リサーチ - 音声配信


12 March 2020
COVID-19 Upends Markets
3:52
Western Asset’s Joseph Filicetti describes the latest market headlines, which were dominated by the continued spread of coronavirus/COVID-19. The spread of the epidemic has the potential to materially depress economic activity through travel restrictions, supply chain disruptions and heightened uncertainty. Investors flocked to safe-haven assets, bringing 10- and 30-year US Treasury yields down to all-time lows. We believe the economy will be weak through mid-year, followed by a return to trend growth.
27 February 2020
EM Debt Drives Performance
4:42
Western Asset’s Joseph Filicetti describes the latest market headlines including the status and expected impact of the coronavirus/COVID-19 outbreak. Regarding performance, emerging market (EM) debt had the most significant impact over the month while investment-grade credit detracted from performance primarily due to the portfolio’s energy and financial exposures.
29 January 2020
2020 Begins With Steady Fundamentals
5:20
Robert Amodeo, Western Asset’s Head of Public Finance, discusses the very good year municipals had in 2019 and how 2020 is off to a good start. He describes how our portfolio positioning is centered around intermediate and longer maturity issues, and discusses our view that moving from lower quality to higher quality muni investments is simply too expensive.
14 January 2020
Market Uncertainty Abates
3:59
Western Asset’s Joseph Filicetti describes how markets were lifted by a triad of positive news: the “phase one” trade deal between the US and China, Federal Reserve (Fed) Chair Jerome Powell’s announcement regarding the Fed’s overt focus on inflation and Boris Johnson’s win in UK elections. Emerging markets FX was the most significant contributor to performance given long exposures to Brazil, Russia and Mexico.
13 December 2019
US Rates Higher on Optimism
4:01
Western Asset's Joseph Filicetti describes how US rates have increased based on optimism over US growth prospects, positive Brexit developments and US-China trade progress. Duration and curve positioning resulted in positive contributions to performance for the month.
18 November 2019
Muni Supply Up 14% Over Last Year
5:42
Robert Amodeo, Western Asset’s Head of Public Finance, describes an overall positive outlook for muni bonds. Taxable refunding activity has been driving supply higher, as traditional tax-exempt debt issuers are advance-refunding existing debt by borrowing in the taxable marketplace. Looking ahead, technological advances are likely to make policies like “congestion pricing” more common for infrastructure and other municipal funding needs.
13 November 2019
Positive Progress on Trade and Brexit
4:26
Western Asset’s Joseph Filicetti describes how markets were buoyed by improvements on both the international trade and Brexit fronts. He also explains the importance of the Federal Reserve’s announcement that it will begin to rely on realized inflation (rather than inflation expectations) when considering future rate hikes.
18 October 2019
EM Bonds and Currencies Recover
4:09
Western Asset’s Joseph Filicetti reviews recent performance, portfolio positioning and our latest investment outlook. Emerging market (EM) foreign exchange was positive as a result of long Russian ruble and Argentine peso exposures, as both currencies strengthened versus the US dollar.
16 September 2019
Fed Shifts Focus to Inflation
4:56
Western Asset’s Joseph Filicetti discusses the significance of the Federal Reserve’s (Fed) July rate cut—against a backdrop of stock market highs and unemployment rate lows—and how both growth and inflation will have to move up meaningfully before the Fed hikes rates again.
15 August 2019
Muni Yields Hit Record Lows
6:31
Robert Amodeo, Western Asset’s Head of Public Finance, details how muni bond yields hit all-time lows over the month for issues with maturities beyond 10 years. The historic lows are the result of recent tax reform along with very good fundamentals and continued strong demand. Our muni debt outlook for the remainder of 2019 remains upbeat, given an environment we generally expect to be supportive of credit fundamentals.
9 August 2019
Expectations of Further Easing Drives Markets
3:44
Western Asset’s Joseph Filicetti describes the latest global central bank actions that drove markets over the month. Stronger-than-expected economic data helped US Treasury bonds end the month nearly unchanged. Overall, Western Asset expects global growth to remain resilient, despite the risk of further escalation to the US/China trade conflict.
19 July 2019
Munis Strong on Historic Demand
6:27
In this month’s review, Western Asset’s Head of Public Finance Robert Amodeo describes the positive fundamental backdrop for munis given continued strong retail demand. He also discusses a lawsuit brought by a hedge fund involving Illinois general obligation debt and whether or not those bonds can be considered deficit financing.
2 July 2019
Dovish Central Banks Goose Debt Markets
4:26
Western Asset’s Joseph Filicetti describes the impacts of dovish announcements from both the Federal Reserve (Fed) and European Central Bank, including sovereign bonds rallying, investment-grade credit spreads tightening and the US dollar weakening. He also details the Fed’s removal of the “patient” language from its post-meeting statement in June.
18 June 2019
Trade War Risks Dominate Markets
4:23
Western Asset’s Joseph Filicetti recaps the latest trade-related posturing from both the US and China, and describes how concerns over slowing global growth resulted in expectations for more rate cuts this year. Duration and curve positioning were the most significant contributors to performance in May.
24 May 2019
New SALT Limitations Boost the Appeal of Munis
7:41
In this month’s review, Western Asset’s Head of Public Finance Robert Amodeo provides a generally favorable outlook for the municipal bond market. April and May saw solid inflows into muni bond funds, helped by new limitations to state and local taxes (SALT) which increase the relative value of tax-exempt income.
16 May 2019
Lower-Risk Banking Model Has Benefited Financials
5:39
In this month’s Macro Opportunities review, Joseph Filicetti explains why we continue to favor financials in the US and Europe. He also reviews global economic data, including China’s strong GDP print of 6.4% (annualized) and the rebound of service sector data in Europe.
16 April 2019
Global Central Bank Guidance Calms Markets
3:27
Western Asset’s Joseph Filicetti reviews the recent dovish pivots by both the Federal Reserve and European Central Bank (ECB), which helped to reassure investors and stabilize risk markets in 1Q19. However, the ECB’s downwardly revised estimates of future growth increased investor anxiety.
10 April 2019
Attractive Returns Still Found in Munis
5:12
Western Asset's Head of Public Finance Robert Amodeo describes the insatiable appetite for tax-exempt income from muni investors as they take advantage of the market's sound fundamentals. He also discusses a new revenue source for NYC's Mass Transit Authority, developments in the ongoing story of Puerto Rico and the arrival of the municipal market's first "unicorn" as investors get excited about a new passenger railroad out of Florida.
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)

COVID-19 Upends Markets  12 March 2020

Western Asset’s Joseph Filicetti describes the latest market headlines, which were dominated by the continued spread of coronavirus/COVID-19. The spread of the epidemic has the potential to materially depress economic activity through travel restrictions, supply chain disruptions and heightened uncertainty. Investors flocked to safe-haven assets, bringing 10- and 30-year US Treasury yields down to all-time lows. We believe the economy will be weak through mid-year, followed by a return to trend growth.
3:52

EM Debt Drives Performance  27 February 2020

Western Asset’s Joseph Filicetti describes the latest market headlines including the status and expected impact of the coronavirus/COVID-19 outbreak. Regarding performance, emerging market (EM) debt had the most significant impact over the month while investment-grade credit detracted from performance primarily due to the portfolio’s energy and financial exposures.
4:42

2020 Begins With Steady Fundamentals  29 January 2020

Robert Amodeo, Western Asset’s Head of Public Finance, discusses the very good year municipals had in 2019 and how 2020 is off to a good start. He describes how our portfolio positioning is centered around intermediate and longer maturity issues, and discusses our view that moving from lower quality to higher quality muni investments is simply too expensive.
5:20
MACRO OPPORTUNITIES
Market Uncertainty Abates  14 January 2020

Western Asset’s Joseph Filicetti describes how markets were lifted by a triad of positive news: the “phase one” trade deal between the US and China, Federal Reserve (Fed) Chair Jerome Powell’s announcement regarding the Fed’s overt focus on inflation and Boris Johnson’s win in UK elections. Emerging markets FX was the most significant contributor to performance given long exposures to Brazil, Russia and Mexico.
3:59
MACRO OPPORTUNITIES
US Rates Higher on Optimism  13 December 2019

Western Asset's Joseph Filicetti describes how US rates have increased based on optimism over US growth prospects, positive Brexit developments and US-China trade progress. Duration and curve positioning resulted in positive contributions to performance for the month.
4:01
MUNICIPALS
Muni Supply Up 14% Over Last Year  18 November 2019

Robert Amodeo, Western Asset’s Head of Public Finance, describes an overall positive outlook for muni bonds. Taxable refunding activity has been driving supply higher, as traditional tax-exempt debt issuers are advance-refunding existing debt by borrowing in the taxable marketplace. Looking ahead, technological advances are likely to make policies like “congestion pricing” more common for infrastructure and other municipal funding needs.
5:42
MACRO OPPORTUNITIES
Positive Progress on Trade and Brexit  13 November 2019

Western Asset’s Joseph Filicetti describes how markets were buoyed by improvements on both the international trade and Brexit fronts. He also explains the importance of the Federal Reserve’s announcement that it will begin to rely on realized inflation (rather than inflation expectations) when considering future rate hikes.
4:26
MACRO OPPORTUNITIES
EM Bonds and Currencies Recover  18 October 2019

Western Asset’s Joseph Filicetti reviews recent performance, portfolio positioning and our latest investment outlook. Emerging market (EM) foreign exchange was positive as a result of long Russian ruble and Argentine peso exposures, as both currencies strengthened versus the US dollar.
4:09
MACRO OPPORTUNITIES
Fed Shifts Focus to Inflation  16 September 2019

Western Asset’s Joseph Filicetti discusses the significance of the Federal Reserve’s (Fed) July rate cut—against a backdrop of stock market highs and unemployment rate lows—and how both growth and inflation will have to move up meaningfully before the Fed hikes rates again.
4:56
MUNICIPALS
Muni Yields Hit Record Lows  15 August 2019

Robert Amodeo, Western Asset’s Head of Public Finance, details how muni bond yields hit all-time lows over the month for issues with maturities beyond 10 years. The historic lows are the result of recent tax reform along with very good fundamentals and continued strong demand. Our muni debt outlook for the remainder of 2019 remains upbeat, given an environment we generally expect to be supportive of credit fundamentals.
6:31
MACRO OPPORTUNITIES
Expectations of Further Easing Drives Markets  9 August 2019

Western Asset’s Joseph Filicetti describes the latest global central bank actions that drove markets over the month. Stronger-than-expected economic data helped US Treasury bonds end the month nearly unchanged. Overall, Western Asset expects global growth to remain resilient, despite the risk of further escalation to the US/China trade conflict.
3:44
MUNICIPALS
Munis Strong on Historic Demand  19 July 2019

In this month’s review, Western Asset’s Head of Public Finance Robert Amodeo describes the positive fundamental backdrop for munis given continued strong retail demand. He also discusses a lawsuit brought by a hedge fund involving Illinois general obligation debt and whether or not those bonds can be considered deficit financing.
6:27
MACRO OPPORTUNITIES
Dovish Central Banks Goose Debt Markets  2 July 2019

Western Asset’s Joseph Filicetti describes the impacts of dovish announcements from both the Federal Reserve (Fed) and European Central Bank, including sovereign bonds rallying, investment-grade credit spreads tightening and the US dollar weakening. He also details the Fed’s removal of the “patient” language from its post-meeting statement in June.
4:26
MACRO OPPORTUNITIES
Trade War Risks Dominate Markets  18 June 2019

Western Asset’s Joseph Filicetti recaps the latest trade-related posturing from both the US and China, and describes how concerns over slowing global growth resulted in expectations for more rate cuts this year. Duration and curve positioning were the most significant contributors to performance in May.
4:23
MUNICIPALS
New SALT Limitations Boost the Appeal of Munis  24 May 2019

In this month’s review, Western Asset’s Head of Public Finance Robert Amodeo provides a generally favorable outlook for the municipal bond market. April and May saw solid inflows into muni bond funds, helped by new limitations to state and local taxes (SALT) which increase the relative value of tax-exempt income.
7:41
MACRO OPPORTUNITIES
Lower-Risk Banking Model Has Benefited Financials  16 May 2019

In this month’s Macro Opportunities review, Joseph Filicetti explains why we continue to favor financials in the US and Europe. He also reviews global economic data, including China’s strong GDP print of 6.4% (annualized) and the rebound of service sector data in Europe.
5:39
MACRO OPPORTUNITIES
Global Central Bank Guidance Calms Markets  16 April 2019

Western Asset’s Joseph Filicetti reviews the recent dovish pivots by both the Federal Reserve and European Central Bank (ECB), which helped to reassure investors and stabilize risk markets in 1Q19. However, the ECB’s downwardly revised estimates of future growth increased investor anxiety.
3:27
MUNICIPALS
Attractive Returns Still Found in Munis  10 April 2019

Western Asset's Head of Public Finance Robert Amodeo describes the insatiable appetite for tax-exempt income from muni investors as they take advantage of the market's sound fundamentals. He also discusses a new revenue source for NYC's Mass Transit Authority, developments in the ongoing story of Puerto Rico and the arrival of the municipal market's first "unicorn" as investors get excited about a new passenger railroad out of Florida.
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 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 27 February 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 29 January 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 January 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 13 December 2019. 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 November 2019. 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 13 November 2019. 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 October 2019. 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 September 2019. 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 15 August 2019. 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 9 August 2019. 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 19 July 2019. 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 2 July 2019. 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 June 2019. 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 24 May 2019. 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 2019. 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 April 2019. 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 10 April 2019. 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.