リサーチ - 音声配信


13 November 2018
The Fed’s “Neutral” Rate Is a Moving Target
3:59
Western Asset’s Joseph Filicetti discusses the return of a risk-off environment in October and the confusion created by contradictory statements from Federal Reserve (Fed) Chair Jay Powell.
17 October 2018
Muni Yields Higher Across All Maturities
6:02
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the negative price action for munis despite their strong fundamental backdrop, why shorter-maturity issues are currently vulnerable and the expected impact from Hurricane Florence.
12 October 2018
EM Rates Rebound
4:32
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews September performance, discusses the Fed’s rate hike and its promise not to raise rates pre-emptively, and describes how EM debt was the most significant contributor primarily as the result of exposure to rates in Brazil, Argentina and Turkey.
19 September 2018
Wild Ride for EM in August
5:12
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews August performance and discusses the extreme volatility experienced by EM countries (primarily Turkey and Argentina), the ongoing trade tensions between the US and China, and the positive outlook for US growth.
18 September 2018
Elimination of Muni Refi Activity Drops Supply
6:22
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the impact of tax reform, preliminary good results from new sports betting in New Jersey and Mississippi, and positive fund flows in August.
14 August 2018
Income Helps Push Munis to Modest Positive
2:39
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the ongoing favorable supply/demand dynamics for munis in July as slightly positive performance continues.
8 August 2018
Global Volatility Persists
3:58
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews July performance, discusses the volatility of global yields, the continuing effects of escalating trade tensions as well as our current investment positioning and outlook.
20 July 2018
Favorable Dynamics for Munis This Summer
4:30
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the favorable backdrop for munis this summer as low volatility and positive income modestly outweighed slightly negative prices in June.
16 July 2018
Global Growth and US Dollar Strength
5:12
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the latest developments in monetary policy, including a hawkish move from the Federal Reserve and dovish action from the European Central Bank, then details our view of the US dollar.
18 June 2018
Demand Decidedly Stronger in May
7:00
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo recaps the 2018 muni news so far this year, analyzes reasons for the recent negative muni bond performance and discusses why demand has finally spiked in May.
11 June 2018
Italian Fiscal Policy in the Spotlight
4:23
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the rise and fall of 10-year UST yields in May, inflation data surprising to the upside and the volatility surrounding Italy’s populist government’s economic plan.
16 May 2018
Economic Cycle to Continue
4:04
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the ongoing underperformance in emerging markets, the potential for a global growth slowdown, and our continued belief that the current economic cycle has more time left before inflationary pressures rise.
7 May 2018
Underwhelming Muni Performance Improves Appeal
5:08
In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the lackluster performance so far this year for munis, their tendency to underperform during tax season and how these factors belie their strong fundamentals.
12 April 2018
A Flattening Yield-Curve for Municipal Bonds
8:01
In the latest monthly podcast, Western Asset’s Robert Amodeo discusses the yield-curve flattening for municipal bonds and their increased attractiveness after underwhelming performance so far this year.
6 April 2018
Credit Spreads Wider in March
4:56
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the flattening of the yield curve, the widening of credit spreads due to tighter liquidity conditions and our belief that the current economic cycle will extend much further before we see signs of inflationary pressures.
15 March 2018
Tax Cuts Not Inflationary
6:01
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses bond performance in February, the outlook for inflation (including the impact of the recently passed tax bill) and why we disagree with the market consensus predicting higher inflation.
13 March 2018
Volatility Up, Inflation Down
7:19
In the latest monthly podcast, Western Asset’s Robert Amodeo discusses fixed-income markets posting negative returns again in February against the backdrop of market volatility and bearish inflation sentiment, and why we think muni valuations continue to be compelling.
14 February 2018
Developed Market Rates and Risk Assets Selloff
4:56
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the recent market selloff, speculation around rising inflation, how our inflation view differs from the consensus and expectations for future rate hikes under new Fed Chair Jerome Powell.
14 February 2018
Continued Focus on Revenue Bond Sectors
5:21
In the latest monthly podcast, Western Asset’s Robert Amodeo discusses the dampened yields in the municipal bond market in January following the rush of supply in December and describes how infrastructure policy on the horizon could affect private activity bond issuance.
18 January 2018
Looking Ahead in 2018
4:29
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses US inflation and growth expectations for 2018 as well as our tactical approach to overall portfolio duration and yield-curve positioning.
12 January 2018
Positive Performance Through Short Stints of Volatility
7:27
In the latest monthly podcast, Robert Amodeo discusses factors that led to overall positive performance for municipal bonds in 2017 despite short stints of volatility and looks ahead to the potential impact of tax reform.
音声配信
「マクロ・オポチュニティーズ」と「米国地方債」運用戦略について、定期的に音声でのアップデートを配信しております。(英語のみのご提供)
MACRO OPPORTUNITIES
The Fed’s “Neutral” Rate Is a Moving Target  13 November 2018

Western Asset’s Joseph Filicetti discusses the return of a risk-off environment in October and the confusion created by contradictory statements from Federal Reserve (Fed) Chair Jay Powell.
3:59
MUNICIPALS
Muni Yields Higher Across All Maturities  17 October 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the negative price action for munis despite their strong fundamental backdrop, why shorter-maturity issues are currently vulnerable and the expected impact from Hurricane Florence.
6:02
MACRO OPPORTUNITIES
EM Rates Rebound  12 October 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews September performance, discusses the Fed’s rate hike and its promise not to raise rates pre-emptively, and describes how EM debt was the most significant contributor primarily as the result of exposure to rates in Brazil, Argentina and Turkey.
4:32
MACRO OPPORTUNITIES
Wild Ride for EM in August  19 September 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews August performance and discusses the extreme volatility experienced by EM countries (primarily Turkey and Argentina), the ongoing trade tensions between the US and China, and the positive outlook for US growth.
5:12
MUNICIPALS
Elimination of Muni Refi Activity Drops Supply  18 September 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the impact of tax reform, preliminary good results from new sports betting in New Jersey and Mississippi, and positive fund flows in August.
6:22
MUNICIPALS
Income Helps Push Munis to Modest Positive  14 August 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the ongoing favorable supply/demand dynamics for munis in July as slightly positive performance continues.
2:39
MACRO OPPORTUNITIES
Global Volatility Persists  8 August 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti reviews July performance, discusses the volatility of global yields, the continuing effects of escalating trade tensions as well as our current investment positioning and outlook.
3:58
MUNICIPALS
Favorable Dynamics for Munis This Summer  20 July 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the favorable backdrop for munis this summer as low volatility and positive income modestly outweighed slightly negative prices in June.
4:30
MACRO OPPORTUNITIES
Global Growth and US Dollar Strength  16 July 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the latest developments in monetary policy, including a hawkish move from the Federal Reserve and dovish action from the European Central Bank, then details our view of the US dollar.
5:12
MUNICIPALS
Demand Decidedly Stronger in May  18 June 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo recaps the 2018 muni news so far this year, analyzes reasons for the recent negative muni bond performance and discusses why demand has finally spiked in May.
7:00
MACRO OPPORTUNITIES
Italian Fiscal Policy in the Spotlight  11 June 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the rise and fall of 10-year UST yields in May, inflation data surprising to the upside and the volatility surrounding Italy’s populist government’s economic plan.
4:23
MACRO OPPORTUNITIES
Economic Cycle to Continue  16 May 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the ongoing underperformance in emerging markets, the potential for a global growth slowdown, and our continued belief that the current economic cycle has more time left before inflationary pressures rise.
4:04
MUNICIPALS
Underwhelming Muni Performance Improves Appeal  7 May 2018

In the latest monthly podcast, Western Asset’s Head of Public Finance Robert Amodeo discusses the lackluster performance so far this year for munis, their tendency to underperform during tax season and how these factors belie their strong fundamentals.
5:08
MUNICIPALS
A Flattening Yield-Curve for Municipal Bonds  12 April 2018

In the latest monthly podcast, Western Asset’s Robert Amodeo discusses the yield-curve flattening for municipal bonds and their increased attractiveness after underwhelming performance so far this year.
8:01
MACRO OPPORTUNITIES
Credit Spreads Wider in March  6 April 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the flattening of the yield curve, the widening of credit spreads due to tighter liquidity conditions and our belief that the current economic cycle will extend much further before we see signs of inflationary pressures.
4:56
MACRO OPPORTUNITIES
Tax Cuts Not Inflationary  15 March 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses bond performance in February, the outlook for inflation (including the impact of the recently passed tax bill) and why we disagree with the market consensus predicting higher inflation.
6:01
MUNICIPALS
Volatility Up, Inflation Down  13 March 2018

In the latest monthly podcast, Western Asset’s Robert Amodeo discusses fixed-income markets posting negative returns again in February against the backdrop of market volatility and bearish inflation sentiment, and why we think muni valuations continue to be compelling.
7:19
MACRO OPPORTUNITIES
Developed Market Rates and Risk Assets Selloff  14 February 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the recent market selloff, speculation around rising inflation, how our inflation view differs from the consensus and expectations for future rate hikes under new Fed Chair Jerome Powell.
4:56
MUNICIPALS
Continued Focus on Revenue Bond Sectors  14 February 2018

In the latest monthly podcast, Western Asset’s Robert Amodeo discusses the dampened yields in the municipal bond market in January following the rush of supply in December and describes how infrastructure policy on the horizon could affect private activity bond issuance.
5:21
MACRO OPPORTUNITIES
Looking Ahead in 2018  18 January 2018

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses US inflation and growth expectations for 2018 as well as our tactical approach to overall portfolio duration and yield-curve positioning.
4:29
MUNICIPALS
Positive Performance Through Short Stints of Volatility  12 January 2018

In the latest monthly podcast, Robert Amodeo discusses factors that led to overall positive performance for municipal bonds in 2017 despite short stints of volatility and looks ahead to the potential impact of tax reform.
7:27

IMPORTANT DISCLOSURES AND COPYRIGHT INFORMATION

Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 13 November 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 17 October 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 12 October 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 19 September 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 18 September 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 14 August 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 8 August 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 20 July 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 16 July 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 18 June 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 11 June 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 16 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 7 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 12 April 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 6 April 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 15 March 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 13 March 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 14 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 14 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 18 January 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this audio are as of 12 January 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.