Derek Halpenny, Head of Research Global Markets EMEA &amp; International Securities sits down with Simon Mayes, Head of UK, Ireland &amp; Swiss FX Corporate Sales to discuss the implications of the huge sell-off in fixed income over recent weeks. Derek highlights the growing risks of the selling in fixed income spreading to risk assets and FX carry could suffer as well. There is also a discussion on what lies ahead next week with the key US jobs report and the RBA monetary policy announcement.

Fixed Income contagion risks

The MUFG Global Markets Podcast

Welcome to the MUFG Global Markets FX Week Ahead podcast with Derek Halpenny, Head of Research Global Markets EMEA and International Securities. It's Friday 25th September 2026 and joining Derek to pose some questions on the financial market themes for the week ahead is Simon Mays, Head of UK, Ireland and Swiss FX Corporate Sales.

This material is only intended for professional investors in jurisdictions in which its use is permitted under applicable laws, rules and regulations. It has been produced for information purposes only and should not be construed as investment research or advice. MUFG EMEA disclaimers and disclosures can be located on our website.

Hey Derek, really good to catch up again after what's been a very busy and interesting week once again. Yes, indeed. We kind of say that every time. Every time. It's not in these weeks. Yes. Well, it seems like on a day-to-day basis that the news that I've been reading has been focused very heavily on the selling in fixed income this week. So that's something I wanted to kick off with. So what's your sort of view on the scale of the rise in yields that we've seen?

And I guess that the risk of it spreading to general risk appetite and to FX. Yeah, no, definitely. Like the scale of the move is pretty significant. Definitely heard of kind of fast money type accounts suffering big losses this week and over recent weeks. And I think, you know, if that's true, that that certainly raises risks of contagion beyond fixed income into broader markets.

Fixed Income contagion risks

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Fixed Income contagion risks

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.