Macroeconomic Research    |   June 10, 2021   

The Fed's Strategic Play: Closing the Chapter on Its Credit Facilities

Examining the Fed’s announcement to sell its SMCCF holdings.


Sector Views    |   May 13, 2021    |   High-Yield and Bank Loan Outlook

In the Recovery Phase of the Credit Cycle

Strong earnings growth, low default volumes, upward rating migration, and tighter spreads in the recovery phase of the credit cycle.


Global CIO Outlook    |   March 25, 2021   

A Successful Green New Deal Will Need Private Partners

A Green New Deal should not be viewed as a big government program, but as an opportunity to reinvent vast swaths of the U.S. economy while pursuing the laudable goal of carbon neutrality.


Portfolio Strategy    |   March 11, 2021    |   Fixed-Income Outlook

Staying on Offense

Even as credit spreads have narrowed, further value remains.


Global CIO Outlook    |   March 02, 2021   

A Drunk Man in the Snow: The Random Walk of Interest Rates

Investors’ reach for yield puts downward pressure on 10-year Treasury rates, likely rendering the current yield unsustainable.


VIDEO

The Long Road to Recovery

The Long Road to Recovery

Scott Minerd, Chairman of Investments and Global CIO, discussed his outlook for markets and the economy with CNBC’s Brian Sullivan during the Milken Institute 2020 Global Conference.

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First Quarter 2021 Fixed-Income Outlook

First Quarter 2021 Fixed-Income Outlook

Brian Smedley, Head of Macroeconomic and Investment Research, and Portfolio Manager Steve Brown share their outlook for the third quarter 2020.

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Unpacking the May Jobs Report: Further Progress, but Far from Substantial - Image Thumbnail
June 04, 2021

Unpacking the May Jobs Report: Further Progress, but Far from Substantial

A disappointing May jobs report strengthens our conviction that Fed policymakers will stay the course.

Inflation Is Spiking, But You Only Reopen the Economy Once  - Image Thumbnail
May 19, 2021

Inflation Is Spiking, But You Only Reopen the Economy Once

The spike in core CPI is a one-time adjustment as the economy reopens.



Portfolio Strategy    |   December 12, 2019   

The Transition Away from Libor

Much Progress, More Wood to Chop


Portfolio Strategy    |   November 08, 2019   

The Science and Art of Risk Management: Liquidity Risk

Good risk management leads to good decision making.


Portfolio Strategy    |   November 04, 2019   

The Risk Mitigation Advantage in Active Fixed-Income Management

Why active has the potential to outperform passive in fixed income.