In this new podcast, Amy Xie Patrick, head of income strategies at Pendal, unpacks how geopolitical tensions, sticky inflation and higher oil prices are reshaping bond markets. 

She explains why inflation expectations — rather than growth fears — are driving yields higher, and why investors need to be selective as credit spreads fail to fully reflect downside risks.

"Even if all of the Middle Eastern issues were to go away tomorrow, I think naturally the oil market would just embed a higher level of structural risk premia in its price. And as a result, what I would be looking for the direction of bonds in the very near term is for more of those inflation fears to play out," Amy says. 

The podcast also explores lingering AI‑related credit concerns, liquidity risks, and what this complex backdrop means for duration, credit exposure and equities.  

Listen to the full podcast to hear Amy’s insights on traversing the fixed income markets in uncertain times.

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Find out more about Pendal's fixed income strategies at pendal/fixedinterest

Pendal is a global asset manager. Find out more at pendalgroup.com

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