2022 has seen a wild rollercoaster ride in bond markets. Phil Milburn and Donald Phillips, co-heads of the Liontrust Global Fixed Income Team, analyse what macroeconomic tracks the bond markets should be following. As we approach peaks in rates a recession looks inevitable, but the Team’s central case is that this will be a mild one. They will also cover how the combination of a worsening macroeconomic environment and attractive bond valuations manifests itself in fund positioning.