DoubleLine’s Fixed Income Outlook recaps the major market events and trends of a volatile 2025, including sweeping tariffs, geopolitical tensions and the longest federal government shutdown on record, before laying out the factors that could impact market performance in 2026. DoubleLine anticipates 2026 will be characterized by thoughtful positioning, diligent credit work and actively finding opportunities across fixed income sectors. The Outlook also features detailed breakdowns of each sector from U.S. Treasuries to emerging markets, where local currency investments were 2025’s standout performer.