Market Insight
Macro in Minutes: Interest Rates, Bonds & Currency Moves
October 24, 2025
The latest edition of Macro in Minutes features insights from Charlie Jamieson and Vijay Murik, providing a concise update on the key developments currently shaping the markets.
- Global and Domestic Headwinds: Renewed trade tensions, US government shutdown, and signs of labour market vulnerabilities in Australia.
- Credit Market Stress: Notable write-downs and drawdowns in certain credit sectors highlight ongoing stress and wider uncertainty in spreads. While these developments are not necessarily systemic, they underscore the importance of observable, transparent investments.
- US Fixed Income Dynamics: With equity markets and US long bonds both up approximately 10% year-to-date, there are diverging interpretations of the macro outlook:
- The US Fed may continue cutting rates if the US labour market weakens further, supporting bond yields.
- Continued political pressure on US government institutions including the Fed, could drive volatility, potentially steepening the yield curve.
- Resilience in high grade government bonds: Across Australia, AAA-rated government bonds continue to perform well, offering stability despite global uncertainty.
This edition highlights the value of investing in credit and fixed income instruments you can understand fully, even amid evolving market conditions.
This information is for professional and wholesale investors only and has been prepared by JamiesonCooteBonds Pty Ltd ACN 165 890 282 AFSL 459018 (‘JCB’). Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the Responsible Entity and issuer of units for the CC JCB Active Bond Fund ARSN 610 435 302, CC JCB Global Bond Fund ARSN 631 235 553 and the CC JCB Dynamic Alpha Fund ARSN 637 628 918 (collectively ‘the Funds’). Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 (‘Channel’) provides investment infrastructure and distribution services for JCB and is the holding company of CIML.
This information is supplied on the following conditions which are expressly accepted and agreed to by each interested party (‘Recipient’). This information contains general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular person. It is intended solely for wholesale clients (including sophisticated investors) as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth). JCB is not licensed in Australia to provide financial product advice or other financial services to retail investors.
The information provided should not be considered personal advice, a recommendation, or an offer to invest in the Funds. Recipients should not rely on this information in making investment decisions. A Recipient should, before making any investment decisions, consider the appropriateness of the information, and seek professional advice.
Neither JCB, Channel, CIML or their representatives and respective employees or officers (collectively, ‘the Beneficiaries’) make any representation or warranty, express or implied, as to accuracy, reliability or completeness of this information or subsequently provided to the Recipient or its advisers by any of the Beneficiaries, including, without limitation, any historical financial information, the estimates and projections and any other financial information derived there from, and nothing contained in this information is, or shall be relied upon, as a promise or representation, whether as to the past or the future. All investments contain risk. Past performance is not a reliable indicator of future performance.
For further information and before investing, please read the Product Disclosure Statement and Target Market Determination which is available from www.channelcapital.com.au
This information is supplied on the following conditions which are expressly accepted and agreed to by each interested party (‘Recipient’). This information contains general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular person. It is intended solely for wholesale clients (including sophisticated investors) as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth). JCB is not licensed in Australia to provide financial product advice or other financial services to retail investors.
The information provided should not be considered personal advice, a recommendation, or an offer to invest in the Funds. Recipients should not rely on this information in making investment decisions. A Recipient should, before making any investment decisions, consider the appropriateness of the information, and seek professional advice.
Neither JCB, Channel, CIML or their representatives and respective employees or officers (collectively, ‘the Beneficiaries’) make any representation or warranty, express or implied, as to accuracy, reliability or completeness of this information or subsequently provided to the Recipient or its advisers by any of the Beneficiaries, including, without limitation, any historical financial information, the estimates and projections and any other financial information derived there from, and nothing contained in this information is, or shall be relied upon, as a promise or representation, whether as to the past or the future. All investments contain risk. Past performance is not a reliable indicator of future performance.
For further information and before investing, please read the Product Disclosure Statement and Target Market Determination which is available from www.channelcapital.com.au
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