# Credit Crunch: New Fed Watch as Rates, Not Spreads Drive Credit

Page: https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-new-fed-watch-as-rates-not-spreads-drive-credit
Text version: https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-new-fed-watch-as-rates-not-spreads-drive-credit.md
Podcast: [FICC Focus](https://stenobird.com/podcast/ficc-focus-4513680)
Published: 2026-08-12T14:19:00+00:00
Episode link: https://traffic.megaphone.fm/BLM3757480404.mp3
Audio file: https://traffic.megaphone.fm/BLM3757480404.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ficc-focus-4513680/episodes/credit-crunch-new-fed-watch-as-rates-not-spreads-drive-credit
Duration seconds: 2315

## Resource

Rates and the new Fed are at the forefront of market headlines amid wide government bond yields. In this episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, discusses how credit remains a safe haven in every crisis with Mohammed Kazmi, senior portfolio manager at Union Bancaire Privée. They dig deep into the new Fed policy, its operational changes and Fedspeak, and the impact on the yield curve and credit. They also discuss the impact of nominal growth on credit quality and defaults, why credit has been a safe haven and why that is unlikely to change in the near future. The Credit Crunch podcast is part of BI’s FICC Focus series.

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## Transcript

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