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Market Outlook

Market Outlook
Mar 02

Ken Leech Quarterly Letter

Does the economic outlook call for more optimism?

CIO Ken Leech discusses how Western Asset's outlook and positioning for slow and sustainable growth has paid off, even as the economic recovery experienced some pitfalls. A key has been the Firm's multiple diversified approach, which has worked to provide a cushion for volatility when growth has disappointed. Given the outlook going forward, he sees a continuing need for this flexibility.

Market Outlook
Mar 01

Mid-Week Bond Update

And the winner is… China

US president Trump’s softer tone before Congress on Tuesday helped corporate bonds end a strong month for fixed income in general, buoyed by hopes of faster US growth and also by waning fears of a trade war with leading trading partners – mainly China. The general optimism was also...

Market Outlook
Feb 28

Opportunities in High Yield

BALANCING YIELD AND RISK

Low rates have pushed yield-starved investors further down the quality spectrum - and they could end up reaching for too much default risk or further down the liquidity rabbit hole. Which areas remain attractive in the High Yield space?

Market Outlook
Feb 23

Western Asset Global Outlook

US growth may disappoint - why?

We think the bond market has moved too far and too fast. This optimistic growth expectation is based on policies that probably won’t be enacted for another 12-18 months. Given the strong interparty tensions across the political spectrum, and even the disagreements regarding increased deficits, it seems likely these policies will be watered down by the time they are eventually enacted. READ MORE.

Market Outlook
Feb 15

Mid-Week Bond Update

US high grade bonds – fading romance?

US highly-rated corporate bonds delivered on Valentines’ day a present that investors should have loved: their spread over US Treasuries fell to 119 basis points (bps), the lowest since November 2014. However...

Market Outlook
Feb 08

Mid-Week Bond Update

Goldilocks data lifts High Yield, Emerging Markets

High Yield and Emerging Market bonds were the winners over a 5-day period dominated by goldilocks data: a not too hot-not too cold economy has generally been positive for the two asset classes, which have traditionally benefited from...

Market Outlook
Feb 03

Policy Matters

What to expect from the Fed in 2017

The surprise election of Donald Trump continues to be the focus for investors. The prospect of a new policy environment, and the various attendant risks, have led to a rethinking of economic forecasts and significant repricing across asset classes.

Market Outlook
Feb 02

Western Asset: a bespoke approach to Unconstrained Investing

Unconstrained fixed-income investing has recently come into prominence due largely to two factors. First is investor desire to avoid having their portfolios tied to benchmarks whose composition may not reflect the optimal or desired components of their investment needs and objectives.

Market Outlook
Feb 01

Mid-Week Bond Update

La la land, no more?

US Treasuries and traditional risk assets emerged as both 5-day and January winners, as US president Trump’s stark first policies added volatility and uncertainty, but also rekindled hopes of faster growth. Street protests, the firing of a high level official and several diplomatic spats...

Market Outlook
Jan 25

Mid-Week Bond Update

US dollar: Trump dump

Comments by US president Trump about the dangers of having a strong currency sent the dollar back down to the level it had before the latest Federal Reserve rate hike in December. In a politically-driven week, Trump’s plans to withdraw from the Trans-Pacific Partnership (TPP) trade agreement also dragged...

Market Outlook
Jan 25

Brandywine Global quarterly letter 4Q 2016

Regime shifts

History will be the judge, but in our opinion, the third quarter of 2016 has a very good chance of being the secular low for developed-country sovereign bond yields. Our position throughout the year...

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