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Multi-Sector Bond Quarterly Update – April 2025

TwentyFour

Watch 5 min

Apr 01 2025

TwentyFour Asset Management’s Eoin Walsh breaks down a turbulent first quarter for investors, driven by newly imposed Trump tariffs and shifting economic forecasts.

Key takeaways

Multi-sector bond market performance

Newly imposed Trump tariffs quickly impacted markets and early optimism around strong US growth faded as recession fears and stagflation concerns grew.
In Europe, recession worries persisted with below-potential growth expectations and a sharp sell-off in rates markets.
Eurozone defence spending surged in response to tense Trump–Putin negotiations, as Germany moved to lift its debt brake.

Market outlook

Markets remain on edge heading into Q2 following the April 2 2025 tariff announcement.
Consumer sentiment will be key to US growth trajectory amidst an increasingly divided political landscape.
Despite macro headwinds credit continues to offer compelling relative value.

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About the author

Eoin Walsh

Eoin Walsh

Partner, Portfolio Management

About the author

Eoin Walsh

Eoin Walsh

Partner, Portfolio Management

Topics:

Fixed Income Market Update Multi-Sector Bonds TwentyFour

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TwentyFour

Based in London and New York, TwentyFour is a specialist active fixed income manager with a strong reputation for performance, expertise and innovation. Offering Multi-Sector, Investment Grade, Asset-Backed Securities and Sustainable strategies, TwentyFour targets the best risk-adjusted returns from across the global bond markets.

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