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Bondcast - The Rates Podcast

NatWest Corporates and Institutions
Bank Of England
Federal Reserve
Inflation
European Central Bank
Interest Rates
Tariffs
Fiscal Policy
Labor Market
US Federal Reserve
ECB
Bond Markets
United States
UK Budget
France
Gilts
Middle East
US Labor Market
Monetary Policy Committee
Iran
Oil Prices

In this weekly podcast series, Imogen Bachra along with the NatWest Markets team of rates & markets specialists help investment professionals shape their portfolio views on fixed income, learn how the biggest themes, trends, and events affect bond performance, and get deeper insight into rates markets including the latest analysis & research from the NatWest team.

PublishesTwice weeklyEpisodes227Founded5 years ago
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Latest Episodes

The latest escalation in the Middle East has reignited concerns over higher energy prices, inflation and the outlook for UK growth. But is this shock really comparable to the energy crisis that followed Russia’s invasion of Ukraine in 2022?

In this ... more

In this edition of Bondcast: Speakers’ Corner, Imogen Bachra is joined by NatWest Director of Innovation, David Greenwald, to explore one of the defining market themes of 2026: artificial intelligence. The discussion examines whether markets are pric... more

In this new series of Bondcast Week Ahead, Imogen Bachra shares her thoughts on what's moving markets in the coming five days.

In this week’s episode, Imogen Bachra is joined by Stuart Sparks and Giovanni Zanni to discuss what recent events mean for rates markets.

Fresh tensions in the Middle East have pushed oil prices higher once again, forcing markets to reassess the inf... more

In this special edition of Bondcast Speakers' Corner, Imogen Bachra is joined by NatWest Group International Advisor Scott Livingstone to examine the geopolitical landscape and what it could mean for rates markets over the months and years ahead.

Re... more

Imogen Bachra looks ahead to a week shaped by renewed Middle East risk, key US inflation data, Chair Warsh’s testimony, UK political uncertainty, and the start of earnings season.

Key takeaways

• Markets may need to price a higher geopolitical risk... more

Oil prices are back in focus, markets are repricing central bank risk, and politics is adding another layer of uncertainty across Europe and the UK. In this episode of Bondcast, Imogen Bachra, Deepika Dayal and Oriane Parmentier discuss whether marke... more

Oil prices have retraced to pre-conflict levels following the signing of a memorandum of understanding (MOU) and the reopening of the Strait. But does that rebound accurately reflect what’s happening in the real economy?

In this special episode of B... more

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Recent Guests

James Bucknall
Head of Sterling Interest Rate Trading
NatWest Markets
Episode: Speakers' Corner: Leverage ratios, gilt demand and the future of UK funding
Iain Budge
Head of Banks and Boards Society Solutions
NatWest Markets
Episode: Speakers' Corner: Leverage ratios, gilt demand and the future of UK funding
Oriane Parmentier
Global market specialist
NatWest Markets
Episode: Peak optimism and calm markets
Huw Pill
Chief Economist and Executive Director for Monetary Analysis at Bank of England; MPC member
Bank of England
Episode: In conversation with Huw Pill
Joel Suss
Financial Times journalist
Financial Times
Episode: In conversation with Huw Pill
Scott Livingstone
NatWest's international advisor
NatWest
Episode: More geopolitics, more inflation and more rate moves
Ross Walker
NatWest's global head of economics
NatWest
Episode: More geopolitics, more inflation and more rate moves
Giovanni Zanni
Global market specialist
NatWest Markets
Episode: Back to the hold routine, but for how long?
Paul Robson
Co-head of G10FX Strategy
NatWest Markets
Episode: What's happening in the Middle East, and how are markets affected?

Hosts

Imogen Bachra
Host of Bondcast and the primary presenter for NatWest Markets' rates discussion
Ian VanderHorn
Global market specialist, Bond market analyst; frequent co-host on rate-focused discussions
Oriane Parmentier
Global market specialist joining the host for expert discussion on rate themes

Top Business Podcasts

Talking Points

Recent interactions between the hosts and their guests.

In conversation with Huw Pill
Q: What do you mean by 'prompt but modest' in terms of the policy path?
Acting now with a measured increase can reduce the likelihood of aggressive tightening later, help manage second-round dynamics, and anchor inflation expectations while keeping room to adjust if energy and wage dynamics evolve.
In conversation with Huw Pill
Q: Can you contextualize your dissenting vote for a hike given the market tightening?
The vote reflects a judgment that the risks to the upside from Gulf-related uncertainty and second-round effects justify an earlier but measured move, aiming to anchor inflation expectations and prevent more painful adjustments if conditions worsen.
Central banks held rates, but what to take from the details?
Q: How did the ECB's press conference and Lagarde's remarks influence expectations for June action and subsequent policy?
Lagarde's remarks introduced a notion of conditional hawkishness, suggesting that a June rate hike could occur if energy and growth signals evolve unfavorably, but the data dependency remains crucial. The overall takeaway is that June is a natural moment to reassess, with the pace and extent of tightening depending on incoming information about growth and external shocks.
Central banks held rates, but what to take from the details?
Q: What were the key takeaways from the Fed meeting and how might they affect the forecast for the rate path?
The Fed left its future policy guidance largely intact, with only minor tweaks to the current conditions paragraph. While some officials advocated a two-sided risk approach and there was a dissent on lowering rates, the overall policy path still points toward easing later in the year, with Warsh potentially shaping a more appropriate stance once he assumes the chair role. Near-term inflation pressures from energy prices are a constraint, but the forecast anticipates a gradual improvement and continued easing later in the year.
More geopolitics, more inflation and more rate moves
Q: How long do you think these second order effects will take to appear in the data?
Second-order effects are likely to show up progressively, with gradual signs evident in the autumn and moving into the final quarter, including transportation and wage dynamics that feed through core inflation above prior expectations.

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Frequently Asked Questions About Bondcast

What is Bondcast about and what kind of topics does it cover?

This show targets investment professionals who want practical, cross-market insight into fixed income and rate strategizing. Episodes repeatedly dissect central bank paths (Fed, ECB, BoE), inflation dynamics, energy price shocks, and geopolitical developments, with a steady emphasis on how policy signals translate into bond and currency markets. The tone blends macro frameworks with tactical market views, often incorporating client perspectives and real-world scenarios from the NatWest Markets team. A standout pattern is the cross-market dialogue among rates specialists and occasional guest economists or geopolitical advisers, delivering a nuanced, data-driven lens on rate trajectories and risk management for portfolios.

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These podcasts share a similar audience with Bondcast:

1. FICC Focus
2. At Any Rate
3. The Markets
4. The Macro Trading Floor
5. Thoughts on the Market

How many episodes of Bondcast are there?

Bondcast launched 5 years ago and published 227 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Bondcast?

Recent guests on Bondcast include:

1. James Bucknall
2. Iain Budge
3. Oriane Parmentier
4. Huw Pill
5. Joel Suss
6. Scott Livingstone
7. Ross Walker
8. Giovanni Zanni

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