Wall Street’s macro traders are on track to record their best year since 2009, driven by increased client activity focused on shifting interest rate policies implemented by central banks worldwide. Major financial institutions such as Goldman Sachs Group, JPMorgan Chase & Co, and Citigroup are projected to collectively generate approximately $US165 billion ($255 billion) in revenue from trading in fixed-income, credit, and commodities this year. This represents an increase of nearly 10% compared to 2024, according to data provided by Crisil Coalition Greenwich.
Several factors have contributed to this surge in revenue for rates traders, including interest-rate adjustments by global central banks, uncertainty surrounding tariffs, concerns related to expanding fiscal deficits, and a steepening yield curve. Specifically, revenue within the Group-of-10 rates business is anticipated to reach a five-year high of $US40 billion. Crisil Coalition Greenwich forecasts a similar positive trend to continue into 2026.
Emerging-market macro traders are expected to achieve their most profitable period in at least two decades, with projected earnings of $US35 billion. Credit traders are also expected to perform strongly, with anticipated earnings of $US26 billion, while commodities trading is forecast to generate $US11 billion. These figures highlight a broad upswing across various segments of the macro trading landscape.
Goldman Sachs Group, JPMorgan Chase & Co, and Citigroup are leading financial institutions providing a wide range of financial services to corporations, governments, and individuals globally. Crisil Coalition Greenwich is a provider of strategic data, analytics and insights to the financial services industry.
