Featured Insights

Chart of the Week


Chart courtesy of ClearBridge Investments. Source: ClearBridge, Bloomberg as of 4/4/2019. 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.

Rates: The Homebuilder Effect

Chart of the Week

Market Snapshot

U.S. Jobs: Back On Track

Friday saw a solid U.S. jobs report, with only a couple of wrinkles; Germany's manufacturing sector had a distressing February; Greece's debt crisis generated an ironic payday; Brexit hit yet another pothole.

Featured Insights

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?

Investment Insights
Apr 11
Investment Insights

Municipal Market Update: March

April 11, 2019

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

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?

Market Outlook
Mar 19
Market Outlook

Further hikes are unlikely

"Fed Listens" in 2019

March 19, 2019

The upcoming "Fed Listens" schedule of public events is unlikely to result in major policy changes. We also doubt the upcoming shift in the Fed’s inflation strategy will have any significant effect on inflation expectations, except to make rate hikes even less likely in 2019.

Market Outlook
Feb 25
Market Outlook

Bond Market Outlook

A Long Leash for Central Banks

February 25, 2019

Subdued core inflation allows central banks a very long leash to keep interest rates low. Further interest rate hikes are likely off the table until growth picks up enough to push inflation rates higher.

Market Outlook
Jan 29
Market Outlook

January webcast summary

Tilting Toward Accommodation

January 29, 2019

Subdued global inflation should provide monetary policymakers with a ramp to be more accommodative and perhaps pull back from their normalization efforts. We’re encouraged by the Fed's latest commitment to be more data-dependent.

Market Outlook
Jan 15
Market Outlook

Fed Outlook: "Wait and See"

January 15, 2019

We expect that the Fed will eventually adopt a “wait-and-see” strategy this year, with at most one more rate hike in 2019.

Investment Insights
Jan 10
Investment Insights

Fixed income

Unconstrained: Stay Active

January 10, 2019

Income and global credit are becoming mainstays of fixed-income investing – an actively managed, unconstrained approach can be a valuable tool to face today's rapidly-changing market conditions.

Market Outlook
Dec 04
Market Outlook

Q4 Market Commentary

Global Expansion: What's Going Right

December 04, 2018

Continuing global expansion is the priority for policymakers worldwide; steps are being taken in the right direction so far.

Market Outlook
Nov 09
Market Outlook

Continuing expansion

The Credit Cycle: Key Signals

November 09, 2018

None of the five early warning indicators tracked by Western Asset point to an end of this expansion phase of the economy.

Market Outlook
Nov 07
Market Outlook

Market and Strategy Update

The Continuing Uneven Global Recovery

November 07, 2018

Our thought now is that the optimism for US growth is a bit overdone and pessimism around lethargic global growth rates has swung too far to the downside.

Market Outlook
Oct 02
Market Outlook

Fixed income update

Navigating Risk and Reward

October 02, 2018

While we don’t see this credit cycle ending soon, its longevity does warrant extra scrutiny on valuations and some types of of risk.

Market Outlook
Sep 21
Market Outlook

Policy Matters

Accommodative No Longer?

September 21, 2018

While the Fed is expected to hike rates twice more this year, the potential removal of the word “accommodative” from its guidance would be a more notable development.


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