Insights & News - EFGAM New Capital

Podcast

Credit, debt cycles and bubbles with Michael Leithead

As the US economy eagerly awaits labour market data and whisperings of an AI bubble grow, Moz talks to Michael Leithead, Head of Fixed Income at EFGAM about the path ahead. In the spotlight are Fed rate cuts, the economic impacts of Artificial Intelligence and what some of the idiosyncratic risks are to be aware of in the current cycle.

22 October 2025

Credit Spreads: How Low Can They Go?

In this note we explain that a widening in credit spreads will not be driven by the perception of rich valuations alone, and that there are a number of reasons to believe that spreads can remain range bound or get even tighter despite trading near historic tights.

14 October 2025
Read time: 5 minutes

Podcast

What the Market Cycle Clock is telling us

Renowned market technician Jeff deGraaf, Chairman of RenMac, helps explain what time it is on RenMac's Market Cycle Clock, and what it signals for equities. Alongside discussing sector opportunities, he also lays out the case for why he believes we’re in a broad-based global bull market, despite near term consolidation risks.

09 October 2025

Love is Blind….Is Debt?

Netflix tested if love is blind by stripping away appearances and focusing only on personality and values…some might call them “core fundamentals”. The TV show has been successful in demonstrating that love is indeed blind; theoretically the same should apply to how debt is priced, but is it?

22 September 2025
Read time: 3 minutes

Podcast

Fed rate cut reaction with GianLuigi Mandruzzato and Stefan Gerlach

In this special short episode of Beyond the Benchmark, EFG's GianLuigi Mandruzzato and Stefan Gerlach give their immediate reaction to the Federal Reserve's 17 September decision to cut interest rates by 25 basis points. While a true picture of market reaction was not yet evident at the time of recording, Stefan highlights some of the learnings to be gleaned from the decision about how the FOMC is currently operating and what their longer term thinking is.

18 September 2025

Macro

ECB to keep rates unchanged for some time

On 11 September, the European Central Bank (ECB) left interest rates unchanged and signalled that it will likely keep them at the current level for some time. In the ECB’s assessment, downside risks to growth and inflation have diminished, reducing the scope for a more accommodative policy. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the factors that could lead the ECB to a different conclusion.

12 September 2025
Read time: 2 mins

Mid-Year Outlook 2026