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1 minutes to read by  BlueBay Fixed Income team Feb 6, 2025

January Review

  • It was a positive start to the year for investors with both equities and fixed income markets delivering positive returns, although with considerable volatility and asset price dispersion. US Treasury yields moved almost 30bps higher before reversing sharply in the middle of the month to end January slightly lower than where they started.

  • Towards the end of the month, the return of Donald Trump to the White house unnerved markets, with focus turning to executive orders, US’s demands for Panama canal and Greenland, as well as threats of tariffs to Mexico, China, Canada and Europe.

  • Emerging Market issuers were quick to focus on the primary market and looking to cover financing needs for 2025 ahead of President Trump’s inauguration - we witnessed healthy supply, mainly in the investment grade space to begin 2025 that was readily absorbed.

  • Another theme at play was within the artificial intelligence world where the release of DeepSeek’s new AI model caused investors to question the sustainability of current tech valuations in the US.

Download this article for the full market review, market outlook, and latest performance.

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