US Strategy: A Year in Review 2025
Winnie Cisar - Global Head of Strategy, CreditSights
Zachary Griffiths, CFA - Head of IG & Macro Strategy, CreditSights
Logan Miller - Head of European Strategy, CreditSights
Brian Perez - Analyst, Credit Strategy, CreditSights
Kathleen Tang - Analyst, Strategy, CreditSights
23 December 2025
Insights into US Strategy: A Year in Review 2025, including:
- US credit markets demonstrated extraordinary resilience: Markets bounced back from destabilizing shocks with firm buy-the-dip sentiment prevailing throughout.
- Liberation Day tariffs disrupted spreads significantly: However, IG spreads widened twelve basis points while HY surged sixty-eight basis points higher.
- Federal Reserve maintained cautious easing approach: Fed cut rates gradually addressing labor market concerns and persistent inflation pressures.
- Geopolitical tensions remained elevated throughout year: Consequently, conflicts involving Israel, Iran, Russia and Ukraine dominated headlines without derailing performance.
- 2026 outlook signals turning point ahead: Weakening labor markets and consumer slowdown expected to challenge previously insatiable risk appetite.
Executive Summary
Reflecting on 2025 reveals monthly performance trends and key investment themes throughout the year. Markets demonstrated extraordinary resilience by bouncing back from destabilizing shocks with firm buy-the-dip mentality.
Attractive Treasury yields outweighed tight spread concerns as investors maintained strong risk appetite in 2025. However, 2026 may mark a turning point as labor weakness could trigger consumer-led slowdown.
Geopolitical tensions remained elevated with conflicts involving Venezuela, Russia, Ukraine, Middle East, and South Pacific nations. Despite these risks, markets absorbed shocks and maintained momentum with only brief performance interruptions.
AI industry volatility sparked both excitement and anxiety among investors throughout the year. Additionally, technology’s impact on productivity, employment, and investment decisions will face increased scrutiny ahead.
Trump administration’s assertive policies on immigration fueled widespread social unrest and political tensions. Investors appeared less reactive, preferring to tune out short-term political noise for longer-term positioning.
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