACRO
• DEVELOPED MARKET RATES
• IG CORPORATES
• LEVERAGED FINANCE
• EMERGING MARKETS
• SECURITIZED PRODUCTS
• MUNICIPALS
• THE RETURNS TABLE AS OF MAY 29, 2026

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