Featured Insights


Chart of the Week

INTERNATIONAL EQUITIES: THINGS CHANGE

Chart courtesy of ClearBridge Investments. Source: Bloomberg, as of 5/31/19. Returns are cumulative and based on price movement only, and do not include the reinvestment of dividends. +101% for S&P 500 measures 10/09/02-10/12/2007 and +218% for MSCI ACWI ex-U.S. measures 3/12/03-10/31/07. Past performance is no guarantee of future results. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges. This information is provided for illustrative purposes only and does not reflect the performance of an actual investment.

Market Snapshot

China targets U.S. farmers

China’s latest tariffs focus on U.S. agricultural exports; financial markets are pricing in at least one Fed rate cut this year; U.S. consumers’ debt load reached $13.67 trillion, with student debt outstripping auto loans.


Featured Insights

Investment Insights
Jun 14
Investment Insights

Municipal Market Update: May

June 14, 2019

Western Asset examines recent trends in the muni bond market and provides its outlook about conditions ahead.

Market Outlook
Jun 11
Market Outlook

German Bunds: Can Yields Fall Further?

June 11, 2019

German bunds have become a lightning rod for market anxiety; Western Asset's Gordon Brown argues that too much bad news is built into current pricing, obscuring some key long-term macro drivers.

Market Outlook
May 31
Market Outlook

Q2 Market Commentary

Rates, Tariffs, Brexit: Lower, Please

May 31, 2019

We remain cautiously optimistic that the Fed will see the light, that Brexit will move in a benign fashion, and that tariff disputes will subside. Spread sectors and duration remain our focus.

Investment Insights
May 22
Investment Insights

Brazil: GDP Growth Momentum Sputters

May 22, 2019

Despite the downbeat outlook, we believe rates still have appeal at current levels, with additional interest rate cuts possible to counter the country's growth challenges.

Investment Insights
May 09
Investment Insights

U.S. - China Trade Conflict Update

May 09, 2019

Last-minute issues have complicated the negotiations taking place in Washington and Beijing.

Investment Insights
May 06
Investment Insights

ESG: From Fringe to Mainstream

May 06, 2019

Enthusiasm for ESG has notably accelerated over the past two years, as more and more investors embrace the promise of a future that is not only wealthier but also healthier and cleaner.

Market Outlook
May 06
Market Outlook

Q2 Market & Strategy Update

Central Banks: 'Extend the expansion'

May 06, 2019

While the global growth rate has moderated and is still very modest, we expect it to be slightly better than 3.5% for the year. We view the recent inversion of a portion of the yield curve as a yellow warning sign rather than a flashing red signal of imminent recession.

Market Outlook
May 01
Market Outlook

Why Are Oil Prices Up Amid Growth Concerns?

May 01, 2019

Oil prices have held up well despite data that suggest global growth is weakening.

Investment Insights
Apr 23
Investment Insights

The assumptions behind the curve

A Flat Muni Yield Curve?

April 23, 2019

Municipal bond investors can be fickle, leading to weakness in munis, but we believe today's muni markets have priced in a large surprise in the macro backdrop, which is not our base case.

Market Outlook
Apr 17
Market Outlook

China GDP: To Worry, or Not?

April 17, 2019

China's strong GDP performance in Q1 was a surprise to the upside. But is the economy enjoying a longer-term turnaround?

Market Outlook
Apr 02
Market Outlook

Webcast summary

Trusting Our Convictions

April 02, 2019

Throughout the bumpy ride of Q3 2018, we maintained our convictions with an overall bullish bias which turned out to be justified in the rapid reversal that followed. We think the macro backdrop is supportive of the credit cycle; while long by historical standards, we believe it will endure.

Investment Insights
Apr 01
Investment Insights

Yield Curve Discrepancies: Keeping Them Straight

April 01, 2019

Is the latest yield curve inversion a cause for concern or a false alarm?

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