Goldman Sachs Asset Management's Salman Niaz suggests locking in yields in face of the Fed's easing bias, adding that the protective power of fixed income remains attractive amid ongoing uncertainty.

New York

Goldman Sachs has observed that the Federal Reserve's easing bias is providing a constructive backdrop for fixed income markets. Investors are finding opportunities to lock in yields and potentially benefit from capital appreciation, as the yield curve shows signs of bull steepening. The resilient economy and a range of fiscal and geopolitical factors are contributing to this environment. 

Analysts note that while credit spreads are at multi-year tights, the protective qualities of fixed income remain attractive, especially during periods of equity market volatility. Investment grade markets offer higher yields and some protection, and investors with the ability to take on macro risk can benefit from curve and volatility plays, given the diverse economic trajectories and policy responses globally.

Fed’s easing opens yield window, says Goldman Sachs

Fixed income markets tend to do very well when you have an easing bias as the backdrop. It's a good time to kind of lock in yields for a lot of investors. And you know you can also look forward to capital appreciation sometimes. So is that what the curve is telling you right now. So the curve as it has done really a little bit more bull steepening if you will. The front end is getting inference from the Fed's narrative and the economy remains resilient. And then you've got a whole host of fiscal tax geopolitics and trade issues that are coming into play. So that's leading to a bit of a bull steepening. But the backdrop is quite constructive. And you know the business cycle is getting extended which means it's a good time to earn income. OK. Is it a good time to go long duration. So each one of our clients has a different neutral point of where they think we find that the attractiveness and outright long duration versus what our clients have asked us to do is lower than taking a steeper view. And I think this kind of dovetails into into into into an interesting point that I wanted to make which is. There are a lot of investors and clients are focused on playing fixed income macro risk at this point. And it's harder for retail investors and individual investors to kind of play that. But there are a number of ways to express that through steepeners cross current reviews. You know and that's getting a lot of interest in traction which is total return or absolute return oriented you know global fixed income. One of the one of the ways that normal people that is real investors can take part and get involved is is buying credits. Obviously right. Spreads though have been they've they've evaporated. Right. What what is that. What should that tell them. So the protective power of fixed income we think remains attractive. And you know we got a little glimpse of that back around Liberation Day when the stock market pulled down quite extensively. But the fixed income market actually rallied. So that's sort of the protective power of fixed income coming into play. As you know you rightly point out spreads are at multi-year tides across the market which is getting informed by constructive asset quality and a business cycle direction if you will. So a big part of the yields in high quality markets investment grade markets is the rate component which kind of brings in the protective aspect to it. So it offers a little bit higher yield than what a rate market would offer and has a little bit more protection in it. So we still like it. But if investors have the ability to either take absolute return macro risk we can lean into that which allows us to play curves to your point earlier and also allows us to play macro volatility which we think will remain high because there's significant dispersion and how different economies around the world are going. And that's informing different direction of travel for policymakers both monetary and fiscal around the world.

After meeting for about an hour with Ukrainian President Volodymyr Zelenskyy, President Trump said he believes Ukraine can win back all of its territory from Russia "in its original form."

In major shift, Trump says Ukraine can win back territory lost in war

A jury has convicted Ryan Routh of attempting to assassinate U.S. President Donald Trump on his Florida golf course last year. He was found guilty of all five charges, which included attempted assassination of a major presidential candidate and assaulting a federal officer.

West Palm Beach

Ryan Routh found guilty of trying to assassinate Trump

U.S. President Donald Trump on Tuesday (September 23) spoke with reporters while meeting with Ukrainian President Volodymyr Zelenskyy at the United Nations General Assembly in New York City.

Trump takes questions during meeting with Zelenskyy

Chipmaker Nvidia said it would invest up to $100 billion in OpenAI, the developer of ChatGPT, as part of a strategic partnership. CBS MoneyWatch correspondent Kelly O'Grady has more details.

Santa Clara

Rise of AI

Nvidia to invest up to $100 billion in OpenAI

For the first time in more than half a century, astronauts will soon be heading back to the moon. CBC's Nicole Mortillaro breaks down the preparations for the mission, Artemis II, which will send astronauts on a historic loop around the moon.

Houston

NASA prepares to send astronauts around the moon

U.S. President Donald Trump addressed the United Nations General Assembly in New York City, where he pushed back on countries that have formally recognized a Palestinian state. Trump also touted U.S. immigration policy.

Trump delivers address at U.N. General Assembly

Southern China and Hong Kong are bracing for Super Typhoon Ragasa as authorities evacuate hundreds of thousands of people. CBS News' Anna Coren has more details.

Hong Kong Island

Super Typhoon Ragasa targets Southern China, Hong Kong

Russian President Vladimir Putin offered to voluntarily maintain the limits on deployed strategic nuclear weapons set in the 2010 New START accord after it expires in February if the U.S. agreed to do the same.

Moscow

Putin offers Trump one-year extension to nuclear weapons treaty

President Trump announced Monday the FDA believes pregnant women should not take acetaminophen, the active ingredient in Tylenol, claiming there could be a link between the medication and autism, despite objections from medical experts.

Washington

Trump, FDA tell pregnant women not to take Tylenol

ABC announced Monday that "Jimmy Kimmel Live!" will return to the air Tuesday night (September 23). The network pulled the show last week following a remark from Kimmel about the death of Charlie Kirk.

Los Angeles

Jimmy Kimmel returning to air

As leaders from around the globe come together at the United Nations General Assembly in New York this week, conflicts in Gaza and Ukraine continue to rage.

World leaders come together at UNGA as global tensions rise

Monday marks the second day of strike action after a similar walk-off was called on Sunday by the southern European country's largest trade union, the Italian Confederation of Labour (CGIL).

Rome

Middle East Conflict

Thousands strike across Italy in solidarity with Palestinians in Gaza

The Trump administration is adding $100,000 to the existing fee for H-1B visa applications, taking aim at a program that is used to attract highly skilled workers to the U.S.

Trump administration to add $100,000 fee for H-1B visas

President Donald Trump urged Attorney General Pam Bondi in a social media post to move forward with cases against several people connected to the U.S. government. CBS News justice correspondent Scott MacFarlane has more.

Trump urges Pam Bondi to go after his political foes

Russia is denying that its planes entered Estonian airspace on Saturday, according to Kremlin spokesman Dmitry Peskov, but Estonia's foreign minister is saying the government has "irrefutable evidence" of the incursion.

Ukraine Invasion

Russia denies violating Estonian airspace

U.S. President Donald Trump was the final speaker at a politically charged memorial service for conservative activist and MAGA influencer Charlie Kirk that also included words of forgiveness from Kirk’s widow as well as remarks from the vice-president and one of Trump’s sons.

Glendale

Trump closes out Charlie Kirk memorial

Media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States, according to President Donald Trump speaking to Fox News channel.

Trump says Murdochs would be involved in TikTok deal

Portugal, the UK, Australia and Canada joined over 150 countries that now recognise a Palestinian state. The announcements come ahead of the United Nations General Assembly in the week ahead.

Lisbon

Portugal formally recognises Palestinian state

Police say a 23-year-old was arrested and charged Sunday night with second-degree murder after one person was killed and several others were injured in a shooting at a New Hampshire country club. Witnesses say the shooter said “free Palestine” and before opening fire.

Nashua

Suspect yelled 'free Palestine' before country club shooting

President Trump is demanding that the Justice Department go after his political rivals following a shakeup in the U.S. Attorney's Office in Eastern Virginia. Willie James Inman reports.

Trump pressuring Justice Department to pursue his political foes

President Trump, Vice President JD Vance and several others remembered Charlie Kirk at a memorial service in Arizona that was attended by thousands.

Phoenix

Trump, others remember Charlie Kirk at memorial service

The United Kingdom, Canada and Australia officially recognized Palestine as a state Sunday, a move that has long been opposed by the U.S. and Israel. More countries are expected to do the same this week as world leaders gather in New York for the U.N. General Assembly.

Tel Aviv-Yafo

Israel continuing assault on Gaza after countries recognize Palestinian statehood

A group of US Republicans has sent a letter to France, Canada, the UK and Australia, urging them to re-consider their decision to recognise a Palestinian state.  It's warning there may be consequences if the countries move ahead with plan at the upcoming UN General Assembly.

US Republicans warn allies over decision to recognise Palestinian state

Britain, Canada and Australia all recognized a Palestinian state on Sunday (September 21) in a move borne out of frustration over the Gaza war and intended to promote a two-state solution, but which is also bound to anger Israel and its main ally, the U.S.

Britain, Canada and Australia all recognize Palestinian state

The President of the Palestinian Authority, Mahmoud Abbas, will address the UN on Monday, after the General Assembly voted to allow him to join remotely. The U.S. has refused to issue him a visa to attend in person.

UN approves video address by Palestine’s Abbas after U.S. visa refusal

Sixty nations have agreed to a new treaty aimed at protecting marine biodiversity in international waters. But the strength of the deal governing the high seas is uncertain as some of the world’s biggest players - including China, the U.S., Russia and Japan - have yet to ratify.

Nations ratify world's first treaty to protect international waters

A cyberattack on a provider of check-in and boarding systems has disrupted operations at several major European airports including London's Heathrow, the continent's busiest, causing flight delays and cancellations on Saturday (September 20).

London

Travelers stranded as cyberattack disrupts major European airports

The high seas will soon have their own Conference of the Parties (COP). This new body will oversee the implementation of the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction, which is scheduled to enter into force in early 2026 after the legally required 120-day period.

Manhattan

Optus, Australia's second-largest telecom carrier, promised on Saturday "full cooperation" with official investigators, after an outage disrupted emergency call services for 13 hours. Four people died amid the technical failure, including an eight-week-old boy.

Melbourne

Telco vows to cooperate after deadly outage

Dozens more Palestinians have been killed in Israel’s military offensive. Amid mounting international criticism of Israel, there has been a renewed push for a two-state solution, with Portugal being the latest advocate.

Breakdown