Fixed Income Outlook 4Q 2022: Awaiting Peak Hawkishness (2024)

1. Goldman Sachs Global Investment Research – European Views: More Hikes into Recession. As of September 26, 2022.

2. Goldman Sachs Global Investment Research – European Views: More Hikes into Recession. As of September 26, 2022.

3. Goldman Sachs Global Investment Research Carbonomics: Re-Imagining Europe’s Energy System. As of July 21, 2022.

4. Goldman Sachs Global Investment Research Carbonomics: Re-Imagining Europe’s Energy System. As of July 21, 2022.

5. UBS call with James Henderson and Mike Fulwood, experts on Natural Gas at the Oxford Institute of Energy Studies.

6. International Energy Agency World Energy Employment Report published in September 2022 and based on 2019 employment statistics.

7. International Energy Agency World Energy Employment Report published in September 2022 and based on 2019 employment statistics.

Source:As of October11, 2022. The economic and market forecasts presented herein are for informational purposes as of the date of this document. There can be no assurance that the forecasts will be achieved.

Abbreviations: US Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BoE), developed markets (DM), emerging markets (EM), Bank of Japan (BoJ).

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Index Benchmarks

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Date of first use: October 10, 2022. 293677-OTU-1678829.