Guggenheim Macro Markets: Recent Episodes
Guggenheim Investments
Tune in to Macro Markets to hear the top minds of Guggenheim Investments offer timely analysis on financial market trends. Guests include portfolio managers, fixed income sector heads, members of the Macroeconomic and Investment Research Group, and more.
For two decades, we typically looked past Agency mortgage-backed securities (MBS) to find better relative value opportunities in the non-government sponsored credit markets. But something fundamental changed, and over the past three years these securities have claimed an increasingly significant allocation in our total return strategies. What sparked this pivot?
Portfolio Manager Adam Bloch and Louis Pacilio from our Structured Credit team unpack the mechanics of the Agency MBS market, explain what shifted in the risk-reward equation, discuss the future of Fannie Mae and Freddie Mac, and explore the opportunity going forward.
Related Content:
Fourth Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read Fixed-Income Sector Views
The ABCs of Asset-Backed Finance
Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance.
Read The ABCs of Asset-Backed Finance
Macro Markets Podcast Episode 76: Why and Where (and How) to Invest in Asset-Backed Finance
Relative value opportunities in ABS, CLOs, and residential and commercial MBS, as well as insights into the process for managing these complex investments.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 66824
Asset-backed investments have typically traded at higher yields and wider spreads than comparably rated corporate securities. Karthik Narayanan, Head of Structured Credit, explains why this relative value opportunity exists and where he sees value across asset-backed securities, collateralized loan obligations, and residential and commercial mortgage-backed securities. He also offers insights into the process for managing these complex investments.
Related Content:
The ABCs of Asset-Backed Finance
Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance.
Read the Report
Interest Rate Expectations Support Fixed Income
Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss monetary and fiscal policy, macroeconomic trends, and credit market opportunities.
Watch Now
Fourth Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 66698
The stock market continues to power ahead even as the labor market shows signs of weakening and inflation pressures mount. Michael Schwager, Equity Strategist, and Ryan Sundby, Equity Product Specialist, join Macro Markets to discuss forces driving the gains, why the rally might have room to run, and the relative value of blue chip stocks in this environment.
Related Content:
Fourth Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read Fixed-Income Sector Views
Private Credit Has More Room to Expand
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to share her outlook on the economy, monetary policy, and the credit markets.
Watch Now
Macro Markets Podcast Episode 74: Fed Easing Resumes, Adding Tailwinds and Volatility to the Outlook
Matt Bush and Evan Serdensky provide an update to our macroeconomic outlook and discuss portfolio strategy for the road ahead.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments may not be suitable for all investors. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 66399
The Federal Reserve resumed rate cuts at its September meeting, gauging that risks to the labor market currently outweigh inflation risks. Mixed signals from the fixed-income and equity markets reflect the uncertain and complex outlook. Tune in as Matt Bush, our U.S. economist, and Evan Serdensky, portfolio manager on our Total Return team, cut through the noise, update our macroeconomic outlook, and discuss portfolio strategy for the road ahead.
Related Insights:
Third Quarter 2025 Quarterly Macro Themes
Research spotlight on what's next.
Read 3Q25 Quarterly Macro Themes
Third Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read 3Q25 Fixed Income Sector Views
Macro Markets Podcast Episode 73: Gamechanger: Post-FOMC & Jobs Data Analysis and Outlook
Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
65755
Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy.
Related Content:
Third Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read 3Q25 Fixed Income Sector Views
Macro Markets Episode 72: Credit Cycle Check-In
Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle.
Listen now
Views on Rates and Yield Curve
Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss the direction of future Federal Reserve policy and his outlook for the yield curve.
Watch now
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 65558
Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle, as well as what is driving the divergence between the high yield and bank loan sectors. Find out how tariffs and A.I. factor into our bottom-up credit analysis, and where to find value in a time of market volatility and tight spreads.
Related Content:
Third Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read 3Q25 Fixed Income Sector Views
The Case for Fixed Income in a Volatile World
Portfolio Manager Adam Bloch joins Asset TV for a fixed-income masterclass, discussing the current macro environment, finding relative value, and why today’s market may represent a once-in-a-lifetime opportunity for fixed-income investors.
Watch Now
Macro Markets Episode 71: Midyear Outlook—Taking and Avoiding Risk in a Volatile Market and Uncertain World
Anne Walsh joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 65558
Anne Walsh, Chief Investment Officer of Guggenheim Partners Investment Management, joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value. As we head into the second half of the year, the best approach to navigating the noise of market volatility is to stay focused on the long-term signals, which are positive for active fixed-income management. Follow this link to the March 2025 commentary by Walsh referenced in this episode, titled “Don’t Let Policy Volatility Overshadow Market Opportunity.”
Related Content:
Stay Focused on Macro Themes During Tricky Investment Environment
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss Fed policy, rate cuts, and current investment opportunities
Watch Now
Solving the Core Fixed-Income Conundrum
An active, diversified, multisector approach to meeting the total return objectives of core fixed-income management without taking undue risk.
Read the Report
Macro Markets Episode 70: The Real Opportunity in Real Assets
John Tanyeri, Head of Real Assets or Originations, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in real assets and their place in a diversified portfolio.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 65360
What is the investment proposition of ‘real assets’? John Tanyeri, Head of Guggenheim Investments’ Real Assets Group, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in the asset class—like infrastructure, commercial real estate, and securitized cash flows from hard assets—and their place in a diversified portfolio. They also discuss how trends like digitalization, decarbonization, deglobalization, and demographic shifts should help drive returns going forward.
Related Insights:
Notes on Treasury Market Activity
Update on our macro and market outlook following recent rate volatility.
Read Now
Attractive Opportunities in Credit Despite Fiscal Policy volatility
Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy.
Watch Now
Macro Markets Podcast Episode 69: Investing for Insurance Companies: Prepare for the Worst and Expect the Best
Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as ell as those that are specific to the industry.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 65249
Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as well as those that are specific to the industry.
Related Content:
Second Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read Second Quarter 2025 Fixed-Income Sector Views
Attractive Opportunities in Credit Despite Fiscal Policy Volatility
Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy.
Watch Now
Changing the Correlation Assumptions in the Risk-Based Capital Calculation
The NAIC is considering a major overhaul of the required capital calculation. Planning begins now for life and annuity companies.
Read Now.
Macro Markets Podcast Episode 68: Private Debt Update: Don’t Shy Away from Volatility
Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunities.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 64968
Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunities
Related Content:
Second Quarter 2025 Fixed-Income Sector Views
Relative value across the fixed-income market.
Read Second Quarter 2025 Fixed-Income Sector Views
Notes on Tariff Turbulence
Update on our macro and market outlook following announcement of new tariff and trade policies.
Read Notes on Tariff Turbulence
Macro Markets Podcast Episode 67: Outlook and Strategy After the Tariff Gray Swan
Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 64830
Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.
Related Content:
Notes on Tariff Turbulence
Update on our macro and market outlook following announcement of new tariff and trade policies.
Read Portfolio Strategy Commentary
Don’t Let Policy Volatility Overshadow Market Opportunity
Long-term signals are positive for fixed income.
Read the CIO Outlook
Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay
Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 64599
Karthik Narayanan joins Macro Markets to discuss the evolution of asset-backed finance, the role it plays in a diversified fixed-income portfolio, and current market dynamics and opportunities.
Related Content:
Don’t Let Policy Volatility Overshadow Market Opportunity
Long-term signals are positive for fixed income.
Read CIO Outlook
1Q 2025 High Yield and Bank Loan Outlook
Reframing tight spreads in leveraged credit.
Read High Yield and Bank Loan Outlook
Macro Markets Podcast Episode 65: Macro and Micro Views on Credit Opportunities in a Shifting Economy
Top-down and bottom-up perspectives on opportunity in the high yield and bank loan market.
Listen to Macro Markets
Investing involves risk, including the possible loss of principal.
In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
SP 64383
Strong fundamentals and positive market technicals should support credit performance in an environment characterized by high nominal yields, tight spreads, and elevated policy uncertainty. Maria Giraldo and Rebecca Elkins join Macro Markets to provide top down and bottom up perspectives on opportunity in the high yield and bank loan market.
Related Insights:
1Q 2025 High Yield and Bank Loan Outlook
Reframing tight spreads in leveraged credit.
Read High Yield and Bank Loan Outlook
Macro Markets Podcast Episode 64: The SMA Advantage—Institutional Strategies for Individual Investors
Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to explore separately managed accounts (SMAs), a structure that offers many potential benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.
Listen to Macro Markets
1Q 2025 Fixed-Income Sector Views
Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.
© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.
Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to discuss separately managed accounts (SMAs), a structure that offers many benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.
Related Insights:
1Q 2025 High Yield and Bank Loan Outlook
Reframing tight spreads in leveraged credit.
Read High Yield and Bank Loan Outlook
Macro Markets Podcast Episode 63: Post-Inauguration/Post-FOMC Analysis—Into the Known Unknown
Matt Bush and Evan Serdensky discuss evolving economic and investing conditions, as well as recent A.I.-related volatility.
Listen to Macro Markets Podcast
1Q 2025 Fixed-Income Sector Views
Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal.
SMA strategies discussed herein are available exclusively through third party financial professionals and are not offered directly to the public through Guggenheim Investments.
SMA target characteristics and allocations are for illustrative purposes only. Individual account holdings and characteristics will vary depending on the size of an account, cash flows and account restrictions. Individual accounts within the same strategy may have portfolio characteristics and performance that differ from one another.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Investment Risks. The strategies described herein may not be suitable for all investors. All investments have inherent risks. There is no guarantee the manager will be able to implement investment strategies successfully or achieve investment objectives. • The market value of fixed income securities will change in response to interest rate changes and market conditions among other things. In general, bond prices rise when interest rates fall and vice versa. • High yield securities present more liquidity and credit risk than investment grade bonds and may be subject to greater volatility. • Structured credit, including asset-backed securities (ABS), mortgage-backed securities, and collateralized loan obligations (CLOs), are complex investments and not suitable for all investors. • Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. • The strategies discussed herein may include the use of derivatives. Derivatives often involve a high degree of financial risk. • Municipal assets will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by investors could be declared taxable because of changes in tax laws. • Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.
Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC, which includes Guggenheim Wealth Solutions, LLC and Guggenheim Partners Investment Management, LLC. Guggenheim Wealth Solutions, LLC is the primary investment adviser to the Guggenheim Wealth Management SMAs and Guggenheim Partners Investment Management, LLC serves as Sub-Adviser. Please visit www.guggenheiminvestments.com/separately-managed-accounts for more information. Securities distributed by Guggenheim Funds Distributors, LLC.
The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, MBS (Agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (Agency and non Agency).
The Bloomberg U.S. Aggregate Bond 1–3 Year Total Return Index measures the performance of publicly issued investment-grade corporate, U.S. Treasury, and Agency securities with maturities of one to three years.
The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.
SP 64082
The new administration has hit the ground running, the Fed held rates steady at its last policy meeting, and markets have been volatile. Matt Bush, our U.S. economist, and Evan Serdensky, Portfolio Manager on our Total Return team, join Macro Markets to discuss evolving economic and investing conditions, as well as recent A-.I.-related volatility.
Related Insights:
10 Macro Themes for 2025
10 trends that will shape credit markets in 2025.
Read 10 Macro Themes
Macro Markets Podcast Episode 62: 10 Macro Themes for 2025 (and a Quick Fed Update)
Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group joins Macro Markets to discuss our 10 Macro Themes likely to shape monetary policy and investment performance this year.
Listen to Macro Markets Episode
First Quarter 2025 Fixed-Income Sector Views
Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Learn where we’re finding value.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 63850
Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group, joins Macro Markets to discuss the top 10 Macro Themes we believe will shape monetary policy and investment performance this year. She also discusses December economic data releases, the incoming Trump administration, and the future path of Fed policy.
10 Macro Themes for 2025
10 trends that will shape credit markets in 2025.
Read 10 Macro Themes
1Q25 Fixed-Income Sector Views
Planning begins now for Life and Annuity companies.
Read Fixed-Income Sector Views
The Power of Private Credit in Fixed-Income Portfolios
Dina DiLorenzo, President of Guggenheim Investments, joins CNBC to discuss opportunities across private credit and innovative new products to meet clients’ evolving needs.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.
SP 63613
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Macro Markets after the Fed’s December rate cut to discuss her 2025 economic outlook, and how she navigates heightened uncertainty amid potentially sweeping changes in government policies that could significantly affect economic growth, inflation, and the outlook for certain sectors.
Related Content:
4Q24 Fixed-Income Sector Views
A good time for active fixed-income management.
Read Fixed-Income Sector Views
4Q24 High Yield and Bank Loan Outlook
Effects of rate cuts on high yield bonds may be mixed.
Read High Yield and Bank Loan Outlook
Companies with Access to Capital are Doing Well…and That is Where We Are Investing
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond.
Watch Video
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 63434
Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to discuss portfolio strategy and our outlook following the U.S. election and the Fed’s most recent rate cut.
Related Content:
4Q24 High Yield and Bank Loan Outlook
Effects of rate cuts on high yield bonds may be mixed.
3Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Companies with Access to Capital are Doing Well…and That is Where We Are Investing
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 63127
Where can investors find attractive yield while mitigating risk in the current environment? Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss what makes the sector an important component of our actively managed fixed-income portfolios and where we are finding value now.
4Q24 High Yield and Bank Loan Outlook
Effects of rate cuts on high yield bonds may be mixed.
Read High Yield and Bank Loan Outlook
3Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
Companies with Access to Capital are Doing Well…and That is Where We Are Investing
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond
Watch Video
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 62975
Tad Nygren, Head of Governments and Agencies, joins the podcast to offer insights on the market’s reaction to the Fed’s recent rate cut, economic data releases, and what may come next.
Related Content:
4Q24 High Yield and Bank Loan Outlook
Effects of rate cuts on high yield bonds may be mixed.
High Yield and Bank Loan Outlook
3Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
Higher Quality Fixed Income is ‘the Place to Be’
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.
Watch Video
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 62773
U.S. Economist Matt Bush and Investment Strategist Maria Giraldo discuss the macro and market implications of the Fed’s decision to cut interest rates. They also provide commentary on the latest issue of Quarterly Macro Themes.
Related Content:
3Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
3Q24 High Yield and Bank Loan Outlook
Relatively low distress ratios suggest manageable default rates down the road.
High Yield and Bank Loan Outlook
Higher Quality Fixed Income is ‘the Place to Be’
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.
Watch Video
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 62634
Patricia Zobel, Head of Macroeconomic Research and Market Strategy, updates our outlook following the strong market response to the July FOMC decision and jobs report. She also draws from her experience with the Fed’s System Open Market Account, one of its most critical operating functions, to share insights on the Fed’s balance sheet management.
Related Content:
3Q24 High Yield and Bank Loan Outlook
Relatively low distress ratios suggest manageable default rates down the road.
High Yield and Bank Loan Outlook
Higher Quality Fixed Income is ‘the Place to Be’
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.
Watch Video
2Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 62173
Allen Li, Head of our Municipal Bond Sector Team, reviews trends, opportunities, and idiosyncratic risk in municipal bonds. And U.S. Economist Matt Bush discusses the implications of the soft June CPI release.
Related Content:
2Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
2Q24 Fixed-Income Sector Views
Balancing attractive yields and tight spreads.
Read Fixed-Income Sector Views
The Economic Cycle Isn’t Dead, Merely Delayed…And That’s Good for Bonds
Navigating an economic cycle where old patterns don’t seem to apply.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 61892
Sporting historically attractive yields and relatively healthy credit fundamentals, high yield bonds offer a compelling entry point. Dan Montegari, Head of Research for our Corporate Credit team, and John Walsh, Head of High Yield Trading, discuss credit spreads, default rates, market technicals, and other factors driving their team’s constructive views on risk and opportunity in leveraged credit.
Related Content:
2Q24 High Yield and Bank Loan Outlook
A time for nimble credit selection.
Read High-Yield and Bank Loan Outlook
2Q24 Corporate Credit Quarterly Insights
Market and portfolio update from our Corporate Credit team.
Read Corporate Credit Quarterly Insights
2Q24 Fixed-Income Sector Views
Balancing attractive yields and tight spreads.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 61658
It’s been 10 months since the Fed’s last rate hike, and Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss what’s next for the economy and markets.
Related Insights:
The Economic Cycle Isn’t Dead, Merely Delayed…And That’s Good for Bonds
Navigating an economic cycle where old patterns don’t seem to apply.
Read CIO Commentary
“This Is a Good Time for Credit”
Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about why the Fed’s policy pause is good for fixed-income investors.
Watch Video
Learning from Turning Points in Monetary Policy
The case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 61466
Jamie Crapanzano, a member of our insurance portfolio management team, joins the podcast to discuss the distinctive aspects of fixed-income management for insurance companies and provide an update on bond market relative value.
Related Insights:
1Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
2024 Election Uncertainty Could Drive Fixed-Income Outperformance
Rising economic policy and geopolitical uncertainty may favor higher quality fixed income in this election year.
Read Portfolio Strategy Commentary
Learning from Turning Points in Monetary Policy
The Case for Moving Into Higher Quality Fixed Income (and out of Money Markets and Equities) While the Fed Is Paused… and Ahead of Coming Rate Cuts.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 61234
Matt Bush, Guggenheim Investments’ U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our newly published Quarterly Macro Themes for 1Q 2024 and provide an update to our baseline views on the economy.
Related Insights:
1Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
2024 Election Uncertainty Could Drive Fixed-Income Outperformance
Rising economic policy and geopolitical uncertainty may favor higher quality fixed income in this election year.
Read Portfolio Strategy Commentary
Learning from Turning Points in Monetary Policy
The Case for Moving Into Higher Quality Fixed Income (and out of Money Markets and Equities) While the Fed Is Paused… and Ahead of Coming Rate Cuts.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 60910
Private debt is one of the fastest growing sectors in the capital markets, and perhaps one of the most misunderstood. Joe McCurdy, Head of Origination on our Private Debt team, joins Macro Markets to explain how the sector has grown to be a robust capital option to banks, broadly syndicated loans, and bonds. Tune in (or read the transcript!) for his take on the investment opportunity and risks right now and his outlook for the sector.
Related Content:
1Q24 Fixed-Income Sector Views
Investing as the Fed prepares to cut rates.
Read Fixed-Income Sector Views
“An Attractive Time to Be a Fixed-Income Investor”
Steve Brown, CIO for Fixed Income, Guggenheim Partners Investment Management, joins Bloomberg TV to discuss the latest data and his outlook for bonds.
Watch Video
1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 60748
Justin Takata, Head of our Investment-Grade Sector Team, and Maria Giraldo, Investment Strategist, provide technical and fundamental analysis of the sector, as well as where they are seeing risk and opportunity. We also answer listener mail.
Related Content:
1Q24 Fixed-Income Sector Views
Investing as the Fed prepares to cut rates.
Read Fixed-Income Sector Views
Learning from Turning Points in Monetary Policy
The case for moving into higher quality fixed income (and out of money markets and equities) while the Fed is paused… and ahead of coming rate cuts.
Read Portfolio Strategy Article
1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 60632
Karthik Narayanan, Head of Structured Credit for Guggenheim Investments, and Danny Gibbs, a portfolio manager on our Total Return team, join Macro Markets to give an overview of the structured credit market.
Related Insights:
Learning from Turning Points in Monetary Policy
The case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.
Read Portfolio Strategy Commentary
1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook
11 Macro Themes for 2024
11 Trends that will shape credit markets in 2024.
Read 11 Macro Themes
Investing involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 60432
Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss the latest FOMC meeting and the January jobs report, update our monetary policy outlook, and review relative value in the fixed-income market.
Related Insights:
Learning from Turning Points in Monetary Policy
The case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.
Read Portfolio Strategy Commentary
1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook
11 Macro Themes for 2024
11 Trends that will shape credit markets in 2024.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
SP 60258
Matt Bush, Guggenheim Investments’ U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our top 11 Macro Themes likely to shape monetary policy and investment performance this year.
Related Insights:
11 Macro Themes for 2024
11 trends that will shape credit markets in 2024.
Read 11 Macro Themes
Policy Conditions Are Tighter Than They Appear
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.
Positioning for the Fed Pivot
Steve Brown shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 60019
Anne Walsh, CIO for Guggenheim Partners Investment Management, joins Macro Markets to discuss opportunities and risks in what promises to be an eventful 2024. A weakening economy, pivoting monetary policy, volatile geopolitics, and a presidential election form the backdrop that is tailor-made for active fixed-income management.
Related Content:
Policy Positions Are Tighter Than They Appear
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.
Watch Video
4Q23 Fixed-Income Sector Views
Consistent strategy through volatility.
Read Fixed-Income Sector Views
Positioning for the Fed Pivot
Steve Brown, Chief Investment Officer, Total Return and Macro Strategies, shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward.
Watch Video
Investing involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 59881
Maria Giraldo, Investment Strategist, discusses the performance of the corporate credit sector this year and the rationale for our cautiously optimistic outlook for 2024.
Related Insights:
4Q23 Fixed-Income Sector Views
Consistent strategy through volatility.
Read Fixed-Income Sector Views
4Q23 High-Yield and Bank Loan Outlook
Credit challenges to come as the economy slows.
Read High-Yield and Bank Loan Outlook
3Q23 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 59577
Adam Bloch, Portfolio Manager on our Total Return team, and Matt Bush, Guggenheim Investments' U.S. Economist, update our economic and market outlook following the November meeting of the Federal Open Market Committee and the latest employment report.
Related Insights:
4Q23 High-Yield and Bank Loan Outlook
Credit challenges to come as the economy slows.
Read High-Yield and Bank Loan Outlook
3Q23 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
Attractive Bond Yields While Being Patient and Defensive
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 59355
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape. He shares how active management allocation decisions within a long-term investment outlook are designed to avoid risk and identify opportunity in this period of heightened volatility and uncertainty.
Related Insights:
3Q23 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
3Q23 Fixed-Income Sector Views
Technical tailwinds support the market.
Read Fixed-Income Sector Views
Attractive Bond Yields While Being Patient and Defensive
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 59013
U.S. Economist Matt Bush, Investment Strategist Maria Giraldo, Investment Strategist Chris Squillante, and Economist Jerry Cai join Macro Markets to discuss the second issue of Quarterly Macro Themes, which takes a deep dive into issues helping shape our baseline economic views.
Related Insights:
3Q23 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
3Q23 Fixed-Income Sector Views
Technical tailwinds support the market.
Read Fixed-Income Sector Views
Use this “Goldilocks Market” to Prepare for Its Eventual End
The Fed is not done.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 58778
Jenny Marler, Head of Guggenheim Real Estate, provides insight into the $21 trillion commercial real estate market, a critical asset class for the economy. Performance has varied for each of the principal sectors, but the office sector, beset by tepid post-pandemic back-to-work trends, high mortgage rates, and capital rationing, is struggling. She discusses monitoring and managing risk and where she is seeing value in the sector.
Related Insights:
3Q23 Fixed-Income Sector Views
Technical tailwinds support the market.
Read Fixed-Income Sector Views
Use This ‘Goldilocks Market’ to Prepare for Its Eventual End
The Fed is not done.
Read Portfolio Strategy Commentary
3Q23 High-Yield and Bank Loan Outlook
Appealing yields and cautious markets.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 58466
Matt Bush, Guggenheim Investments U.S. Economist, and Evan Serdensky, Portfolio Manager on our Total Return team, share their updated outlook following some recent surprises in the economic data. They discuss the likelihood of a soft landing, the possible path of monetary policy, market dynamics, and investment strategy and positioning.
Related Insights:
Use This ‘Goldilocks Market’ to Prepare for Its Eventual End
The Fed is not done.
Read Commentary
3Q23 High-Yield and Bank Loan Outlook
Appealing yields and cautious markets.
Read High-Yield and Bank Loan Outlook
"It’s a Good Time to Be Thoughtful About Risk"
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve’s ongoing inflation battle.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 58258
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.
Related Insights:
3Q23 High-Yield and Bank Loan Outlook
Appealing yields and cautious markets.
Read High-Yield and Bank Loan Outlook
2Q23 Quarterly Macro Themes
A new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.
Read Quarterly Macro Themes
It’s a Good Time to Be Thoughtful About Risk
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve’s ongoing inflation battle.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 58028
Matt Bush, US Economist; Maria Giraldo, Investment Strategist; and Paul Dozier, Economist, join Macro Markets to discuss the first issue of our newest Thought Leadership publication, Quarterly Macro Themes. We also answer listener mail.
Related Insights:
2Q23 Quarterly Macro Themes
A new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.
Read Quarterly Macro Themes
Fixed Income Is Now a Buyer’s Market
Steve Brown, CIO for Macro and Total Return Strategies, discusses the Improved value proposition in credit.
Read Portfolio Insight
2Q23 Fixed-Income Sector Views
Opportunity in fixed income rises with uncertainty.
Read Fixed-Income Sector Views
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 57188
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, analyzes the economic and credit cycles, evaluates market opportunities, opines on drivers of returns going forward, and shares portfolio strategies. Rising idiosyncratic risk, she says, calls for active fixed-income management. She also offers advice to young women looking to make a career in asset management.
Related Content:
Fixed Income Is Now a Buyer’s Market
Improved value proposition in credit.
Read Portfolio Strategy Commentary
2Q23 Fixed-Income Sector Views
Opportunity in fixed income rises with uncertainty
Read Fixed-Income Sector Views
2Q23 High-Yield and Bank Loan Outlook
An opportunity for active management.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 57586
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. U.S. Economist Matt Bush updates the economic outlook.
Related Content:
2Q23 Fixed-Income Sector Views
Opportunity in fixed income rises with uncertainty
Read Fixed-Income Sector Views
2Q23 High-Yield and Bank Loan Outlook
An opportunity for active management.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 57470
Tom Hauser, Co-Head of Corporate Credit for Guggenheim Investments and senior portfolio manager for the firm’s high yield and leveraged loan portfolios, discusses his team’s analytical process, the importance of credit selection, and his current views on opportunity in leveraged credit. Take a deep dive with Tom into the fundamental and technical drivers of performance, his default outlook, and getting paid for taking credit risk. Economist Paul Dozier updates on the latest economic data.
Related Content:
2Q23 High-Yield and Bank Loan Outlook
An opportunity for active management.
Read High-Yield and Bank Loan Outlook
A Not-So-Funny Thing Happened on the Way to the Terminal Rate
The Fed’s next move and beyond.
Read Macroeconomic Commentary
Investors Should Not Expect Much Relief from Volatility
The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 57291
Adam Bloch, Portfolio Manager for Guggenheim Investments, checks in with Macro Markets to discuss opportunities, tactics, and strategy in today’s uncertain economic and market environment. With the relatively high level of income available in the market today, it pays to be patient, and diversified, with an eye towards becoming a liquidity provider in the future.
Related Content:
2Q23 High-Yield and Bank Loan Outlook
An opportunity for active management.
Read High-Yield and Bank Loan Outlook
A Not-So-Funny Thing Happened on the Way to the Terminal Rate
The Fed’s next move and beyond.
Read Macroeconomic Commentary
Silicon Valley Bank Replays the Ugly Consequences of Disintermediation
Assessing ongoing risks related to the SVB collapse.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 57078
Justin Takata, Head of Investment Grade Corporate Credit for Guggenheim Investments, discusses the interplay between primary issuance and trading volumes, developments in credit fundamentals, and where he is seeing risk and opportunity. U.S. Economist Matt Bush updates the Fed outlook following recent economic data. Also, we answer listener mail.
Related Content:
A Not-So-Funny Thing Happened on the Way to the Terminal Rate
The Fed’s next move and beyond.
Read Macroeconomic Commentary
Silicon Valley Bank Replays the Ugly Consequences of Disintermediation
Assessing ongoing risks related to the SVB collapse.
Read Portfolio Strategy Commentary
Investors Should Not Expect Much Relief from Volatility
The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 56855
Matt Bush, Guggenheim Investments’ U.S. Economist, and Evan Serdensky, a Portfolio Manager on our Total Return team, share their perspectives and outlook following two eventful weeks in markets and the economy. They discuss the future path of monetary policy, the effects of a possible credit crunch, and investment strategy and positioning.
Related Insights:
A Not-So-Funny Thing Happened on the Way to the Terminal Rate
The Fed’s next move and beyond.
Read Macroeconomic Commentary
Silicon Valley Bank Replays the Ugly Consequences of Disintermediation
Assessing ongoing risks related to the SVB collapse.
Read Portfolio Strategy Commentary
Investors Should Not Expect Much Relief from Volatility
The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices.
Read Portfolio Strategy Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 56637
Karthik Narayanan, Head of Securitized for Guggenheim Investments, gives a master class in structured credit, including where he is finding attractive absolute and relative value in mortgage-backed securities, asset-backed securities, and collateralized loan obligations. U.S. Economist Matt Bush discusses the resilience of recent economic data and what it means for the Federal Reserve’s inflation fight. (Structured credit is complex and may not suitable for all investors.)
Related Insights:
1Q23 Fixed-Income Sector Views
Valuations have reset after a volatile year.
Read Fixed-Income Sector Views
1Q23 High-Yield and Bank Loan Outlook
Move up in quality ahead of any recession-driven market volatility.
Read High-Yield and Bank Loan Outlook
Market Commentary: Investors Should Not Expect Much Relief from Volatility
The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices.
Read Market Commentary
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 56400
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies for Guggenheim Investments, shares a CIO’s unique perspective on active portfolio management in a time of higher yields and macroeconomic complexity. He discusses recent economic data, relative value opportunities, and the importance of making asset allocation decisions for a range of different outcomes.
Related Insights:
Market Commentary: Investors Should Not Expect Much Relief from Volatility
The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices.
Read Market Commentary
10 Macroeconomic Themes for 2023
10 charts illustrate the macroeconomic trends we believe are most likely to shape the investment environment in 2023.
Read 10 Macro Themes
1Q23 High-Yield and Bank Loan Outlook
Move up in quality ahead of any recession-driven market volatility.
Read High-Yield and Bank Loan Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
SP 56209
Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, discusses the Fed rate decision, recent inflation, labor, and GDP data, and possible next steps for monetary policy. He also provides key takeaways for investors from our 10 Macroeconomic Themes for 2023.
Related Insights:
10 Macroeconomic Themes for 2023
10 charts illustrate the macroeconomic trends we believe are most likely to shape the investment environment in 2023.
Read 10 Macro Themes
1Q23 High-Yield and Bank Loan Outlook
Move up in quality ahead of any recession-driven market volatility.
Read High-Yield and Bank Loan Outlook
“Right Now, the Fixed-Income Story is a Good One”
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joined CNBC in Davos to discuss her outlook for Federal Reserve (Fed) policy, the coming recession, and the positive backdrop for bonds.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
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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.
Related Insights
Global CIO Outlook: That Sound You Hear is the Fed Breaking Something
The Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. October will test the Fed’s resolve.
Read Global CIO Outlook
CIO Outlook: For Lessons on Fighting Inflation, Skip Over Volcker to 1946
Clues from history on how to successfully end the current surge in prices.
Read Global CIO Outlook
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Karthik Narayanan, Head of Securitized for Guggenheim Investments, discusses the structure and value in the residential mortgage-backed securities market and other ABS sectors. Anne Walsh, Chief Investment Officer for Fixed Income, answers a listener question on liquidity. Jerry Cai, an economist in our Macroeconomic and Investment Research Group, brings the latest on the labor picture and an update on China.
Anne Walsh, Chief Investment Officer for Fixed Income, joins the podcast to give her analysis of where we are in the economic and credit cycle, and her views on risk and opportunity across the fixed income landscape.
Related Insights
Fourth Quarter 2022 Fixed-Income Sector Views
Market and value updates by sector
Read Fixed-Income Sector Views
The Jobs Data Trend Is Duration’s Friend
October jobs data suggests a cooling labor market
Read Macro Alert
Markets Rally After Weak CPI Data
Scott Minerd, Guggenheim Partners Global CIO and Chairman of
Guggenheim Investments, joins CNBC to discuss markets on CPI day.
Watch Video
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
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Investment Strategist Maria Giraldo takes us through the fixed-income market to evaluate risk and return prospects with spreads near their historical wides and bond prices at levels not seen in decades. Jerry Cai, an economist in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail. Related Content:
Global CIO Outlook: That Sound You Hear is the Fed Breaking Something The Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. https://www.guggenheiminvestments.com/perspectives/global-cio-outlook/that-sound-you-hear-is-the-fed-breaking-something (Read CIO Outlook)
“A Once in a Generation Opportunity for Investors” Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joined CNBC to discuss opportunities for investors in a market beset by policy and economic challenges. https://preprod.guggenheiminvestments.com/perspectives/media/a-once-in-a-generation-opportunity-for-investors (Watch Video)
2022’s Upside: The Fed Has Put the Income Back in Fixed Income Anne Walsh, Chief Investment Officer for Fixed Income at Guggenheim Investments, joined Asset TV to discuss macroeconomic conditions, risk, and relative value in the bond market. https://www.guggenheiminvestments.com/perspectives/media/the-fed-has-put-the-income-back-in-fixed-income (Watch Video)
Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 54708
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies for Guggenheim Investments, gives a CIO’s unique perspective on managing portfolios and market dynamics in a complex macro environment. He discusses credit performance, relative value in corporate and structured credit, duration strategy, risk management, and more. Paul Dozier, a Director in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail. Related Insights: Global CIO Outlook: That Sound You Hear is the Fed Breaking Something The Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. October will test the Fed’s resolve. https://www.guggenheiminvestments.com/perspectives/global-cio-outlook/that-sound-you-hear-is-the-fed-breaking-something (Read CIO Outlook)
“We Are Seeing Cracks All Over the Place” Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joins CNBC to discuss ramifications of aggressive Fed tightening. https://www.guggenheiminvestments.com/perspectives/media/we-are-seeing-cracks-all-over-the-place (Watch Video)
3Q22 High-Yield and Bank Loan Outlook Signposts for credit investors as next recession approaches https://www.guggenheiminvestments.com/perspectives/sector-views/high-yield-and-bank-loan-outlook-august-2022 (Read Report)
Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
In the newest episode of our award-winning podcast, Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, covers a lot of ground in his analysis of the Federal Reserve’s third straight 75 basis point rate hike. He discusses how monetary policy is intended to tame inflation, the Fed’s reaction function going forward, and possible recession timing, as well as the U.S. dollar’s relative strength and foreign central bank responses. With the Fed now embracing a “hard landing,” what should investors be thinking about? Fed Day: The Argument for 100 Basis Points Scott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day (September 2022) https://www.guggenheiminvestments.com/perspectives/media/fed-day-the-argument-for-100-basis-points (Watch Video)
3Q22 Fixed-Income Sector Views Relative Value and performance drivers across fixed-income sectors. https://www.guggenheiminvestments.com/perspectives/sector-views/q3-2022-fixed-income-sector-views (Read Report)
3Q22 High-Yield and Bank Loan Outlook Signposts for credit investors as next recession approaches https://www.guggenheiminvestments.com/perspectives/sector-views/high-yield-and-bank-loan-outlook-august-2022 (Read Report)
Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
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. Read the report https://www.guggenheiminvestments.com/GuggenheimInvestments/media/PDF/2022-KPMG-ESG-Data-Report.pdf (here). Related Insights:
3Q22 High-Yield and Bank Loan Outlook Signposts for credit investors as next recession approaches https://www.guggenheiminvestments.com/perspectives/sector-views/high-yield-and-bank-loan-outlook-august-2022 (Read Report)
3Q22 Fixed-Income Sector Views Relative Value and performance drivers across fixed-income sectors. https://www.guggenheiminvestments.com/perspectives/sector-views/q3-2022-fixed-income-sector-views (Read Report)
Stocks Are in Trouble if S&P Fails To Break Above its 200-day Moving Average Deeper losses for equities may lay ahead. https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/stocks-in-trouble-sp-fails-to-break-200-day-avg (Read Macro Alert)
Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Matt Bush, Guggenheim’s US economist, discusses the fast-moving economic data and what it might mean for the future course of monetary policy. Aditya Agrawal, head of the Agency MBS Sector Team, reports on developments in his sector, which is directly affected by the Fed's balance sheet management. 3Q22 Fixed-Income Sector Views Relative Value and performance drivers across fixed-income sectors. https://www.guggenheiminvestments.com/perspectives/sector-views/q3-2022-fixed-income-sector-views (Read Fixed-Income Sector Views)
The Inflation Moderation We Expected Should Continue
Lower July CPI inflation is likely the beginning of a trend.
https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/inflation-moderation-we-expected-should-continue (Read Macro Alert)
CIO Mid-Year Outlook Steve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead.
https://www.guggenheiminvestments.com/perspectives/media/masterclass-cio-mid-year-outlook (Watch Video)
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Jenny Marler, head of Guggenheim Real Estate, focuses on hotels and hospitality, one of the real estate sectors hardest hit by the pandemic. Jerry Cai, a Vice President in the Guggenheim Investments Macroeconomic and Investment Research Group provides an update on latest Federal Reserve decision and other macro developments. We also answer a listener’s question. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com. Related Insights:
3Q22 Fixed-Income Sector Views Relative Value and performance drivers across fixed-income sectors. https://www.guggenheiminvestments.com/perspectives/sector-views/q3-2022-fixed-income-sector-views (Read Quarterly Market Review)
CIO Mid-Year Outlook Steve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead. https://www.guggenheiminvestments.com/perspectives/media/masterclass-cio-mid-year-outlook (Watch Video)
Investing involves risk, including the possible loss of principal.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 18: Investment-Grade Corporates and the Macro Backdrop Thursday, July 21 Justin Takata, head of Guggenheim’s Investment-Grade Sector Team, discusses the technical and fundamental drivers of value in his market. Guggenheim’s U.S. Economist Matt Bush reviews the latest CPI and jobs data, and outlines his views on recession timing and the possible progression of monetary policy. We also answer a listener’s question about fixed-income funds in retirement plans. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com. Related Content 1. Recession Signals Flashing Red The latest data suggest we may already be in a recession. https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/recession-signals-flashing-red (Read Macro Alert)
- CIO Midyear Outlook Steve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook MasterClass to discuss multi-asset solutions for the market ahead. https://www.guggenheiminvestments.com/perspectives/media/masterclass-cio-mid-year-outlook (Watch Video)
Investing involves risk, including the possible loss of principal.
This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
In Episode 17: “Fixed Income in Retirement Plans” (July 6, 2022), portfolio manager Adam Bloch, a managing director and a leader of our total return team, discusses economic and market conditions in fixed income, and offers perspective on considerations for plan sponsors, advisors, and plan participants when evaluating the bond allocation in retirement accounts. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com. Related Insights: Recession Signals Flashing Red The latest data suggest that we may already be in a recession. https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/recession-signals-flashing-red (Read Macro Alert) Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
In Episode 16: “Fed Watch: A Deep Dive into 75” (June 23, 2022), Brian Smedley, Guggenheim’s Chief Economist and Head of Macroeconomic and Investment Research, discusses the impact of the Fed’s 0.75% rate hike on markets and the economy. If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.com Related Insights: Macro Markets Podcast: Episode #15 Paul Dozier on how stocks have performed in midterm election years, and head of foreign exchange Cameron Crosby discusses the currency markets. https://www.guggenheiminvestments.com/perspectives/media/macro-markets-podcast-episode-15 (Listen to Macro Markets Podcast Ep. 15) Credit Returns in the Upcoming Fed Hiking Cycle The outlook for credit amid rising inflation, monetary tightening and war in Europe https://www.guggenheiminvestments.com/perspectives/sector-views/high-yield-and-bank-loan-outlook-may-2022 (Read High-Yield and Bank Loan Report) Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Paul Dozier, a Director in the Guggenheim Investments Macroeconomic and Investment Research Group discusses the performance of equity markets during mid-term election years and provides an update on the latest economic data. Head of Guggenheim’s foreign exchange and derivatives trading desk, Managing Director Cameron Crosby, shares the latest on the currency markets. We also answer a listener’s question about the neutral rate. If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.com Related Insights: Macro Markets Podcast: Episode #13 U.S. Economist Matt Bush analyzes the latest Fed announcement and labor and inflation data, Investment Strategist Maria Giraldo discusses credit risk while the Fed tightens, and Managing Director Chris Keywork updates on the bank loan market. https://www.guggenheiminvestments.com/perspectives/media/macro-markets-podcast-episode-13 (Listen to Macro Markets Podcast Ep. 13) Fed Aggressiveness Following Delayed Liftoff Sets Up 2023 Collision The risks of tightening into a downturn. https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/fed-aggressiveness-sets-up-2023-collision (Read Macro Alert) Credit Returns in the Upcoming Fed Hiking Cycle The outlook for credit amid rising inflation, monetary tightening and war in Europe https://www.guggenheiminvestments.com/perspectives/sector-views/high-yield-and-bank-loan-outlook-may-2022 (Read High-Yield and Bank Loan Report) Investing involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Matt Bush, Guggenheim Investments’ U.S. Economist, provides an update on the macroeconomic outlook, including his analysis of the minutes from the last FOMC meeting. We also answer listener questions.
Matt Bush, a Managing Director and Guggenheim’s US Economist analyzes the latest Fed announcement and labor and inflation data, and offers his views on what investors can expect as policy starts to take hold. Maria Giraldo, a Managing Director and investment strategist in the Macroeconomic and Investment Research Group, discusses the fundamentals, relative value, and future prospects for credit risk while the Fed tightens. And the head of Guggenheim’s bank loan desk, Managing Director Chris Keywork, provides an update on his sector, which remains a market favorite and a positive outlier in the fixed-income universe.
Allen Li, Managing Director and Head of Guggenheim’s Municipal Bond Sector Team, discusses technical and fundamental drivers of the taxable and tax-exempt municipal market, and why it might be a good time to buy. Also, with the Fed poised to ramp up policy tightening and ongoing supply disruptions from lockdowns in China and the war in Ukraine, Paul Dozier, a Director in the Macroeconomic and Investment Research Group, brings us up to date on the economic outlook.
Karthik Narayanan, Head of the Structured Credit group for Guggenheim Investments, and Jared Drucker, a Director and senior member of the group, join Head of Thought Leadership Jay Diamond for a timely discussion of ABS, MBS, and CLOs, how the market has been responding to rapidly changing market conditions, and where they are finding value now. Matt Bush, US Economist for Guggenheim Investments, looks under the hood of the latest CPI release and shares his take on the Minutes from the March FOMC meeting.
Steve Brown, Assistant Chief Investment Officer for Guggenheim Investments, discusses the drivers of first quarter market volatility, portfolio management decision making, and the case for bonds now. Also featuring Aditya Agrawal, Head of the Agency MBS Sector Team, and Jerry Cai, a Vice President in the Macroeconomic and Investment Research Group.
Brian Smedley, Chief Economist for Guggenheim Investments and Head of our Macroeconomic and Investment Research Group, joins Jay Diamond, Head of Thought Leadership, to discuss the economic and market impact of the FOMC decision, war in Ukraine, and much more.
Anne Walsh, Guggenheim Investments CIO for Fixed Income, discusses risk, opportunity, and the benefits of active portfolio management. Also featuring Jenny Marler, head of Guggenheim Real Estate, with an update on the retail sector, and Paul Dozier, a director in the Macroeconomic and Investment Research Group, does a deep dive on developments in Ukraine and recent economic data releases.
An update on the investment grade corporate bond market in the wake of the latest CPI inflation data and the expected removal of monetary policy accommodation. Featuring Justin Takata, Managing Director and Head of Investment Grade Corporate Credit Sector Team, and Paul Dozier, Director in the Macroeconomic and Research Group.
Floating rate assets and credit should perform well as monetary policy changes course. Featuring Matt Bush, U.S. economist and a managing director in our Macroeconomic and Investment Research Group; Adam Bloch, portfolio manager and one of the leaders of our Total Return team; and Karthik Narayanan, managing director and head of Guggenheim’s Structured Credit Team.
Topics include an economic update with a focus on inflation data, a report on the yield curve and rates, and a discussion of sustainable infrastructure. Featuring Tad Nygren, managing director and head of Guggenheim’s Rates Sector Team; Jerry Cai, a vice president in the Macroeconomic and Investment Research Group; and Jim Pass, a senior managing director and head of project finance in conversation with Jay Diamond, Head of Thought Leadership.
Discussion of the economic and market backdrop to today’s Fed decision, and themes for next year. Featuring Assistant Chief Investment Officer Steve Brown and Chief Economist Brian Smedley.
Topics this week include the pace of QE tapering and the omicron variant, fundamentals in municipal bonds, and developments in the bank loan market, which is an important asset class for Guggenheim’s Floating Rate Strategies Fund, which just achieved its 10-year anniversary. Featuring Allen Li, Managing Director and Head of Guggenheim’s Municipal Bond Sector Team; Paul Dozier, a Director in the Macroeconomic and Investment Research Group; and Brian DePaulo, a Director and Portfolio Manager for corporate loan strategies, in discussion with Jay Diamond, Head of Thought Leadership.
In this week’s podcast, our experts discuss recent inflation data and its potential impact on monetary policy, record deal flows in real estate, and the outlook for credit risk and return. Featuring Matt Bush, Director and U.S. economist; Jenny Marler, Senior Managing Director and Head of Guggenheim Real Estate; Maria Giraldo, Managing Director and investment strategist in the Macroeconomic and Investment Research Group in discussion with Jay Diamond, Head of Thought Leadership.
Justin Takata, Managing Director and Head of Investment Grade Corporate Credit Sector Team; Paul Dozier, Director in the Macroeconomic and Research Group; Adam Bloch, Managing Director and Portfolio Manager discussion with Jay Diamond, Head of Thought Leadership.