{"id":105262,"date":"2025-01-24T12:13:50","date_gmt":"2025-01-24T17:13:50","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/indices-2025-outlook-fixed-income\/"},"modified":"2025-02-27T08:12:45","modified_gmt":"2025-02-27T13:12:45","slug":"indices-2025-outlook-fixed-income","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/indices-2025-outlook-fixed-income\/","title":{"rendered":"Indices 2025 outlook: Fixed income"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d190da05b61'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Indices 2025 outlook: Fixed income<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3668094841.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Data graph\" title=\"Stock Market Curve\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3668094841.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3668094841.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3668094841.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3668094841.jpg 162w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d190da0f6c0'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">January 24, 2025<\/p>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    \t\t<div class=\"bb-tts\" \n\t\t\tdata-selector=\"main\"\n\t\t\tdata-label=\"Speak this page\"\n\t\t\tdata-custom-play=\"Play\"\n\t\t\tdata-custom-pause=\"Pause\"\n\t\t\tdata-custom-stop=\"Stop\" \n\t\t\tdata-overlay=\"false\" \n\t\t\tdata-invert=\"false\"\n\t\t\tdata-no-time=\"false\"\n\t\t\tdata-no-button-text=\"false\"\n\t\t\tdata-one-button=\"true\"\n\t\t\tdata-one-style=\"true\"\n\t\t\tdata-hide-stop=\"true\"\n\t\t\tdata-voice=\"Gordon\"\n\t\t\tdata-pitch=\"1\"\n\t\t\tdata-speed=\"1\"\n\t\t\tdata-align=\"flex-start\"\n\t\t>\n\t\t<\/div>\n\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d190da11966'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><i><span style=\"font-weight: 400;\">This article was written by Scott Atha, Fixed Income Indices Product Manager at Bloomberg.\u00a0<\/span><\/i><\/p>\n<p>As we look ahead and prepare for another exciting year in the Bloomberg index business, we should pause and reflect on a momentous 2024.\u00a0 First and foremost, the <a href=\"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-accelerates-its-presence-in-loans-market-with-launch-of-a-new-leveraged-loan-index-based-on-new-syndicated-loans-data-and-pricing-solution\/\">launch<\/a> of our Bloomberg US Leveraged Loan Index was a major highlight as we expanded coverage into a major new asset class.\u00a0 Including roughly 1300 securities and $1.3 trillion in MV (similar in size to the Bloomberg US High Yield index), syndicated loans have been the best performing segment within US fixed income for the last five years with low correlation to other sectors.\u00a0 Another major milestone was the full rollout of our new Index Factory production system.\u00a0\u00a0 This was a multi-year effort to modernize our infrastructure that has significantly improved scalability and flexibility.\u00a0 In fact, Index Factory was essential to incorporating leveraged loans into our index universe.\u00a0 Lastly, we surpassed 500 ETFs passively tracking a Bloomberg fixed income index in September (see chart below).\u00a0 Our indices were part of the first fixed income ETF launch over 20 years ago, and we have continued to innovate and partner with our clients to provide new sources of beta.<\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d190da134ed'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3928437026285861748\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d190da18a9d'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"569\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Listed ETFs tracking BBG index\" title=\"FI1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png 152w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI1.png 881w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Building better beta<\/h2>\n<p>As markets have evolved, our indices evolve as well.\u00a0 But replicability and transparency remain fundamental to benchmark construction.\u00a0 Fixed income has continued to grow in size, and the investment grade universe as measured by the Bloomberg US Aggregate Index now covers roughly 13,600 constituents with $28 trillion in market value (see below).\u00a0 In addition, assets in fixed income ETFs are expected to multiply in the coming years, so ensuring that clients can accurately track our indices continues to be a big focus.\u00a0 We have published a daily forward-looking Projected Universe for many years to facilitate portfolio rebalancing, and we will apply a month-end <a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SKBT9CT1UM0W\">lockout period<\/a> starting in March to freeze the membership two days ahead of month-end.\u00a0 \u00a0This much-anticipated change will provide more stability in the index membership and certainty as to which bonds qualify for the Returns Universe prior to month-end.\u00a0 Other enhancements such as alternative pricing snaps and frequency of rebalancing are also under review.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"573\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png\" class=\"bbg-single-image__image attachment-large\" alt=\"US Agg MV\" title=\"FI2\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png 151w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI2.png 919w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Another area of recent evolution has been the ways in which our clients can gain exposure to our indices.\u00a0 The explosion of ETFs has made it much easier for clients to trade hundreds of Bloomberg indices, but even the almighty ETF has weaknesses such as tracking error.\u00a0 Enter credit futures.\u00a0 Exchange-listed futures on Bloomberg\u2019s fixed income indices provide investors with the ability to more accurately and efficiently gain exposure to the corporate bond market and hedge their credit risk.\u00a0 We launched three futures contracts on CME in June 2024 and two additional contracts on Eurex in September 2024 to expand our offering across IG, HY and EM (see below).\u00a0 In particular, the duration hedged (DHI) futures are spread return products akin to other credit products widely used for hedging etc.\u00a0 Across the complex, we are approaching $100 billion in cumulative value traded since inception.\u00a0 We expect to see more listed contracts, providing a more diverse range of tools for those seeking local exposure and precision.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"339\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Figure 3\" title=\"FI3\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png 192w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI3.png 896w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Index trends<\/h2>\n<p>From a fixed income index perspective, there were a few dominant themes throughout last year that we expect to continue into 2025.\u00a0 First, short duration and money market strategies were very popular given that risk-free rates were at the highest level in more than 15 years.\u00a0 Even though the Fed has started cutting rates, \u201cbill and chill\u201d investing should continue to some extent until rates normalize.\u00a0 In fact, net flows in ultrashort bond ETFs have continued to be robust at $25.9bn over the last 3 months despite 100bp in cuts since mid-September.\u00a0 Bloomberg <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/expanding-benchmark-coverage-in-ultrashort-maturities\/\">expanded coverage<\/a> of 0-1 Year and created Hold to Maturity indices (see below) last year to meet this anticipated demand, and we also created Cash Deposit indices across 9 currencies with 1m, 3m and 6m tenors which can be found on the IN CASH&lt;GO&gt; function.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"447\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png\" class=\"bbg-single-image__image attachment-large\" alt=\"IN function\" title=\"FI4\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png 192w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI4.png 1089w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Second, fixed maturity indices continued to gain momentum across regions and assets classes.\u00a0 Out of the nearly 400 fixed income ETFs launched in 2024, over a quarter of them (28%) seek to invest in bonds that mature in a specific calendar year.\u00a0 Since the introduction of fixed maturity ETFs in 2015, assets now exceed $50 billion across the two largest suites of ETF products.\u00a0 Bloomberg has created dozens of fixed maturity benchmarks for passive ETFs and recently published a series of standard <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/locking-in-yield-with-fixed-maturity\/\">fixed maturity indices<\/a> for US Corp, Euro Corp and US Treasury.\u00a0 We expect this trend to continue as more clients enter the space and further customization is employed.<\/p>\n<p>Lastly, customization and finding new sources of beta has been a long-term theme that we continue to see growing into 2025 and beyond.\u00a0 Our team has been customizing indices for decades on behalf of clients, and the Index Factory platform unlocks additional datasets and more flexibility to help our clients put their exciting new ideas into an index strategy.\u00a0 In fact, we published almost 500 new bespoke indices last year alone.<\/p>\n<h2>Fixed income outlook<\/h2>\n<p>In addition to tracking historical returns, we can also look at performance expectations through an index lens, although past performance is not indicative of future results.\u00a0 In general, one would expect for US fixed income to perform well in a tightening cycle as rates decrease.\u00a0 Our colleagues in Bloomberg Intelligence (BI) expect modest but volatile <a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SNI9N2T1UM0Y\">Treasury<\/a> returns, wider spreads in <a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SNYWSADWLU68\">IG Credit<\/a> to offset projected declines in Treasury yields, and the best performance since 2019 for <a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SODR8FT0AFB4\">MBS<\/a> in our base case.\u00a0 On aggregate, that would roughly equate to a performance of 4.9% for the US IG market as measured by the Bloomberg US Aggregate Index (see below).\u00a0 However, slower Fed cuts and inflation uncertainty could weigh on bond returns.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"171\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg US Aggregate Index\" title=\"FI5\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg 192w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FI5.jpg 818w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Looking ahead<\/h2>\n<p>After a year of milestones and major index launches, we are looking forward to more of the same in 2025.\u00a0 We are always looking at ways to expand our coverage and make our index suite more comprehensive.\u00a0 Following the introduction of our Bloomberg US Leveraged Loan index, we are planning to publish a European version in the first half of the year.\u00a0 Additionally, our Local EM indices will undergo a significant update as <a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SMZVAMDWX2PS\">India<\/a> will be included over a 10-month period starting in February.\u00a0 Once fully phased in, India is expected to be the third largest country in the EM Local Currency Government Bond Index.\u00a0 Lastly, we expect to rollout multiple pricing snaps later in the year.\u00a0 One key use case will be for early close dates so clients can select either 2pm or 4pm as the official index close.<\/p>\n<p>Even after more than 50 years of indexing, we are more excited than ever about the coming opportunities and challenges.\u00a0 We appreciate the partnership of our invaluable clients and look forward to celebrating many more milestones together.<\/p>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h6><em>BLOOMBERG, BLOOMBERG INDICES and Bloomberg Compact Index Series (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, \u201cBloomberg\u201d) or Bloomberg&#8217;s licensors own all proprietary rights in the Indices. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Indices. Bloomberg makes no warranty, express or implied, as to the Indices or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an Index. Back-tested performance is not actual performance. Past performance is not an indication of future results. 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