Podcasts about fixed income strategist

Interview recorded - 12th of May, 2025On this episode of the WTFinance podcast I had the pleasure of welcoming back Michael Every. During our conversation we spoke about the shifting geopolitical tides, what Trump negotiations mean, mass imports, issues with free trade, who will lose and more. I hope you enjoy!0:00 - Introduction1:10 - What are we seeing in the world?4:34 - Trump negotiation?6:12 - Mass imports8:05 - Geopolitical shifts11:24 - BRICS12:44 - Republican shift15:14 - Issues with free trade?21:06 - Who wins?22:34 - US worse off than China?24:42 - Shift away from China25:44 - Impact on markets?28:34 - European issues30:34 - One message to takeaway?Michael Every is a Global Strategist at Rabobank. He analyses major financial developments and contributes to the bank's various economic research publications for internal and external customers and to the media.Michael has over two decades of experience working as an Economist and Strategist. Before Rabobank, he was a Director at Silk Road Associates in Bangkok, Senior Economist and Fixed Income Strategist at the Royal Bank of Canada in both London and Sydney, and an Economist for Dun & Bradstreet in London.Michael holds a Masters degree in Economics (with distinction) from University College London and speaks a smattering of languages, including Thai.Michael Every - Website - https://www.rabobank.com/knowledge/our-experts/011085368/michael-everyLinkedIn - https://sg.linkedin.com/in/michael-every-38983214WTFinance -Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

The yield on the benchmark 10-year US Treasury moved up 50 basis points last week, representing one of the most significant single-week increases on record. As the US administration's unpredictable tariff policies continue to unsettle markets, how can investors navigate this challenging investment landscape?Steve Wang, Fixed Income Specialist Asia at Julius Baer, sits down with Esteban Burbano, Managing Director and Fixed Income Strategist at PIMCO, to discuss the current economic picture, the impact of tariffs on inflation expectations and how the Federal Reserve might respond, the state of the US Treasury market, and the opportunities in the fixed income market amidst this unprecedented volatility.(This episode was recorded on 17 April 2025)

David Osman of IRF is joined by Jonathan Wilmot of Wilmot ML. In this podcast, Jonathan Wilmot discusses the future development of artificial intelligence with particular reference to the USA, China and the broader Macro implications. He then assesses President Trump's agenda for his second term and notes that Trump is “an old man in a big hurry”. This is creating some uncertainties, not least the potential for high tariffs to cause some economic and financial disruption. Jonathan reviews the outlook for US economic growth, inflation and interest rates. He assesses the ramifications for the bond and stock markets, before concluding with an assessment of where we are in relation to his analysis of the long-term trends and cycles over the past two centuries.   Jonathan Wilmot is a former FX Strategist at Bank of America, Fixed Income Strategist at Merrill Lynch and Chief Global Strategist at Credit Suisse. He has been described as “one of the brightest minds on Wall Street”. In 2017 Jonathan established his own Macro-research boutique and AI investment start up. Wilmot ML is the research arm of XAI Asset Management. Their primary focus is on the policy and market implications of the cycle in global growth and risk appetite, as well as the drivers of long-term structural change in the world economy and geopolitics.

The first Special Briefing of 2025 offers a deep dive into the new President's first month and the implications of new policies. Featured speakers include former US Representative Carolyn Bourdeaux (D-GA); Jeffrey Holland, Vice President, Research, Peter G. Peterson Foundation; Eric Kim, Senior Director, U.S. Public Finance at Fitch Ratings; Vikram Rai, Fixed Income Strategist, Head of Municipal Markets Strategy at Wells Fargo; Torsten Slok, Partner and Chief Economist at Apollo; and Mark Zandi, Chief Economist, Moody's Economics. Notable Quotes: “The implications from a macro perspective could become very, very important for interest rates, especially, of course, if the layoffs begin to show up in the form of a high unemployment rate.” - Torsten Slok. “State and local governments really need to take this moment to do an assessment of how the federal government, federal spending and federal tax policy, even the economic impacts, will affect their budget." - Carolyn Bourdeaux. “So why does that matter? Well, high and rising debts crowd out savings and investment, which could lower future output and income relative to what would otherwise occur." - Jeffrey Holland “Midwestern state economies could be particularly vulnerable to the imposition of blanket tariffs on imports from [Canada, Mexico, and China], and natural resource-rich states could face the most direct consequences from retaliatory tariffs by those nations. North Dakota, Louisiana, and Texas are the states with the most in exports to Canada, Mexico, and China as a percentage of their state GDP.” - Eric Kim “State and local governments realize that they have to rely on their own sources to meet their projects and financing needs." - Vikram Rai “The risks are decidedly to higher interest rates. The biggest risk is that we see a major sell-off in the bond market. The bond market feels incredibly fragile.” - Mark Zandi Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Leslie rejoins the podcast to share CIO's outlook for fixed income in 2025, including thoughts around the road ahead for monetary policy, what has been causing the rise in yields, and considerations when it comes to positioning within the asset class. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Hear from Mark Haefele, GWM Chief Investment Officer, Kiran Ganesh, Global Head of Investment Communications, Jason Draho, Head of Asset Allocation for CIO Americas, and Carolina Corvalan, Fixed Income Strategist.

Leslie and Barry rejoin for a deeper dive look into the implications of the Fed's commencement of policy easing to fixed income assets, in particular credit sectors. We also cover CIO's broader thinking when it comes to positioning across fixed income, in anticipation of further easing measures by the Fed to be implemented through year-end. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, along with Senior Fixed Income Strategist, Barry McAlinden. Host: Daniel Cassidy

Kim Silberman – Macroeconomist and Fixed Income Strategist, Matrix Fund Managers SAfm Market Update - Podcasts and live stream

As growth and inflation trend lower, coupled with the next rate cutting cycle on the horizon, we discuss how fixed income investors should position accordingly, along with what to expect across fixed income markets in the months ahead. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

As mid-year approaches, we take time to reflect on fixed income performance drivers over 1H24, along with preview performance expectations for the balance of the year. We also outline expectations for monetary policy and rates, along with review positioning recommendations across fixed income. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and John Murtagh, Fixed Income Analyst Americas. Host: Daniel Cassidy

We catch-up with Leslie Falconio to discuss how a shift in the Fed's course for monetary policy has impacted fixed income assets, along with review CIO's expectations for rate cuts in 2024, along with current positioning recommendations within fixed income. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation outlines performance expectations for fixed income over the next few months, along with CIO's current thinking on Fed rate cuts in 2024. We also review allocation fixed income allocation preferences. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Investors adopted a cautious stance ahead of the much-anticipated Fed decision, with government bond yields stabilising yesterday. That didn't stop equities in the US and Europe from reaching new record highs. The focusnow moves to central banks for the rest of the week. Dario Messi, Fixed Income Strategist, talks about the Bank of Japan, the Swiss National Bank and what to expect from the FOMC meeting today.00:00 Introduction by Bernadette Anderko (Investment Writing)00:25 Markets wrap-up by Jan Bopp (Investment Writing)07:10 Bond markets and central banks by Dario Messi (Fixed income Strategy)11:59 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

As we near the end of 1Q24, we reflect on fixed income performance and CIO's current positioning recommendations within the asset class. We also outline the investment case for investment grade corporates and review considerations when it comes to investment grade portfolio construction. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

US and European equity markets put in another strong performance yesterday, climbing to fresh records as the latest hotter-than-expected inflation figures did little to alter bets the Federal Reserve will cut rates this year - even if officials keep a more cautious stance for now. Dario Messi, Fixed Income Strategist, shares details about yesterday's US inflation report and what it means for the Fed and bond investors.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Jan Bopp (Investment Writing)05:37 Bond market update by Dario Messi (Fixed Income Strategy)09:54 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets were on the back foot yesterday, dragged down by tech giants such as Tesla and Apple, which added to their year-to-date losses. While tech stocks led the declines, the losses were fairly broad-based. In addition to the tech correction, some weaker than expected economic data added to fears that a soft landing might not be a done deal. The general weakness in data helped to push government bond yields lower throughout the day, with gold and bitcoin hitting new all-time highs in intraday trading. Dario Messi, Fixed Income Strategist, gives more insight into what to expect from central bank meetings in the coming weeks.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Jan Bopp (Investment Writing)06:30 A big central bank month: Dario Messi (Fixed Income Strategy)11:40 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

We examine a potential timeline for the Fed to commence Quantitative Tightening, including the criteria which needs to be met, and how fixed income markets might respond to such a policy shift. We also review allocation preferences within the asset class, and highlight recent performance drivers. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and John Murtah, Fixed Income Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The emerging market bond market is offering some interesting yields in absolute terms at the moment, and we expect the rate-cutting cycle in developed markets to start later this year, which should support emerging market hard currency debt. In this episode of the Beyond Markets podcast, Helen Freer, Investment Writer, talks to Esteban Polidura, Head of Americas Investment Strategy, and Dario Messi, Fixed Income Strategist, about this segment of the bond market and why we currently like it.01:15 Why do we like EM hard-currency bonds?04:27 Why invest in EM hard-currency debt rather than equities?05:33 What about investing in developed market high-yield debt?06:49 Do we like any regions in EM in particular?09:00 Shorter-dated or longer-dated bonds?09:42 Why we like EM hard-currency bonds and not local currency bonds?12:30 What risks are involved in such investments?Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity and bond markets sold off after US CPI data topped estimates. The tech heavy Nasdaq was hit the hardest while the broader S&P 500 fell back below the 5,000 mark. Yields increased strongly. Dario Messi, Fixed Income Strategist, talks about how to position in such a market. And Mathieu Racheter, Head of Equity Strategy, gives an update on the earnings season.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Jan Bopp (Investment Writing)07:18 Bond Market update by Dario Messi (Fixed Income Strategy)12:02 Earnings Season update by Mathieu Racheter (Head of Equity Strategy)17:01 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

As we look ahead over the first half of 2024, Leslie Falconio outlines expectations for rates and fixed income returns. We also spend time reviewing the latest fixed income allocation recommendations from the UBS Chief Investment Office. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a conversation about investing in Swiss assets between Helen Freer and Mathieu Racheter, Head of Equity Strategy, along with Dario Messi, a Fixed Income Strategist on Julius Baer's Beyond Markets series. They talk about the strength of the labour market in Switzerland as well as the currency, the high-quality businesses, the safe-haven status of both the currency and the country, and much more.00:00 Introduction by Helen Freer (Investment Writing)00:45 Investing in Swiss Assets by Mathieu Racheter (Head of Equity Strategy) and Dario Messi (Fixed Income Strategist)08:16 Closing remarks by Helen Freer (Investment Writing)Our regular programme featuring daily market news returns on Thursday 4th January.Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

As year-end quickly approaches, we reflect on 2023 performance drivers and preview return expectations over the near-to-medium term. We also provide some thoughts around rate volatility and outline positioning recommendations within the asset class. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Althea Spinozzi is a Fixed Income Strategist at Saxo Bank. Althea is an expert in fixed income research for Saxo Bank and works directly with clients to help them select and trade bonds. She has a background in leveraged debt, and is particularly focused on high-yield and corporate bonds with attractive risk and return.Follow Althea on Twitter: https://twitter.com/AltheaspinozziPartnership, recruitment & Ad enquiries?For business and partnerships enquiries email christopher@bynorthernnorway.com or use the contact form at www.christophervonheim.comFollow Vonheim on X / Twitter and YouTube:YouTube: Christopher VonheimX / Twitter: @chrisvonheimDisclaimerAll opinions expressed by Christopher Vonheim or his guests on this show are only their opinions and do not reflect the opinions of Vonheim. You should not treat any opinion expressed by Christopher Vonheim as a specific reason to invest or follow a particular strategy, but only as an expression of his opinion. This Show is for informational purposes only. Hosted on Acast. See acast.com/privacy for more information.

A stable political environment, solid economic policies and a highly developed rule of law are just some of the factors that support Swiss assets. In this episode of the Beyond Markets podcast, we delve deeper into why investors should consider having some exposure to both Swiss equities and CHF-denominated bonds. Helen Freer, Investment Writer, talks to Mathieu Racheter, Head of Equity Strategy, and Dario Messi, Fixed Income Strategist. 1:02      How do Switzerland's solid foundations support Swiss assets?2:12      The Swiss labour market3:32      The Swiss franc5:29      The Swiss equity market is defensive6:27      High-quality companies7:32      Large-caps vs small and mid-caps?8:31      Investing in an uncertain environment9:33      Swiss bonds as a store of value10:55    How has Switzerland earned its reputation as a safe-haven?11:59    Summary

Whether or not the Fed decides to raise rates in November, there are more important things that long-term investors should focus on. Managing Director at Wellington Management and Fixed-Income Strategist for Hartford Funds, Amar Reganti, returns to the podcast to discuss where he sees opportunity within fixed income.

We expand on an outlook for long-term treasury yields in the months ahead, and preview next month's Fed policy meeting, along with provide a look at the opportunity set for high yield in a portfolio and overall positioning recommendations within fixed income. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Alina Golant, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Althea Spinozzi is a Fixed Income Strategist at Saxo Bank. Althea is an expert in fixed income research for Saxo Bank and works directly with clients to help them select and trade bonds. She has a background in leveraged debt, and is particularly focused on high-yield and corporate bonds with attractive risk and return.Follow Althea on Twitter: https://twitter.com/Altheaspinozzi00:00 - Denmark00:55 - Althea's start in finance03:00 - Learnings from Mexico04:00 - The story behind "The Bond Girl" nickname05:05 - What is the bond market?07:39 - What do people misunderstand about bonds?11:50 - The two biggest risks when you invest in bonds17:00 - How US rates defines the world economy20:33 - Impossible to predict finance markets23:35 - Who should invest in bonds? (age, risk profile, wealth)27:50 - What bond options should you consider? (ETF VS Cash Bonds)32:00 - Who are the biggest players in The Fixed Income Market?34:00 - What will a recession do with the bond market?39:40 - Saxo's Outrageous PredictionsPartnership, recruitment & Ad enquiries?For business and partnerships enquiries email christopher@bynorthernnorway.com or use the contact form at www.christophervonheim.comFollow Vonheim on X / Twitter and YouTube:YouTube: Christopher VonheimX / Twitter: @chrisvonheimDisclaimerAll opinions expressed by Christopher Vonheim or his guests on this show are only their opinions and do not reflect the opinions of Vonheim. You should not treat any opinion expressed by Christopher Vonheim as a specific reason to invest or follow a particular strategy, but only as an expression of his opinion. This Show is for informational purposes only. Hosted on Acast. See acast.com/privacy for more information.

While the Fed navigates a soft landing for the U.S. economy and stock valuations remain high, how can investors navigate the risks and rewards of a surprisingly strong equity market? Lisa Shalett is Morgan Stanley Wealth Management's Chief Investment Officer. She is not a member of Morgan Stanley Research.----- Transcript -----Andrew Sheets: Welcome to Thoughts in the Market. I'm Andrew Sheets, Fixed Income Strategist at Morgan Stanley. Lisa Shalett: And I'm Lisa Shalett, Chief Investment Officer for Morgan Stanley Wealth Management. Andrew Sheets: And today on the podcast, we'll be discussing what's been happening year to date in markets and what might lie ahead. It's Friday, August 11th at 1 p.m. in London. Lisa Shalett: And it's 8am here in New York City. Andrew Sheets: So, Lisa, it's great to have you here. I think it's safe to say that as a strategy group, we at Morgan Stanley have been cautious on this year. But I also think this is a pretty remarkable year. As you look back at your experience with investing, can you kind of help put 2023 in context of just how unusual and maybe surprising this year has been? Lisa Shalett: You know, I think one of the the key attributes of 2023 is, quite frankly, not only the extraordinarily low odds that history would put on the United States Federal Reserve being able to, quote unquote, thread the needle and deliver what appears to be an economic soft landing where the vast and most rapid increase in rates alongside quantitative tightening has exacted essentially no toll on the unemployment rate in the United States or, quite frankly, average economic vigor. United States GDP in the second quarter of this year looked to accelerate from the first quarter and came in at a real rate of 2.4%, which most folks would probably describe as average to slightly above average in terms of the long run real growth of the US economy over the last decade. So, you know, in many ways this was such a low odds event just from the jump. I think the second thing that has been perplexing is for folks that are deeply steeped in, kind of, traditional analytic frameworks and long run correlative and predictive variables, the degree to which the number of models have failed is, quite frankly, the most profound in my career. So we've seen some real differences between how the S&P 500 has been valued, the multiple expansion that we have seen and things like real rates, real rates have traditionally pushed overall valuation multiples down. And that has not been the case. And, you know, I think markets always do, quote unquote climb the wall of worry. But I think as we, you know, get some distance from this period, I think we're also going to understand the unique backdrop against which this cycle is playing out and, you know, perhaps gaining a little bit more of an understanding around how did the crisis and the economic shocks of COVID change the labor markets perhaps permanently. How did the degree to which stimulus came into the system create a sequencing, if you will, between the manufacturing side of the economy and the services side of the economy that has created what we might call rolling slowdowns or rolling recessions, that when mathematically summed together obscure some of those trends and absorb them and kind of create a flat, flattish, or soft landing as we've experienced. Andrew Sheets: How are you thinking about the valuation picture in the market right now? And then I kind of want to get your thoughts about how you think valuations should determine strategy going forward. Lisa Shalett: So this is a fantastic question because, you know, very often I'm sitting in front of clients who are, you know, very anxious about the next quarter, the next year. And while I think you and I can agree that there certainly are these anomalous periods where valuations do appear to be disconnecting from both interest rates and even earnings trends, they don't tend to be persistent states. And so when we look at current valuations just in the United States, if you said you're looking at a market that is trading at 20x earnings the implication is that the earnings yield or your earnings return from that investment is estimated at roughly 5%. In a world where fixed income instruments and credit instruments are delivering that plus at historic volatilities that are potentially half or even a third of what equities are, you can kind of make the argument that on a sharp ratio basis, stocks don't look great. Now, that's not all stocks. Clearly, all stocks are not selling at 20x forward multiples. But the point is we do have to think about valuation because in the long run, it does matter. Andrew Sheets: I guess looking ahead, as you think about the more highly valued parts of the market, where do you think that thinking might most likely apply, as in the current valuation, even if it looks expensive, might be more defendable? And where would you be most concerned? Lisa Shalett: I think we have to, you know, take a step back and think about where some of the richest valuations are sitting. And they're sitting in, you know, some of the megacap consumer tech companies that have really dominated the cycle over the last, you know, 14, 15 years. So we have to think about a couple of things. The first is we have to think about, you know, the law of large numbers and how hard it is, as companies get bigger and bigger, for them to sustain the growth rates that they have. There will never be companies as dominant as, you know, certain banks. There will never be companies that are as dominant as the industrials. There will never be companies that are as dominant as health care. I mean, there's always this view that winners who achieve this kind of incumbent status are incumbent forever. And yet history radically dispels that notion, right? I think the second thing that we need to understand is very often when you get these type of valuations on megacap companies, they become, you know, the increased subject of government and regulatory scrutiny, not only for their market power and their dominance, but quite frankly for things around their pricing power, etc. The last thing that I would say is that, you know, what's unique about some of the megacap consumer tech companies today that I don't hear anyone talking about, is this idea that increasingly they're bumping up against each other. It's one thing when, you know, you are an e-commerce innovator who is rolling up retail against smaller, fragmented operators. It's quite another when it's, you know, three companies own the cloud, seven companies own streaming. And I don't hear anyone really talking about it head on. It's as if these markets grow inexorably and there's, you know, room for everyone to gain share. And I push back on some of those notions.Andrew Sheets: So, Lisa, I'd like to ask you in closing about what we think investors should do going forward. And to start, within one's equity portfolio, where do you currently see the better risk reward? Lisa Shalett: So we're looking at where are the areas where earnings have the potential to surprise on the upside, and where perhaps the multiples are a little bit more forgiving. So where are we finding some of that? Number one, we're finding it in energy right now. I think while there's been a lot of high fiving and enthusiasm around the degree to which headline inflation has been tamed, I think that if you, you know, kind of look underneath the surface, dynamics for supply and demand in the energy complex are beginning to stabilize and may in fact be showing some strength, especially if the global economy is stronger in 2024. A second area is in some of the large cap financials. I think that some of the large cap financials are underestimated for not only their diversity, but their ability to actually have some leverage if in fact global growth is somewhat stronger. We also think that there may be opportunities in things like residential REITs. There's been, you know, concern about that area, but we also know that the supply demand dynamics in US housing are in fact quite different this cycle. And last but certainly not least, I think that there are a series of themes around fiscal spending, around infrastructure, around decarbonization, around some of the the reconfiguration of supply chains that involves some of the less glamorous parts of the market, like utilities, like, you know, some of the industrials companies that have some very interesting potential growth attributes to them that that may not be fully priced as well. Andrew Sheets: Lisa, thanks for taking the time to talk. Lisa Shalett: Absolutely, Andrew. Always a pleasure. Andrew Sheets: And thanks for listening. If you enjoy Thoughts on the Market, please take a moment to rate and review us on Apple Podcasts. It helps more people find the show.

Moves by the Bank of Japan, the downgrade of the U.S. credit rating and new economic data may all have contributed to a spike in bond yields and fall in stock prices.----- Transcript -----Welcome to Thoughts in the Market. I'm Andrew Sheets, Fixed Income Strategist for Morgan Stanley. Along with my colleagues bringing you a variety of perspectives, I'll be talking about trends across the global investment landscape and how we put those ideas together. It's Friday, August 4th at 2 p.m. in London. After a placid July, August has opened with a bout of volatility. In one sense, this isn't unusual. July is historically one of the best months of the year for global equity performance, August and September are two of the worst. But the way markets have weakened has been more striking. Long term bond yields rose sharply this week, with the U.S. 30 year bond yield rising 27 basis points over the course of the last five days. Long term rates in the UK and Germany also rose sharply. Equity markets fell. Those facts are clear and indisputable. But why interest rates rose so much, and whether they're responsible for equity weakness? That, ladies and gentlemen of the jury, is a lot less clear. Indeed, there's more than one driver of last week's events. Maybe it's the Bank of Japan, which late last week raised the effective cap on Japanese government bond yields, which went on to rise sharply over the course of this week. Maybe it's the Fitch rating agency, which on Tuesday downgraded the credit rating of the United States by one notch to AA+. And maybe it's the US economic data, which has been quite strong, something that usually corresponds to higher rates. There's also the way that yields have risen. While long term U.S. interest rates rose sharply, shorter two year yields barely budged over the last week and in the UK and Germany, those two year yields actually fell. The large move higher in U.S. rates has also occurred while the market's actually lowered its assumption about long run inflation, another unusual occurrence. In reality, the drivers of these recent events might be all of the above. The initial rise in U.S. yields matched the move higher in Japanese rates, almost one for one. But we do think that move in Japanese rates is now mostly complete. The timing of Fitch's downgrade, which was somewhat unusual, given that there hasn't been any recent legislation to change fiscal policy and the fact that it happened at the start of August, a month that often sees less liquidity, might have given it an outsized impact. And the economic data has been good, suggesting that the U.S. economy for now is handling higher rates, a development that would generally support higher yields and a steeper curve. And in terms of the global equity reaction, some perspective is probably helpful. While last week saw higher yields and lower prices, since early April, both nominal yields, real yields and global stock prices have all risen together and by quite a bit. Now, it's possible that this relationship between stocks and bonds shifted some this week based on simply how much equity valuations have appreciated, as my colleague Mike Wilson, Morgan Stanley's Chief Equity Strategist, has noted recently. Higher yields make a focus on valuation more important and also make it more essential that good data, the best version of that higher yield story, continues to come through. In bonds, meanwhile, the recent rise in yields is boosting expected returns going forward. On Morgan Stanley's base case forecast, the U.S. ten year Treasury through the middle of 2024 will return over 10%. Thanks for listening. Subscribe to Thoughts of the Market on Apple Podcasts or wherever you listen, and leave us a review. We'd love to hear from you.

Our conversation focuses on what the second half of 2023 might have in store for fixed income investors, including the tailwinds and headwinds to be mindful. We also discuss an outlook for rates and how fixed income investors should think about positioning. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Join us for a special edition episode in which our Fixed-Income Strategist, Amar Reganti, reacts to the latest Federal Reserve announcement from June 14th.

Our conversation recaps this week's Fed policy statement and outlines expectations for what the road ahead might look like for monetary policy. We discuss the implications for fixed income investors, including an outlook for rates and a look at the latest positioning guidance from the Chief Investment Office. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host Daniel Cassidy

Interview recorded - 16th of May, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Michael Every, Global Strategist at Rabobank. During our conversation we spoke about the key macro drivers, why Geopolitics is a growing issue, what this means for the potential of a new Cold War and which assets will protect wealth during this period. I hope you enjoy!0:00 - Introduction0:35 - Key macro drivers for the start of the year2:05 - What is geopolitics?4:10 - Why is geopolitics going to be an issue?9:00 - How will mercantile trade wars impact world economy?12:05 - On-shoring/friend-shoring will not be easy16:10 - Services costs to decrease and goods increase?21:30 - Retirees rely on asset prices?24:30 - China conflict and future cold war?29:35 - Will the current US Dollar system change?36:15 - What assets perform in the coming years?40:30 - Government backed loans to vital industries?44:40 - One message to take away from our conversation?Michael Every is a Global Strategist at Rabobank. He analyses major financial developments and contributes to the bank's various economic research publications for internal and external customers and to the media.Michael has over two decades of experience working as an Economist and Strategist. Before Rabobank, he was a Director at Silk Road Associates in Bangkok, Senior Economist and Fixed Income Strategist at the Royal Bank of Canada in both London and Sydney, and an Economist for Dun & Bradstreet in London.Michael holds a Masters degree in Economics (with distinction) from University College London and speaks a smattering of languages, including Thai.Michael Every - Website - https://www.rabobank.com/knowledge/our-experts/011085368/michael-everyLinkedIn - https://sg.linkedin.com/in/michael-every-38983214WTFinance -Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Our conversation examines the current sentiment amongst fixed income investors, along with a look at where CIO is seeing the most value within the asset class. We also touch on which sectors have felt the most impact from the banking crisis, an outlook for rates and more. Featured is Alina Golant, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

On the ninth episode of The Finimize Podcast, Eddie Donmez welcomes Charles Schwab's Chief Fixed Income Strategist, Kathy Jones.They discuss the role of social media in the Silicon Valley Bank collapse, Credit Suisse, the banking crises, fixed income volatility, the Fed, and the outlook for the Economy and markets.Partner with us: https://business.finimize.com/Subscribe To Finimize Newsletter: https://finimize.com/Timestamps:Silicon Valley Bank Collapse: (00:00 - 3:30)Social Media's Impact (3:40 - 09:00)Credit Suisse (09:01 - 14:00)Financial stability vs price stability (14:29 - 17:10)Fixed Income Volatility (17:53 - 21:17)Outlook For 2023 (21:18 - 24:46)What Should You Do Now (25:47 - 30:03)

It's the first episode of a brand new season in 2023, and Mark McKenzie and Ole Rummel are joined by Prof. Leef Dierks, a guest to the Centre under the Visiting Scholar Programme. He is Professor of International Capital Markets at the Lübeck University of Applied Sciences. Prior to joining the Lübeck University of Applied Sciences in July 2013, Leef was a Fixed Income Strategist at Barclays Capital and then Head of Covered Bond Strategy at Morgan Stanley. In this episode, our hosts and Prof. Dierks talk about trust in Economic Policymaking and implications for the current situation, monetary policy transmission, the pitfalls and benefits of various inflation measures and discuss the Sacrifice Ratio.

Our conversation focuses back in on fixed income as we examine the year-to-date performance drivers and what the prospects for return look like in the months ahead. We also touch on an outlook for rates and positioning recommendations within the asset class. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy, UBS Chief Investment Office. Host: Shiavon Chatman

We continue on with our series of fixed income conversations as we examine the latest Fixed Income Strategist publication to better understand the narratives to navigate as a fixed income investor in 2023. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Our conversation reflects on the year that was for fixed income investors, and sets-up what the year ahead might have in store for monetary policy and how in turn the asset class might be impacted. We also cover the latest positioning recommendations. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Although the word “unprecedented” is overused, there's no other word to describe what fixed-income investors have experienced this year. Managing Director at Wellington Management and Fixed-Income Strategist for Hartford Funds, Amar Reganti, shares his thoughts on the past year and where fixed-income goes from here.

We continue our fixed income conversation with a look into the high yield and investment grade bond space, including how to think about positioning within these areas against the current market backdrop. Featured are Alina Golant, Senior Credit Strategist Americas, and Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

We discuss an outlook for rates and offer perspective around the current fixed income landscape for investors. We also preview the September Fed meeting and outline how you should consider an allocation within fixed income. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

With investors waiting for more clarity from the Federal Reserve at the Jackson Hole Symposium and after some weak economic data, equities across the US and Europe largely retreated yesterday. The Euro has dropped more than 12% versus the US dollar since the beginning of the year and is now below parity. Dario Messi, Fixed Income Strategist, also shares his thoughts on Jackson Hole.00:09 Introduction and markets wrap by Helen Freer (Investment Writing)03:59 Jackson Hole tremors by Dario Messi (Fixed Income Research)07:44 Closing remarks by Helen Freer (Investment Writing)

“Market prices contain rich, reliable information about expected returns in the future.” It's an interesting time to be an investor. Uncertainty and volatility are par for the course, inflation rates are higher than we've seen in decades, and interest rates are increasing. Today we're thrilled to be joined by fixed income strategist Sooyeon Mirda of Dimensional Fund Advisors, who has a rare ability to demystify complex subject matter with tremendous clarity. We'll discuss interest rates, inflation, and great ways Canadian investors can approach the bond market.  Sooyeon Mirda is a graduate of Princeton, Chartered Financial Analyst, and Investment Strategist at Dimensional Fund Advisors. Before joining Dimensional, Sooyeon worked at Goldman Sachs doing portfolio management and research for ultra-high net worth clients. In this episode, Sooyeon and Keith talk about how fixed income has become the topic du jour, what's driving the rise in inflation and interest rates, what you need to know about central banks, how current fixed income returns compare to previous decades, why it matters that the markets are forward-thinking, the importance of long-term strategy in investing, why a systematic approach consistently yields better results, and so much more! Key Topics: Introducing Sooyeon Mirda (2:11) Sooyeon's role as a Fixed Income Strategist at Dimensional Fund Advisors (4:48) What drew Sooyeon to the fixed income world (6:01) Sooyeon's finance background before joining Dimensional (8:40) Why everyone's talking about fixed income lately (9:41) What's driving the rise in inflation (11:39) The role of central banks and their mandates (14:09) What the recent Fed increases mean for investors (16:59) Defining “hawkish” and “dovish” in the context of central banks (21:54) How current fixed income returns compare to previous decades (23:39) Why many people are excited about the near future of the fixed income market (25:19) Understanding inflation breakeven rates (28:29) What it means for investors that the markets are forward thinking (29:50) What central bank rate hikes actually tell us (32:39) The counterintuitive results of Dimensional's research into the impact of central bank rate changes on bond returns (35:27) Why a long-term strategy is crucial (38:27) The fixed income strategy that works with the efficient market concept (40:26) How Dimensional thinks about expected returns in fixed income (42:33) Why a systematic approach consistently yields better results (45:44) Sooyeon's key message for investors during this challenging time (47:38) Thanks for Listening! Be sure to subscribe on https://podcasts.apple.com/us/podcast/the-empowered-investor/id1508663970 (Apple), https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vdGhlLWVtcG93ZXJlZC1pbnZlc3Rvci8 (Google), https://open.spotify.com/show/1mBnYMtqkbGqP2xyEThAUc (Spotify), or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on https://www.linkedin.com/company/tulett-matthews-&-associates-inc/ (LinkedIn), https://www.facebook.com/TulettMatthewsAssociates/ (Facebook), and more! Follow The Empowered Investor on https://www.facebook.com/theempoweredinvestor/ (Facebook), https://www.linkedin.com/company/theempoweredinvestor/ (LinkedIn), and https://www.instagram.com/theempoweredinvestor/ (Instagram)

Our conversation outlines the various peaks that are relevant to fixed income performance. We also cover the latest fixed income allocation preferences. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

We continue with our fixed income conversation as my guest outlines performance expectations for the second half and how you should position accordingly. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

BlackRock is erring on the side of caution. The global investment manager has it cut its exposure to developed markets after warning of increased market volatility in the second half of the year. Business Day TV unpacked BlackRock's mid-year outlook with the firm's Fixed Income Strategist, Scott Thiel.

Our conversation turns focus back to fixed income as my guests share their thoughts on the state of credit markets in a rising rate environment, how to think about positioning within the broader asset class, an outlook for rates and more. Featured are Alina Golant, Senior Credit Strategist Americas, and Leslie Falconio Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation examines the market expectations for the Fed Funds Rate versus those of the Chief Investment Officer, plus how to consider positioning your portfolio as a fixed income investor. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

We continue our fixed income conversation with a performance outlook for the second quarter and thoughts around the drivers behind the recent movement of treasury yields. Plus, we cover how you should be positioned within the asset class. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation walks you through the latest Fixed Income Strategist publication as my guest explains the benefits of credit floating rate notes in the current environment, plus outlines allocation preferences within the broader asset class. Featured is Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Officer. Host: Daniel Cassidy

We recap the week that was, including thoughts on fixed income markets, an outlook for rates, allocation considers for fixed income investors and the week ahead. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation focuses on fixed income markets as we reflect on what has been a turbulent start of the year for investors and outline expectations for return in 2022 and how fixed income investors should consider positioning accordingly. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Is the Fed raising rates in 2022?  What will happen to equities? What is an NFT and why should I care? How can I hedge my portfolio against inflation? Answers to each of these questions and many more are covered in this month's interview. In the kickoff to season #2 of Fill the Gap, we are joined by one of the best macro strategists on the street – and a man who came close to being a Fed Governor himself! James Bianco, CMT is President of Bianco Research, L.L.C., an Arbor Research & Trading, LLC affiliate based in Chicago. Since November 1990, he has been a highly sought-after Fixed Income Strategist and macro market analyst. A longstanding member of the CMT Association and a familiar face in financial news media, Jim's commentaries are primarily devoted to fixed income markets, and he places special emphasis on the money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors.  Other topics he has researched include the effects of commodity prices on bond yields, how the ratio of the equity market's capitalization as a percentage of the nominal gross domestic product affects price performance of the stock market, the role government regulation plays in determining inflation, how market performance affects mutual fund investors, the role politics plays in setting interest rates and measuring the stock and bond markets from a total return perspective. In this episode, we cover all of Jim's specialties and take a look at the emerging asset class with a clear-eyed description of decentralized finance, the protocols underlying altcoins in the cryptocurrency market, and the proliferation of NFTs.

ICMA's President Martin Scheck speaks to David Reznik, Fixed Income Strategist at Bank Leumi, Israeli's largest bank, about its market activities and more generally about the Israeli capital market and its market infrastructure. David discusses the main issuers, local bond practices, the main investors of Israeli debt and also provides his insights on efforts being made in the field of sustainable finance and the overall outlook for the market.

Our conversation focuses back in on fixed income and with the end of the year quickly approaching, we reflect on performance across the asset class in 2021 and the factors that drove it. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation examines what fixed income investors might expect to see over the course of Q4 and how they should think about positioning their portfolios accordingly, plus thoughts on rates, inflation and monetary policy. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation will reflect on the recent movement of rates and explain why the momentum is poised for a shift as we look towards the fall. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation focuses in on the outlook for rates and the prospects for fixed income total return in the second half of 2021, in light of the anticipated policy path forward from the Fed and anticipated economic conditions over the next several months. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation focuses back on fixed income as we outline the factors that might influence total return over the second half of the year, along with provide an outlook for rates, credit spreads and offer guidance on portfolio allocation. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation today will walk your through how to think about an allocation into fixed income in consideration of the current economic trajectory, including outlooks for both inflation and rates. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy.

Marcel Benjamin, Fixed Income Strategist with State Street Global Advisors SPDR ETF Fixed Income Group, joins to present a deep dive into the High Yield Fixed Income space. What makes a bond part of high yield? What are the risks with High Yield Bonds? How do the ratings differ across the spectrum? Plus, what makes a company a “Zombie Company”?     • US What does it mean to be considered high yield? • Differences in companies who go from BBB to Junk. • CCC vs BB • Size of high yield market • Size of high yield market by rating • Risk of defaults historically • Defaults 2008 vs 2020/21 so far • Spreads widening vs narrowing. • Short duration high yield vs longer duration • Implied risk of default by yield spread.  • Historical recovery rates • Brief explanation of default process for bonds   • Zombie Companies • What are they (i.e., 3 years Operating Earnings < net interest payments?)  • Interest coverage ratios • % of companies now vs historical considered zombies • How companies may recycle and roll debt upon maturity     Mentioned in this Episode:   Information on State Street Global Advisors SPDR fixed income products https://www.ssga.com/us/en/intermediary/etfs/capabilities/simplify-investing-with-fixed-income-etfs/sdpr-fixed-income-etfs   CCC High Yield Spread from Federal Reserve Bank of St. Louis (FRED) https://fred.stlouisfed.org/series/BAMLH0A3HYC   High Yield Spread from Federal Reserve Bank of St. Louis (FRED) https://fred.stlouisfed.org/series/BAMLH0A0HYM2     Derek Moore’s book Broken Pie Chart https://www.amazon.com/Broken-Pie-Chart-Investment-Portfolio/dp/1787435547/ref=sr_1_1?keywords=broken+pie+chart&qid=1558722226&s=books&sr=1-1-catcorr

Our conversation today focuses on how you should think about an allocation within fixed income given the current policy and rate environment, along with an outlook for inflation and rates. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Our conversation today explores the factors behind the recent rise in interest rates and the implications to fixed income markets. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Dr. William Moss, Executive Director of the International Vaccine Access Center at the Johns Hopkins Bloomberg School of Public Health, provides a coronavirus and vaccine update. Bloomberg Businessweek Editor Joel Weber and Businessweek Economics Editor Cristina Lindblad talk about stories from the New Economy Forum section of Businessweek Magazine. Bloomberg News Politics Editor Wendy Benjaminson discusses President Trump losing support from key conservatives. And we Drive to the Close with Leslie Falconio, Fixed Income Strategist for the Americas at UBS Global Wealth Management. Host: Carol Massar. Producer: Doni Holloway. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

In this episode, Richard Belley, Fixed Income Strategist and Portfolio Manager, BMO Nesbitt Burns, and Michael Gregory, Deputy Chief Economist, BMO Capital Markets, discuss the Bank of Canada's strong monetary response to the current economic crisis. After explaining the bank's quantitative easing program, Richard and Michael dive into a discussion of how long current monetary policy could last, the potential of an inflationary cycle, and who will end up paying for the growing deficit. Disclosures: The comments contained in this podcast are general in nature, provided for information purposes only, and do not constitute legal, investment, trust, estate, accounting or tax advice. They are provided for general guidance, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. Unless otherwise qualified, any opinions, estimates and projections in this report are those of the speakers as of the release date, are subject to change without notice, and may not reflect those of BMO Private Wealth. This podcast may not reflect all available information. BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management, wealth planning, tax planning, philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. BMO Private Wealth legal entities do not offer tax advice. BMO Trust Company and BMO Bank of Montreal are Members of CDIC. ® Registered trademark of Bank of Montreal, used under license.

On April 1, Sylvain Brisebois, Senior Vice-President and National Sales Manager, BMO Private Wealth, spoke with Richard Belley, Fixed Income Strategist and Portfolio Manager, BMO Nesbitt Burns Portfolio Services Group, to discuss the bond markets, interest rates, central banks and Fixed Income Exchange-traded Funds.  Disclosures: The comments contained in this podcast are general in nature, provided for information purposes only, and do not constitute legal, investment, trust, estate, accounting or tax advice. They are provided for general guidance, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. Unless otherwise qualified, any opinions, estimates and projections in this report are those of the speakers as of the release date, are subject to change without notice, and may not reflect those of BMO Private Wealth. This podcast may not reflect all available information. BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management, wealth planning, tax planning, philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. BMO Private Wealth legal entities do not offer tax advice. BMO Trust Company and BMO Bank of Montreal are Members of CDIC. ® Registered trademark of Bank of Montreal, used under license.