IGA Capital Weekly Markets Update
- Joshua Hawley
- Jul 29
- 2 min read
Monday, July 28, 2025
Macroeconomic Overview
Markets this week remain attentive to signals from the Federal Reserve ahead of the upcoming FOMC meeting on July 30, 2025. Fed Funds futures continue to price in cuts, with implied rate projections declining progressively over the next six meetings—from 4.32% currently to 3.68% by March 2026.
The 10-Year U.S. Treasury yield rose 9 bps over the week to 4.37%, reflecting continued economic resilience and modest inflation expectations. Short-term instruments such as 1-month T-Bills also saw a climb, with yields moving to 4.32%.
The inflation landscape remains relatively controlled. Headline CPI edged up to 2.7% YoY while Core CPI settled at 2.9%, suggesting limited upward price pressure and reinforcing the case for gradual easing.
Fixed Income Markets
Bond markets exhibited mixed sentiment across maturities. Long-duration Treasury ETFs such as VGLT posted a weekly decline of 1.0%, while short-duration funds remained relatively stable. Investment-grade corporate bond spreads remain tight, and high-yield instruments retained recent gains, bolstered by modest risk-on sentiment.
Yield curve normalization continues. The 2s/10s Treasury spread steepened slightly to 0.47% from 0.32% at the start of the year, while the 5s/30s widened further to 0.97%.
Commodities
Gold remains anchored above $3,330/oz, up 0.3% on the week, continuing its status as a store of value amid currency volatility. Silver outperformed with a 4.0% weekly gain, reflecting industrial demand and speculative interest. Oil rose 2.9% to $65.67 per barrel amid supply discipline and geopolitical risks. In digital assets, Bitcoin is trading around $118,700 USD. The digital asset has retreated slightly from recent highs, with sentiment supported by strong institutional interest via spot ETF inflows and clearer regulatory frameworks in the U.S.³
Real Estate and REIT Performance
The REIT sector saw broad-based gains, with Residential and Mortgage REITs outperforming. The Homebuilders ETF (XHB) jumped 9.0% week-over-week, reflecting improved builder confidence and softening mortgage rates. Mortgage REITs such as Annaly (NLY) and AGNC maintained high yields in excess of 12%–14%, signaling continued investor appetite for income in a stabilizing rate environment.
About IGA Capital
IGA Capital is a global corporate finance advisory firm specializing in structured capital solutions across emerging and frontier markets. With operations Globally, IGA Capital works with a wide range of institutional investors including commercial banks, development finance institutions, sovereign lenders, and private equity funds. The firm’s mandate includes facilitating capital raises for large-scale infrastructure, mining, industrial, and fintech projects—often underpinned by export credit agency (ECA) or hybrid financing structures.
As an active participant in the critical minerals and clean energy space, IGA Capital supports eligible sponsors in accessing long-tenor, low-cost financing through the U.S. EXIM Bank’s Critical Minerals Program and similar sovereign instruments.
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