The US Fixed Income Weekly

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The US Fixed Income Weekly

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US Fixed Income Strategy

Economics –June FOMC preview: park the bus 15 June 2026

The Fed should be firmly on hold: no easing bias & dot plot flat for 2026. Warsh will Fixed Income Strategy

likely downplay inflation concerns. May CPI data in line with below-consensus forecast. United States

Cross Product

US Rates – Pressure cooker

Warsh likely reads hawkish, room for markets to shift toward hikes as Warsh pops Fixed Income Research

BofAS

"political" bubble; stay paid 2y. Inflation risks skew higher; we hold front-end inflation

flatteners. Tighter liquidity should push Jul SOFR/FF lower. ChrisFI/MBS/CLOFlanaganStrategist

The Flow Show – Give Ps a chance BofAS+1 646 855 6119

christopher.flanagan@bofa.com

3Ps of Positioning, Profits, Policy...chips off table until FCI tightening ends July 29th

FOMC. Best contrarian "peace" winners...consumer, REITs, Europe, crypto, gold, EM FX MarkRates StrategistCabana, CFA

Securitized Products – A series of close calls BofAS+1 646 743 7013

mark.cabana@bofa.com

Reacceleration meets event risk: pressure builds within narrow channels. Tight ranges,

faster reactions: spread stability holds, but event catalysts could drive quick market NehaCredit KhodaStrategist

moves. Carry-driven securitized markets: rate vol falls on Iran hopes; quality, structure, BofAS

+1 646 855 9656

duration drive returns neha.khoda@bofa.com

Investment Grade – Positioning for Iran resolution AlvinABS StrategistFung

Reaching a deal on Iran would be positive for spreads. Lower risk of an energy price BofAS

+1 646 855-9091

shock should support the cyclical sector that underperformed since the start of the war. alvin.fung@bofa.com

High Yield – Higher rates, more AI-capex, lower fragility See Team Page for List of Analysts