George Goncalves
George Goncalves is the Head of U.S. Macro Strategy at MUFG, one of the world’s leading financial groups. He develops U.S. fixed income views, delivers market strategy thought leadership, and provides actionable trade ideas for clients. His expertise spans rates, MBS, credit, the Federal Reserve, global central bank policy, U.S. dollar funding dynamics, and broader macroeconomic trends. With more than 25 years of buy-side and sell-side experience, George integrates economic fundamentals, global macro events, and technical analysis to offer tactical relative value recommendations across U.S. and Canadian rates markets. Before joining MUFG, he spent nearly a decade at Nomura Securities, serving first as Chief U.S. Rates Strategist and later as Head of U.S. Fixed Income Strategy, where he led teams covering U.S. rates, credit, and emerging market rates.
George Goncalves Professional Experience / Academic History
Professional Experience
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Head of U.S. Macro Strategy
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Managing Director, Head of Fixed Income Strategy
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Head of Fixed Income Rates Strategy
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Senior US Rates Strategist
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Treasury and Agency Desk Strategist
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US Fixed Income Research Analyst
EXPERTISE & RECOGNITION
Goncalves is a seasoned U.S. macro strategist with extensive experience in the fixed income markets.
He collaborates with a wide range of debt issuers and builds a strong network of institutional investors, including FX reserve managers, bank treasurers, real-money managers, and macro hedge funds.
In 2007, Institutional Investor magazine named him one of the top 20 rising fixed income professionals worldwide in its inaugural “Rising Stars” survey.
His expertise spans U.S. rates, credit, mortgage-backed securities (MBS), inflation-linked products, and global central bank policy.
EARLY CAREER
Goncalves began his career at Merrill Lynch as an assistant fixed income portfolio manager, specializing in the front end of the U.S. rates curve.
He went on to serve as Head of Fixed Income Rate Strategy at Cantor Fitzgerald and as a senior research analyst at Morgan Stanley and Bank of America.
His work included portfolio analysis and co-management of Treasuries, short-term credit instruments, and MBS.
He is also the author of a widely referenced chapter on TIPS and inflation products in the IFR Market Intelligence book series.
MEDIA & PUBLICATIONS
Recognized as a trusted voice in macroeconomic strategy and the U.S. fixed income market, Goncalves' market insights are frequently featured in Bloomberg, Financial Times, The Wall Street Journal, Business Insider, Fox Business, and Yahoo! Finance.
He is a regular guest on Bloomberg TV, CNBC, Reuters TV, and Real Vision, where he shares thought leadership on rates strategy, market trends, and central bank policy.