Fixed Interests
Business & Finance
About
From global macroeconomic trends to impacts on the credit markets to regulatory and political changes, Fixed Interests delivers your economic update in 15 minutes or less.
Episodes
- Hungary’s New Government: Policy Priorities and Challenges
This episode of Fixed Interests discusses the impact of Hungary's recent election on policy reform and the country's sovereign credit profile. It examines the election outcome with Malgorzata Krzywicka and contextualizes Hungary's politica…
- AI Capex, Monetization, and What It Means for Credit
This episode of Fixed Interests discusses the implications of AI-driven investment in data centers and compute capacity on credit sustainability. It explores whether current capital expenditures are supported by future revenue potential an…
- Oil, Risk & Ratings: The Middle East Crisis Briefing
Richard Hunter and Duncan Innes-Ker discuss the Middle East crisis's effects on sovereign ratings and the macro-outlook, noting that impacts have been contained and geopolitical risks are mostly reflected in current ratings.
- Tech Shifts and Obsolescence Risks in Structured Finance
This episode discusses how technological shifts, from unsupported EV software to AI's influence on office use and logistics, are reshaping collateral performance. Justin Patrie and Suzanne Albers examine pressure points like outdated EV sy…
- Evaluating the Credit Impacts of Youth‑Led Protests in Asia
Thomas Rookmaaker and Harry Hu discuss the credit impacts of youth-led protests in Asia, noting risks of political flare-ups for some APAC sovereigns in 2026 and diverging fiscal risks among Asia ‘BBB’ sovereigns.
- 2026 Global Credit Outlook: Resilience, Risks, and What to Watch
Justin Patrie and Sarah Repucci unpack Fitch’s Global Credit Outlook, highlighting resilient credit conditions, pressures in China and Canada, and key risks, including strain on lower‑income U.S. consumers, tariff volatility and geopolitic…
- Venezuela After Maduro: US Policy, Oil, and Regional Risks
Todd Martinez and Josh Grundleger discuss the US ouster of Nicolas Maduro, the revived Monroe Doctrine, and key risks for Latin America, including oil investment, debt restructuring, regional market reactions, and impacts on migration and…
- Global Economic Outlook - AI-Related Capital Spending Cushions Slowdown
Brian Coulton and Ed Parker discuss Fitch’s Global Economic Outlook, reviewing where the world economy stands at the close of 2025 and key trends for 2026, from AI-driven investment and resilient U.S. equities to China’s sharp investment s…
- Are Bubble Risks Emerging in Leveraged Finance?
Lyuba Petrova, Lyle Margolis and Justin Patrie examine bubble risks as equities surge, credit spreads tighten, private credit faces hidden vulnerabilities and AI investment accelerates, though valuations suggest buyers aren’t overpaying.
- Argentina Mid-Terms - Credit Outlook and Reform Risks
Shelly Shetty and Todd Martinez analyze Argentina’s mid-term elections, what Milei’s stronger legislative backing means for reforms, and the lingering risks around reserves and external liquidity.
- Fiscal Challenges for Western European Sovereigns
James Longsdon, Head of Global Sovereigns and Supranationals, and Federico Barriga Salazar, Head of Western European Sovereign Ratings, discuss Western Europe’s fiscal divergence, recent upgrades and downgrades, and Fitch’s deficit outlook.
- Challenges Ahead for US Data Center Boom
Justin Patrie, Head of Credit Commentary & Research, and Sarah Repucci, Senior Director, Credit Commentary & Research, discuss emerging challenges for the AI-fueled US data center boom, covering investment, rising costs, impact on utilitie…
- GCC Diversification: Progress and Challenges
Paul Gamble, Head of Middle East and Africa (MEA) Sovereigns, and Cedric Berry, Director, MEA Sovereigns, discuss GCC efforts to diversify their economies beyond oil, and the varied pace of progress across the region.
- Emerging Markets in 2025 - Resilience Amid Global Headwinds
Justin Patrie and Duncan Innes-Ker discuss how emerging market credits are faring this year amid slower global growth, geopolitical risks, and shifting U.S. policy - highlighting ratings resilience and modest positive momentum.
- Global Credit Risk Outlook
Justin Patrie and David Prowse discuss key themes from Fitch’s Global Credit Risk Outlook, including slower growth, tariff uncertainty, and weaker credit conditions—as well as the overall ratings resilience amid these challenges.
- Fiscal Risks in Japan
Thomas Rookmaaker, Head of APAC Sovereign Ratings, and Krisjanis Krustins, lead analyst for Japan, discuss Japan’s fiscal outlook, covering the impact of rising bond yields, fiscal populism and long-term spending pressures.
- Global Economic Outlook – Better But Not Good
Brian Coulton, Chief Economist, and Ed Parker, Sovereigns Managing Director, discuss Fitch’s mid-year Global Economic Outlook, focusing on global growth forecast updates since April and how tariffs are driving key changes to projections.
- Global Corporates at Mid-Year - Sector Outlooks Deteriorates on Tariffs Pressure
The credit outlook for global corporates has worsened in 2025, with 14 sectors and sub-sectors deteriorating at mid-year vs. 5 at end-2024. Justin Patrie and Carla Taylor, Head of Research for the Americas, discuss the drivers and implicat…
- CEE Electoral Cycle: Sovereign Rating Implications
Paul Gamble, Senior Director of Sovereign Ratings, and Erich Arispe, Head of Emerging Europe Sovereign Ratings, discuss the credit implications and common themes of the 2025/2026 electoral cycle in Central and Eastern Europe.
- Tariff Uncertainty Continues To Shape Credit Risk Outlook
Fitch's 2Q25 Risk Headquarters report highlights a worsened risk outlook amid US tariff volatility. David Prowse and Justin Patrie discuss key points from the report, centered around how Trump-era policies continue to elevate investor conc…
- Listen and Subscribe to Fitch Ratings Fixed Interests Podcast
From global macroeconomic trends to sovereign credit developments to regulatory and political changes, Fitch’s Fixed Interests podcast delivers the analyst insights and updates you need to stay ahead in a rapidly evolving market. Available…
- Mexico's Sovereign Rating Amid Global Trade Tensions
Shelly Shetty, Managing Director, Americas Sovereigns and Todd Martinez, Senior Director, Sovereigns, discuss Mexico’s recent rating affirmation, and how the sovereign is navigating global trade tensions and domestic fiscal challenges.
- European Sovereigns: Navigating US Policy Shifts
Explore the impact of US tariffs on European sovereigns with Jan Friederich, Head of EMEA Sovereigns, and Federico Barriga Salazar, Head of Western European Sovereigns, as they discuss strategic responses and fiscal implications for Europe.
- China's Fiscal Future: Insights on the Recent Rating Downgrade
Thomas Rookmaaker, Head of APAC Sovereign Ratings, and Jeremy Zook, lead analyst for China, discuss China’s recent downgrade, covering key drivers including the sovereign's weakening public finances and rapidly rising public debt ratios.
- US Housing Economy Update - Downside Risks Increasing
Olu Sonola, Chief US Economist, and Sarah Repucci, Senior Director, Credit Commentary and Research, delve into Fitch's latest US Cross-Sector Housing Monitor, discussing the US housing outlook and risks from tariffs, labor costs and lower…
- Risk Headquarters 1Q25 - Key Risks to Global Credit
David Prowse and Justin Patrie discuss the key points in Fitch's 1Q25 Risk Headquarters report, covering how the credit risk environment has evolved since the start of the year in response to inflation, new Trump administration policies, a…
- India's Economic and Fiscal Outlook
Join Thomas Rookmaaker and Jeremy Zook from the APAC Sovereigns team as they explore India's 2025 budget, its path for debt reduction, economic outlook, and implications for the sovereign rating amid global uncertainties.
- Private Credit - 2024 Trends, 2025 Expectations
Join Justin Patrie, Head of Credit Commentary & Research, and Meghan Neenan, Head of North America NBFI, as they review 2024's private credit trends, including the growth of asset-based finance, and discuss outlooks on the sector for 2025.
- Trump Agenda and Outlook for US Fiscal Policy and Debt Trajectory
Shelly Shetty, Managing Director, Americas Sovereigns and Richard Francis, Senior Director, Sovereigns, look into the impact new Trump administration policies, including tariffs and tax cuts, may have on US public finances and its sovereig…
- Global Credit Outlook 2025
David Prowse and Justin Patrie discuss the key points in Fitch's 2025 Global Credit Outlook report, including positive drivers for the market such as falling interest rates, and negative drivers including escalating geopolitical risks.
- Global Economic Outlook – Global Growth Stable as Forecasts for Major Economies Shift
Tariff uncertainty in the US, deflation pressures in China, and political instability in France and Germany are driving forecast changes for 2025. Join Brian Coulton and Ed Parker as they cover these and other developments detailed in Fitc…
- US Election Impact - Tariffs, Credit Risks, and Market Reactions
Richard Francis, David Prowse, and Justin Patrie discuss the implications of the recent US election, including potential impacts on the US budget, sovereign credit profile, and the macroeconomic effects of new tariffs on global markets.
- Public Finances and CEE Sovereign Ratings
Erich Arispe, Head of Emerging Europe (EE) Sovereigns, and Malgorzata Krzywicka, Associate Director EE Sovereigns, discuss Central and Eastern Europe’s current state of public finances and the region’s fiscal consolidation prospects and ch…
- US Banks - 2024 Trends, 2025 Expectations
Christopher Wolfe, Managing Director for North America Banks, and Justin Patrie, Head of Fitch Wire, look back at US banks’ performance and rating trends in 2024 and discuss expectations for 2025, including potential post-election policy c…
- Common Framework Restructurings - Progress and Challenges
Explore the latest developments in Common Framework debt restructurings for Ethiopia, Zambia, and Ghana and the impacts of new IMF policies with Paul Gamble, Head of MEA Sovereign ratings, and Thomas Garreau, Associate Director, MEA Sovere…
- Outlook on Emerging Market Economies
Duncan Innes-Ker, Senior Director, Fitch Wire, and Justin Patrie, Head of Fitch Wire, explore challenges and opportunities for emerging market economies, including recent rate cuts, weaker demand in China, and post-election policy changes…
- Economic Policy Expectations for India
Thomas Rookmaaker, Head of APAC Sovereigns, and Jeremy Zook, Lead Analyst for India, discuss India’s sovereign rating, and what to expect from the country’s economic policy following the election of Narendra Modi to his third term as prime…
- US Election and Credit Implications
Richard Francis, Richard Hunter and Justin Patrie look into the potential effects the upcoming US election could have on credit, touching on the US’ sovereign rating, the different fiscal policy plans offered by the candidates, and more.
- Fiscal Policies in the European Union
Head of EMEA Sovereigns Jan Friederich and Head of Western European Sovereigns Federico Barriga Salazar discuss fiscal policies in the EU, including the impact of the new fiscal rules and implications for the ECB’s Transmission Protection…
- Global Credit Risk through 1H24
David Prowse, Senior Director, Fitch Wire, and Justin Patrie, Head of Fitch Wire, look into our 3Q24 Risk Headquarters report, covering the ongoing impact of high interest rates, escalating geopolitical risks, real estate market challenges…
- Global Economic Outlook – Monetary Policy Enters an Easing Phase
Brian Coulton, Chief Economist, and Ed Parker, Sovereigns Managing Director, parse Fitch’s latest Global Economic Outlook report, covering focus points including the gradually slowing US economy, global monetary policy developments and mor…
- Mexico’s New Administration - Key Challenges and Opportunities
Shelly Shetty, Managing Director, Americas Sovereigns, and Carlos Morales, Lead Mexico Analyst, look at Mexico’s recent elections, including challenges and opportunities for the new administration, and rating drivers moving forward.
- Estimating the Impact of Potential US Tariff Hikes
With elections in the U.S. approaching, Brian Coulton, Chief Economist, and Alex Muscatelli, Director, Economics , look into the potential impact a renewed trade war sparked by US-led tariff hikes could have on the global economy
- Contagion Risks from Rising Commercial Real Estate Delinquencies
Euan Gatfield, Head of EMEA CMBS, joins Justin Patrie, Head of Fitch Wire, to explore the current CRE environment, delving into rate cycle impacts and other factors such as e-commerce, post-Covid office space utilization and the energy tra…
- Post-Election Economic Outlook for Turkiye
Paul Gamble, Head of Emerging European Sovereigns, and Erich Arispe, Lead Analyst on Turkiye, discuss the positive rating actions around Turkiye following the country’s 2023 economic policy changes, and the impact of recent local elections.
- Risk Headquarters 2Q24
Richard Hunter, Chief Credit Officer, and Justin Patrie, Head of Fitch Wire, dive into the latest Risk Headquarters report, outlining the main risks to global credit this quarter including real estate, geopolitics, China macroeconomics, an…
- Credit Views on Pakistan Post-Election
Thomas Rookmaaker, Head of APAC Sovereigns, and Krisjanis Krustins, Primary Analyst on Pakistan discuss the results of Pakistan’s recent elections, their implications for IMF talks, and the country’s reform potential and funding prospects.
- The Growing World of Private Credit
Justin Patrie, Head of Fitch Wire, and Meghan Neenan, Head of North America NBFI, dive into the rapidly expanding private credit sector, covering the origins of the space, its growing profile following the 2008 financial crisis and more.
- Economic Reforms In Argentina Under Milei - The First 100 Days
Join Shelly Shetty, Head of Sovereign Ratings for Asia & the Americas, and Todd Martinez, Primary Argentina Analyst & Americas Co-Head, as they discuss the potential economic impacts and rating implications for Argentina under President Mi…
- Outlook for Chinese Credit - What to Expect in 2024
Justin Patrie, Senior Director and Head of Fitch Wire, is joined by fellow Credit Policy Senior Director Lan Wang to discuss the outlook for China’s economy, covering policy support, fiscal rebalancing and the property sector, among other…