L’énigme des 40 % (composer avec une visibilité limitée)

As is typical for mid-summer, market activity was subdued and liquidity, thin. The Broad Markets Fixed Income team reviews and explores what may be coming ahead.

The latest government program may be on track to accomplish its goal of tightening agency MBS spreads as Fannie and Freddie are likely to support any dips in the market, but mortgage rates may not drop significantly unless Treasury yields decrease.

The quarter ahead and top asset allocation ideas from our investment specialists moderated by Kiran Inamdar, Head of International Consultant Relations, MSIM.

2025 marked a stagnant period for commercial real estate. Investors began the year anticipating a rebound after two years of declining values, but global value growth reached only 1.5% through the first three quarters1. Persistent inflation,stoked by tariffs, kept the Fed cautious, resulting in higher-than-expected interest rates, elevated property yields and muted transaction activity.