Chairman of Investments and Global Chief Investment Officer Scott Minerd leads Guggenheim Partners’ macroeconomic and investment research functions. Together, our team of economists, strategists, and analysts provide insights and analysis on markets and opportunities via weekly
Macro Views, in-depth Market Perspectives, Sector Reports, and media appearances.
November 07, 2014
'Risk On' for Now
U.S. high-yield bonds, leveraged credit, and equities will likely outperform in the coming months, but there are obstacles ahead.
October 29, 2014
Europe Must Act Now
Things in Europe are bad and policymakers appear already to have fallen behind the curve. Quantitative easing in Europe is coming, but too slowly to avert a severe slowdown and perhaps even a hard landing. Mario Draghi, ECB president, has made it clear that the ECB must increase its balance sheet by at least €1 trillion—a tough mandate as the balance sheet will continue to shrink in the coming year as the earlier longer-term refinancing operation assets roll off. The reality is the ECB will need to purchase at least another €1.5 trillion in assets, and even that may not be enough.
October 23, 2014
Short-Term Optimism, Longer-Term Caution
U.S. stocks will likely move higher as pension fund managers go bargain hunting in an effort to put seasonal cash inflows to work.
October 16, 2014
Seasonal Factors Ready to Turn Positive
After a volatile week in markets, U.S. equities are now oversold and investors should be alert for seasonal factors that should soon turn positive.
October 07, 2014
High-Yield and Bank Loan Outlook - October 2014
Leveraged credit suffered from heightened volatility over the third quarter as mutual fund investors withdrew from the sector amid concerns about frothy valuations and talk of a credit bubble. We believe the high-yield bond market correction this quarter is healthy and overdue, but investors can expect choppier waters ahead. One segment we believe may help limit near-term volatility risk while capturing strong returns is middle-market debt.
October 02, 2014
Banquo’s Grain and U.S. Interest Rates
The U.S. economy is strong enough to suggest higher interest rates ahead, but a number of factors suggest U.S. Treasury yields could move lower.
September 24, 2014
After “Considerable Time,” Fed to Define “Highly Accommodative”
As the Federal Reserve maintains a “highly accommodative” monetary policy the central bank runs the risk of allowing the U.S. economy to overheat.
September 18, 2014
Why the Pennant Race Could Coincide with Market Volatility
While the U.S. economy is gaining momentum, investors should nevertheless brace for volatility in the next few weeks.
September 10, 2014
Bulls Charge Despite Weak Data
As the U.S. Federal Reserve debates withdrawing accommodation the doves have the upper hand, but that does not mean they won’t make a concession to hawks and hike sooner than the market expects.
September 03, 2014
Central Banks Pump Up the Volume
Aggressive central bank accommodation from Europe to Japan and a dovish Federal Reserve bode well for equities and bond prices.
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