Guggenheim Macro Markets – Details, episodes & analysis

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.

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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.

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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.

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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.

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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...

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.

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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.

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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.

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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.

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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.

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