Fixed Income: Why This Is Not 2022

Neuberger Berman3.29K FollowersFollow5ShareSavePlay(11min)CommentsSummaryElevated oil prices and rising inflation expectations from the Middle East conflict instinctively invite a parallel with 2022, when a supply shock met excess fiscal stimulus, causing breakevens to surge and developed market central banks to tighten aggressively.As expected, the Fed held rates steady at 3.50 - 3.75% but acknowledged that the implications of developments in the Middle East for the US economy are uncertain.Compared to the Fed, the ECB and BoE face a genuinely harder trade-off.U.S. Treasuries, even without their traditional safe-haven bid, reflect a central bank with a clearer easing path than its European peers. meshaphoto/iStock via Getty Images By Ashok Bhatia, CFA The echoes of 2022 are loud but misleading. The macro still points to easing, not hikes, while the credit cycle begins to turn. Elevated oil prices and rising inflation expectations fromThis article was written byNeuberger Berman3.29K FollowersFollowNeuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization. From offices in 39 cities across 26 countries, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With 763 investment professionals and 2,850 employees in total, Neuberger Berman has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff, and has earned us citations as first or second (among those with 1,000 or more employees) in the Pensions & Investments “Best Places to Work in Money Management” survey each year since 2014. As a private, independent, employee-owned investment manager, Neuberger Berman is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together. The firm has $538 billion in assets under management as of June 30, 2025. For more information, please visit our website at www.nb.com.For important disclosures: https://www.nb.com/disclosure-global-communications