Learning from Turning Points in Monetary Policy
History shows that monetary policy drives investment performance. When the Federal Reserve (Fed) hikes or cuts the fed funds target rate in response to economic conditions—or stays on hold while it assesses the data—performance will differ by sector.
Fourth Quarter 2023 Fixed-Income Sector Views
In this issue of Fixed-Income Sector Views, our Sector Teams identify positive technical trends that have helped to support spreads, but remain vigilant for signs of credit deterioration as the slowing economy and the bite of higher rates start to be felt by issuers.
Macro Markets Podcast Episode 42: The Active Fixed-Income Playbook for Elevated Uncertainty
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape.
Third Quarter 2023 Fixed-Income Sector Views
Recent data and policy developments have fallen firmly in the soft-landing camp, and market performance has reflected this shift. Notwithstanding recent stronger-than-expected economic activity, we continue to believe a downturn is in the pipeline.
Macro Markets Podcast Episode 38: Value and Nuance in CMBS
Karthik Narayanan, Head of Securitized Credit for Guggenheim Investments, and Tom Nash, a director on our Commercial Mortgage-Backed Securities (CMBS) sector team, join Macro Markets to discuss drivers of performance, current conditions in real estate, and where they are finding value in CMBS and in other types of structured credit.
Macro Markets Podcast Episode 35: A Deep Dive into Municipal Bonds
Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value.
Second Quarter 2023 Fixed-Income Sector Views
Markets are still facing uncertainties regarding the impact of the Federal Reserve’s aggressive rate hikes and quantitative tightening, a potential economic slowdown, and the likelihood of other unforeseen consequences of financial disintermediation.
Fed Day, Jobs Day, and 10 Macro Themes
Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, joins Macro Markets to discuss Fed policy, recent inflation, labor, and GDP data, and key takeaways for investors from our 10 Macroeconomic Themes for 2023.
Minerd on the Fed and Investing Heading into 2023
Scott Minerd, Global CIO for Guggenheim Partners and Chairman of Guggenheim Investments, joins the year-end episode of Macro Markets on Fed Day for a wide-ranging discussion of the Federal Reserve’s execution of monetary policy, economic conditions, the investment landscape for risk assets, portfolio strategy, and more.
Fixed-Income Sector Views
While the path to get us here has been painful, investable yields have the potential to meet the return objectives of pension plans, insurance companies, or other investors that may have been sitting on the sidelines—or taking undue risk within fixed income in a reach for yield.
Macro Markets Podcast Episode 21: Measuring Sustainable Infrastructure
Jim Pass, head of project finance for Guggenheim Investments, and Kate Newman from the World Wildlife Fund talk about the most recent research collaboration between Guggenheim and WWF, a survey of infrastructure investors and developers.
"I Blame the Fed’s Forward Guidance for Market Instability"
Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO joins Bloomberg TV on Fed Day to discuss the Fed’s 75 basis point hike, and signs that the economy is already in recession.
Macro Markets Podcast Episode 18: Investment-Grade Corporates and the Macro Backdrop
Managing Director Justin Takata discusses the technical and fundamental drivers of value in investment grade corporates, and U.S. Economist Matt Bush addresses recession timing and the possible progression of policy.
Inflation, Fed Tightening, and War – Implications for the Economy and Markets
Get insight into the current macroeconomic environment and its implications for the markets in an insightful panel discussion featuring Maria Giraldo, Strategist and Matt Bush, Economist from Guggenheim Investments’ Macroeconomic and Investment Research Team. This informative session will explore how Guggenheim sees the inflation outlook, where Federal Reserve policy is heading, and how investors should be positioned in this environment. Thoughts on the crisis in Ukraine and outlook for a post pandemic environment will also be given.