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12 March 2021
Growth and Inflation Expectations Rise in February
4:59
Joseph Filicetti describes the upward pressure on developed market government bond yields, as expectations of higher growth and inflation are fueled by new US stimulus and global Covid vaccination progress. Macro Opportunities performance benefited most from investment-grade and high-yield credit exposures, mainly due to energy and financial positions.
11 February 2021
Covid Setbacks on the Road to Recovery
5:00
Joseph Filicetti describes the optimism we have for increased global economic growth in 2H21 as COVID-19 vaccinations accelerate. Regarding January performance in the Macro Opportunities portfolio, long US duration exposure detracted but short swap spread duration offset some of that negative effect.
14 January 2021
Rally Continues in December Despite Covid Challenges
4:41
Joseph Filicetti provides an update regarding the massive fiscal efforts intended to combat the economic effects of COVID-19. He also reports that the Macro Opportunities portfolio continued to benefit most from its positions in emerging market debt.
11 December 2020
Risk Assets Rally in November
4:46
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the rise in asset prices as markets reacted to both the US presidential election outcome certainty and promising vaccine announcements. Macro Opportunities performance benefited most from emerging market debt and currency positions.
16 November 2020
As Covid Spikes in Europe, the ECB Promises More Support
4:11
COVID-19 continued to dominate headlines in October, and lockdowns were reintroduced in parts of Europe. The European Central Bank (ECB) signaled explicitly that additional monetary policy stimulus would be forthcoming in December. Given the increase in infection rates and recent weak European inflation data, the Macro Opportunities strategy increased its short euro currency position versus the US dollar.
15 October 2020
Growth Slows and Uncertainty Accelerates
4:59
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the challenged global growth environment and ongoing uncertainty regarding the upcoming US election, geopolitical tensions and the path of COVID-19. The largest contributor to Macro Opportunities performance was US player swaps, as the spread in 10-, 20- and 30-year swaps widened relative to US Treasuries.
15 September 2020
Covid Optimism Boosts Markets Further in August
5:07
Optimism that the worst of the COVID-19 economic impact has passed boosted market sentiment in August. Macro Opportunities portfolios benefited from positions in investment-grade and high-yield credit, as well as in emerging market debt and currencies, says Western Asset’s Joseph Filicetti in this month’s Macro Opportunities podcast.
11 August 2020
Economic Conditions Improve in July
4:24
In this month’s Macro Opportunities podcast, Joseph Filicetti explains how the recent unprecedented monetary policy accommodation and government fiscal spending were reflected in this month’s positive economic data. This contributed to market optimism that the stimulus will bolster demand and extend the recovery despite many remaining headwinds.
14 July 2020
Eased Lockdowns and Supportive Policy Boost Markets
4:16
Global risk sentiment improved in June, bolstered by an improvement in COVID-19 infection rates and continued supportive monetary policy, says Western Asset’s Joseph Filicetti in this month’s Macro Opportunities podcast.
9 June 2020
Optimism on Pandemic Improvements
4:19
Eased lockdowns and cautious optimism about a potential vaccine for COVID-19 helped risk assets and commodity prices rise in May, says Western Asset’s Joseph Filicetti. Over the month, emerging markets exposure was the largest contributor to performance, which was also helped by investment-grade and high-yield bond exposure.
18 May 2020
Fiscal and Monetary Responses to COVID-19 Support Municipals
8:10
With financial markets uniformly affected by the economic fallout from COVID-19, Federal Reserve actions and the new CARES Act will support municipals, explains Robert Amodeo, Head of Public Finance. He also describes how Western Asset is positioning our muni portfolios given the pandemic, stressing that our top priority is building portfolios that can endure a sustained period of weakness and also benefit from the recovery.
5 May 2020
Central Banks Help Economy Weather Storm
5:12
After the sharpest monthly decline in risk assets on record, policymakers’ push to resuscitate economic activity is aiding a rebound. Western Asset’s Joseph Filicetti outlines how the Macro Opportunities portfolio continued the rebalancing started in March as markets and liquidity improved in April.
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)

Growth and Inflation Expectations Rise in February  12 March 2021

Joseph Filicetti describes the upward pressure on developed market government bond yields, as expectations of higher growth and inflation are fueled by new US stimulus and global Covid vaccination progress. Macro Opportunities performance benefited most from investment-grade and high-yield credit exposures, mainly due to energy and financial positions.
4:59

Covid Setbacks on the Road to Recovery  11 February 2021

Joseph Filicetti describes the optimism we have for increased global economic growth in 2H21 as COVID-19 vaccinations accelerate. Regarding January performance in the Macro Opportunities portfolio, long US duration exposure detracted but short swap spread duration offset some of that negative effect.
5:00

Rally Continues in December Despite Covid Challenges  14 January 2021

Joseph Filicetti provides an update regarding the massive fiscal efforts intended to combat the economic effects of COVID-19. He also reports that the Macro Opportunities portfolio continued to benefit most from its positions in emerging market debt.
4:41

Risk Assets Rally in November  11 December 2020

In this month’s Macro Opportunities podcast, Joseph Filicetti describes the rise in asset prices as markets reacted to both the US presidential election outcome certainty and promising vaccine announcements. Macro Opportunities performance benefited most from emerging market debt and currency positions.
4:46

As Covid Spikes in Europe, the ECB Promises More Support  16 November 2020

COVID-19 continued to dominate headlines in October, and lockdowns were reintroduced in parts of Europe. The European Central Bank (ECB) signaled explicitly that additional monetary policy stimulus would be forthcoming in December. Given the increase in infection rates and recent weak European inflation data, the Macro Opportunities strategy increased its short euro currency position versus the US dollar.
4:11

Growth Slows and Uncertainty Accelerates  15 October 2020

In this month’s Macro Opportunities podcast, Joseph Filicetti describes the challenged global growth environment and ongoing uncertainty regarding the upcoming US election, geopolitical tensions and the path of COVID-19. The largest contributor to Macro Opportunities performance was US player swaps, as the spread in 10-, 20- and 30-year swaps widened relative to US Treasuries.
4:59

Covid Optimism Boosts Markets Further in August  15 September 2020

Optimism that the worst of the COVID-19 economic impact has passed boosted market sentiment in August. Macro Opportunities portfolios benefited from positions in investment-grade and high-yield credit, as well as in emerging market debt and currencies, says Western Asset’s Joseph Filicetti in this month’s Macro Opportunities podcast.
5:07

Economic Conditions Improve in July  11 August 2020

In this month’s Macro Opportunities podcast, Joseph Filicetti explains how the recent unprecedented monetary policy accommodation and government fiscal spending were reflected in this month’s positive economic data. This contributed to market optimism that the stimulus will bolster demand and extend the recovery despite many remaining headwinds.
4:24

Eased Lockdowns and Supportive Policy Boost Markets  14 July 2020

Global risk sentiment improved in June, bolstered by an improvement in COVID-19 infection rates and continued supportive monetary policy, says Western Asset’s Joseph Filicetti in this month’s Macro Opportunities podcast.
4:16

Optimism on Pandemic Improvements  9 June 2020

Eased lockdowns and cautious optimism about a potential vaccine for COVID-19 helped risk assets and commodity prices rise in May, says Western Asset’s Joseph Filicetti. Over the month, emerging markets exposure was the largest contributor to performance, which was also helped by investment-grade and high-yield bond exposure.
4:19

Fiscal and Monetary Responses to COVID-19 Support Municipals  18 May 2020

With financial markets uniformly affected by the economic fallout from COVID-19, Federal Reserve actions and the new CARES Act will support municipals, explains Robert Amodeo, Head of Public Finance. He also describes how Western Asset is positioning our muni portfolios given the pandemic, stressing that our top priority is building portfolios that can endure a sustained period of weakness and also benefit from the recovery.
8:10

Central Banks Help Economy Weather Storm  5 May 2020

After the sharpest monthly decline in risk assets on record, policymakers’ push to resuscitate economic activity is aiding a rebound. Western Asset’s Joseph Filicetti outlines how the Macro Opportunities portfolio continued the rebalancing started in March as markets and liquidity improved in April.
5:12

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 12 March 2021. 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 February 2021. 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 January 2021. 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 December 2020. 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 November 2020. 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 October 2020. 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 September 2020. 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 August 2020. 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 July 2020. 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 9 June 2020. 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 May 2020. 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 5 May 2020. 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.