In order to understand global macro, it is essential to have a basic knowledge of the fixed income market. Bank credit and debt capital markets are the lifeblood of the financial system. The fixed income universe is vast, and this chapter aims to provide the reader with an understanding of LIBOR, swaps, fed funds, overnight index swaps, and FRAs. The chapter also covers fixed income futures, TIPS, sovereign credit, and credit default swaps. Given the depth of fixed income, we will not cover every product. This chapter is designed to equip you with the necessary background to be a successful global macro trader. Figure 9.1 shows the basic construct of the fixed income universe.