Investment Perspectives

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: • Influence of foreign central bank policy on interest rates • Understanding the effect of changes in real yield on the incentive to invest in other assets • Factors affecting the recent volatility in the equity markets • Investor appetite for risk assets and long-term outlook for the stock market

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: • Reasons for rising interest rates to start the year • Inflation hedging strategies beyond Treasury inflation-protected securities (TIPS). • Review of underlying equity market fundamentals • Short- and long-term outlook for stock market

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: • Potential impact of budget deficits and Federal Reserve bond buying on interest rates • Short-term outlook for 10-year Treasury yields • Contributing factors to recent equity market volatility • End-of-year outlook for stocks and economy

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: • Effect of supply and demand imbalance on inflation • Increased interest rate volatility following central banks' response to inflation • Impact of supply chain bottlenecks on the stock market • Outlook for consumer spending and positive economic activity • Opportunities in the fixed income and equity markets

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: • Federal Reserve policy and inflation concerns • Long-term interest rate expectations • Potential impact of a legislative standoff related to the debt ceiling • Economic conditions amid pending infrastructure bill and President Biden's Build Back Better plan

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Expectations for Federal Reserve policy Tapering of Federal Reserve bond purchasing and impact on interest rates Fiscal and monetary stimulus supporting economic growth State of stock market and what to expect moving forward

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Factors contributing to the rally in interest rates Long-term inflation outlook and yield expectations Corporate earnings and equity market returns Update on economic activity domestically and abroad

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Factors driving the recent rally in interest rates following the selloff earlier this year Update on economic activity and upcoming earnings announcements Recent activity in the equity market and what to expect moving forward Investor considerations related to the U.S. dollar and international markets

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Expectations for inflation in the months ahead Outlook for interest rates and Federal Reserve bond buying Acceleration of economic activity and relation to pro-growth cyclical sectors Update on equity market valuation and price-to-earnings ratios

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Outlook for short and long-term interest rates Measuring inflationary pressures and long-term expectations Cyclical sector advance in the equity markets Accelerating pace of economic activity Long-term outlook for the stock market

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: A review of Fed policy and the potential for a rising rate environment Outlook for corporate, municipal and treasury bonds Reasons for an optimistic outlook for the economy Overview of equity market activity and valuations

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets.   Topics covered include: Overview of yields, credit spreads, and recent activity in fixed income markets Market plumbing and the impact on interest rates The state of the economic recovery Corporate profits and sectors that stand to benefit from government stimulus and improving pandemic conditions

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: The impact of the housing sector on the economy What a booming housing market means for inflation and fixed income Update on recent economic news and activity

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Highlights from January’s Federal Reserve policy meeting Factors driving the equity market short term Longer-term outlook for the economy Overview of recent market news

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: State of non-U.S. fixed income markets Outlook for Chinese, European, and Japanese bonds Economic implications of Biden Administration policies Current expectations for the equity market over the short and long term  

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets. Topics covered include: Long-term interest rates   Fiscal stimulus proposals Equity market fundamentals Accelerating economic activity and profit growth

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss latest developments in the fixed income and equity markets. Topics covered include: Impact of Georgia senate elections on the fixed income market Infrastructure spending package and interest rates Outlook for the equity market in the year ahead Fiscal stimulus and other factors driving equity markets

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the fixed income and equity markets in 2020 and their expectations for the year ahead. Topics covered include: Recap of the interest rate market in 2020 and expectations moving into 2021 Areas of opportunity in fixed income in the year ahead Economic recovery into the new year and prospect for fiscal stimulus Sectors that stand to benefit from improving economic conditions

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss expectations for inflation, as well as the current economic landscape and the weakening U.S. dollar. Topics covered include: Monthly consumer price index data and inflation expectations Potential for rising inflation and impact on interest rates Overview of recent economic data and stimulus discussions The weakening dollar and the impact on inflation and the equity markets

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the path for interest rates moving forward, as well as recent equity market returns and what to expect over the final weeks of 2020 and beyond.    Topics covered include: The path for higher interest rates moving forward The relationship between total return swaps, the dollar and interest rates Historical returns and the potential for a Santa Claus rally Outlook for the economy and stock market

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the impact of recent COVID-19 vaccine news on the fixed income and equity markets, as well as what to expect from macroeconomic conditions in the weeks ahead.  Topics covered include: The effect of recent COVID-19 vaccine news on the bond market Changes in economic reopening prospects and influence on corporate bonds, particularly in the airline, travel and energy sectors Focus on cyclical sectors in the equity markets both domestically and abroad Forecast for macroeconomic conditions moving forward

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the fixed income and equity market landscape post-election. Topics covered include: Post-election environment for fixed income Supply and demand impact of treasury auctions Update on recent economic data Outlook for corporate profits and the equity market  

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the election results, specifically how the outcome may influence the fixed income and equity markets. Topics covered include: Importance of private sector growth and capital flows on long term economic prospects Potential impact of economic stimulus and infrastructure spending on fixed income markets Outlook for equity markets before and after election results State of economic recovery and sectors to watch in the months ahead

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss GDP data and interest rates, as well as the recent volatility in the equity market and economic factors to watch in the coming weeks.     Topics covered include: Relationship between GDP growth and intermediate- to long-term interest rates Current domestic and global backdrop for the equity markets and economy Expectations surrounding near-term volatility

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the high yield corporate bond market and factors influencing the economy, including coronavirus, stimulus discussions and election uncertainty. Topics covered include: What to know about the high yield corporate bond market Current risk and reward considerations of high yield bonds The state of the economic recovery Market reaction to stimulus discussions and election uncertainty  

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the cause of recent bond buying from overseas as well as the potential impact recent stimulus discussions and new coronavirus cases could have on the economic recovery. Topics covered include: How foreign buyers view the U.S. bond markets Relationship between hedging costs and U.S. yields Recent equity market strength and stimulus discussions back on table New coronavirus cases and potential impact on economic recovery

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income markets, the start of third quarter earnings season, and the state of the economic recovery. Topics covered include: Regulatory restrictions on banks paying dividends and buying back shares What overcapitalization in the banking sector means for the stock market The economic recovery and stimulus updates Short- and long-term expectations for the S&P 500

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss why long-term interest rates posted their biggest one-day increase in a month, and economic indicators to watch in the coming weeks.   Topics covered include: Three factors that led to an increase in long-term rates on September 30, the end of third quarter The influence election results tend to have on the bond market Sectors to watch if there is an increase in global and domestic economic activity The state of the economic recovery and short-term indicators to watch  

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss factors driving the recent short-term equity market volatility, and economic areas to watch in the months ahead. Topics covered include: What’s keeping interest rates in such a narrow range Factors that may move the equity market as we move toward the election What recent economic data is telling us about the recovery The U.S. dollar and recent weakness in gold prices

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the Federal Reserve’s latest policy statement, as well as an update on economic data, fiscal stimulus and extension of unemployment benefits. Topics covered include: The Fed’s decision to keep short-term interest rates unchanged at near zero What to know about average inflation targeting Update on economic data, including recent retail sales number Expectations for fiscal stimulus and extension of unemployment benefits

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss utilizing bonds for portfolio diversification in the current environment, and the potential impact on the stock market if a deal is not reached for additional government stimulus. Topics covered include: Portfolio diversification and correlation between bond and stock prices Valuation expectations and return to normalization Potential market reaction if there is no additional government stimulus

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, to discuss the influence the Federal Reserve has on the bond market and why it matters for investors. Topics covered include: Why do bond markets care so much about the Federal Reserve? Why does the Fed’s average inflation targeting policy carry so much importance? What else matters for the bond markets other than the Fed right now?

In this audio update, Market Strategist Gregory Drahuschak speaks with Mark Luschini, Chief Investment Strategist, to discuss the Federal Reserve’s shift in monetary policy related to inflation targeting, as well as how it might impact the economy and markets moving forward. Topics covered include: Market buying power and technology sector Federal Reserve shift on inflation targeting Dovish shift in monetary policy Unemployment benefits and need for additional stimulus

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss what to know about the recently released Fed minutes as well as how fiscal and monetary stimulus can continue to stimulate a recovery. Topics covered include: Federal Reserve policy expectations for forward guidance and yield curve control Update on investor sentiment Expectations for future economic activity

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the relationship between real and nominal interest rates and the economy, as well as the latest developments in the equity markets, including the disparity in market sentiment.   Topics covered include: Real versus nominal interest rates Mismatch between market sentiment and economic activity Equity market valuations and corporate profit growth Improving economic activity in the U.S. and abroad

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss long-term yields, the state of the economic recovery, and the upcoming employment report.   Topics covered include: Analysis of long-term interest rates Impact of the Federal Reserve and inflation on yields Second quarter GDP and job growth   Significance of the upcoming employment report

  In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the impact of inflation and deflation on bonds as well as the current equity market conditions with a focus on stock valuations and earnings growth. Topics covered include: Deflation and inflation in the current economic environment Potential for a bullish climate in the equity market The influence of the technology sector on the market performance

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss fiscal support by the European Central Bank, as well as the outlook for the economy and equity markets in the U.S. Topics covered include: European Central Bank programs to support the Eurozone Impact of monetary and fiscal stimulus domestically and abroad Current economic conditions

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the fixed income market, equity market developments, and economic trends for the months ahead. Topics covered include: The influence of the Federal Reserve in the bond market Stock market outlook in light of the increase in coronavirus cases The secular growth characteristics of the technology sector

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to recap the first half of the year, and provide their outlook and expectations for the remainder of 2020.  Topics covered include: Review of the fixed income market this year The search for yield in credit markets Outlook for the economy and equity markets for the remainder of the year

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the correlation between investment grade bonds and equity markets, as well as the state of the economic recovery. Topics covered include: Relationship between equity markets and credit spreads, and what the correlation says about the markets State of the economic recovery Potential uptick in coronavirus cases in economically significant states and impact on the equity markets  

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the corporate bond market as well as the current state of an economic recovery. Topics covered include: The Fed’s corporate bond purchase program Factors leading to disconnect between the stock market and economy Improvement of recent economic data, including manufacturing data Timing of an economic recovery

In this audio update, Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, discuss the latest Fed policy meeting, as well as the current state of the markets and economy, particularly indicators to watch. Topics covered include: Latest Fed statement and “lower for longer” mantra Impact of Fed expansionary policy on fixed income and equity markets Current economic environment as states begin to reopen Leading indicators for the market and economy

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the global fixed income market and outlook for interest rates, as well as factors signaling the potential for economic health and sustainable growth. Topics covered include: The global fixed income landscape, including an outlook for interest rates Global currency indicators of risk on versus risk off sentiment, including the Australian dollar and Japanese yen Potential opportunities in economically sensitive sectors due to changing market participant sentiment The outlook for sustainable growth as a byproduct of spending in the economy

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the fixed income market, expectations for economic data moving forward, as well as how cyclical sectors stand to benefit from improving conditions. Topics covered include: Update on the corporate bond market Recent run up in high-yield bonds and left tail risk How cyclical sectors, including financials and industrials, stand to benefit from economic growth conditions When we might begin to see improvements in economic data

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss recent events in the asset-backed securities space, as well as expectations for the market and economy moving forward.   Topics covered include: Asset-backed securities compared to other more traditional options Expectations for economic data in the coming weeks and the economic recovery What improvements in cyclical industries, such as financials and industrials, could mean for a durable bottom in the equity markets    

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss comments from Federal Reserve’s Jerome Powell, as well as the impact of current unemployment on the markets and economy. Topics covered include: Why negative interest rates are unlikely in the  U.S.   Takeaways from Federal Reserve Chair Jerome Powell’s presentation and equity market reaction Impact of current unemployment on the markets and economy Application of Fibonacci’s Golden Ratio and retracement levels in the equity market

In this audio update, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss their outlook for interest rates, the economic impact as states begin to reopen, as well as opportunities in the current market environment.   Topics covered include: Interest rate outlook and the new 20-year Treasury bond Near-term economic data expectations and impact on recovery shape Market outlook and volatility over the next 9-12 months Potential opportunities in risk and cyclical assets

In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the Fed’s aggressive monetary actions and policy statements, as well as the latest market and economic news.   Topics covered include: Federal Reserve policy and actions Expectations for fiscal policy from global governments Economic outlook and potential market headwinds

In this podcast, Market Strategist Gregory Drahuschak speaks with Mark Luschini, Chief Investment Strategist, and Guy LeBas, Chief Fixed Income Strategist, to discuss their recent articles looking at the what the economic recovery might look like and the coronavirus and the municipal bond market. Topics covered include: Update on the equity markets The historical shape of economic recoveries Three recovery scenarios: V-shaped, U-shaped, and L-shaped The COVID-19 crisis impact on municipal bonds and where to seek opportunity in the short term

In this podcast, Market Strategist Gregory Drahuschak speaks with Mark Luschini, Chief Investment Strategist, and Guy LeBas, Chief Fixed Income Strategist, to discuss their outlook for equity market using previous events as a prologue for the potential path ahead, and the Fed’s expanded programs to support corporate and municipal markets. Topics covered include: Market performance during equity bear markets Indicators that markets might still be amidst a bottoming process The Fed’s expanded programs and portfolio balance channel