As we head into 2026, uncertainty continues to dominate the investment landscape. Despite a year of numerous challenges, the global economy has been resilient and valuations across major asset classes remain elevated. Against this backdrop, some economic signals are indicating potential softness, which could challenge these stretched valuations.

High Yield: Investing in a transformed credit ecosystem The high yield market has changed dramatically over the last two decades. Yet many institutional investors continue to view the asset class through a backward looking lens shaped by earlier eras of weaker credits, episodic liquidity shocks, and pronounced default cycles.

From politics to portfolios: the market impact of rising populism Over recent decades, populist parties have become major forces in global politics, increasingly joining — and in some cases leading — governments across a range of countries. As a result, populism now exerts significant influence over economic policy and market dynamics. This paper explores the global rise of populism and examines its impact on economies and financial markets.

Five themes for EM debt in 2026: a year of greater divergence You will discover five themes driving our outlook for emerging market debt (EM) in 2026.

Fixed Income perspectives Please find the quarterly macro and market insights from Capital Group’s fixed income team.

The Great Global Restructuring - Understanding the new global axis