リサーチ - 音声配信


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.
12 March 2019
Global Expansion Remains Intact
3:52
In this month’s Macro Opportunities Review, Western Asset’s Joseph Filicetti discusses the positive conditions that continue to bolster our optimism for the ongoing global recovery, our latest thoughts on the likely Brexit outcome and how we’re retaining a long US duration bias that we believe serves as an effective hedge against global risk exposures.
11 March 2019
Attractive Fundamentals and Technicals Appear to Bode Well for Munis
8:26
Robert Amodeo, Western Asset’s Head of Public Finance, covers a lot of ground in this month’s Municipal Market Review. He describes how January’s upbeat outlook continued into February thanks to a quiet new-issue calendar and a record-setting amount of subscriptions into open-ended mutual funds, among other reasons, and how we’re maintaining a bias to the 10-20 year part of the curve as we anticipate a flatter municipal curve.
7 February 2019
Munis Start Year on Positive Note
8:17
In this month’s Municipal Market Review, Western Asset’s Head of Municipals Robert Amodeo discusses January’s positive returns for both investment-grade and below-investment-grade bonds, strong fundamentals in the muni marketplace and the expected impact from the elimination of pre-refunded bonds.
7 February 2019
Dovish Fed Boosts Risk Assets
3:57
Western Asset’s Joseph Filicetti discusses the Federal Reserve’s recent change in outlook, the receding of political risks in Europe and January’s positive performance of risk assets overall, most notably within emerging markets.
17 January 2019
2018 Recap, 2019 Outlook
8:17
The municipal market ended 2018 with positive returns despite volatility and net outflows in the fourth quarter, according to Western Asset’s Head of Public Finance Robert Amodeo in this month’s Municipals audio recording. He goes into detail reviewing 2018 and also provides his general outlook for munis in the year ahead.
16 January 2019
Monetary Accommodation Still Needed Globally
3:57
In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the Federal Reserve’s recent hawkish comments, the European Central Bank’s decision to leave rates unchanged but end its net asset purchases, and China’s plans to increase policy stimulus.
12 December 2018
Uncertainty Keeps Markets on Edge
3:49
Western Asset’s Joseph Filicetti discusses the latest developments as market participants attempt to parse statements from Federal Reserve officials regarding the fed funds “neutral” range, and how the unresolved issues regarding Brexit and US-China trade relations keep investors guessing.
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.
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)
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
MACRO OPPORTUNITIES
Global Expansion Remains Intact  12 March 2019

In this month’s Macro Opportunities Review, Western Asset’s Joseph Filicetti discusses the positive conditions that continue to bolster our optimism for the ongoing global recovery, our latest thoughts on the likely Brexit outcome and how we’re retaining a long US duration bias that we believe serves as an effective hedge against global risk exposures.
3:52
MUNICIPALS
Attractive Fundamentals and Technicals Appear to Bode Well for Munis  11 March 2019

Robert Amodeo, Western Asset’s Head of Public Finance, covers a lot of ground in this month’s Municipal Market Review. He describes how January’s upbeat outlook continued into February thanks to a quiet new-issue calendar and a record-setting amount of subscriptions into open-ended mutual funds, among other reasons, and how we’re maintaining a bias to the 10-20 year part of the curve as we anticipate a flatter municipal curve.
8:26
MUNICIPALS
Munis Start Year on Positive Note  7 February 2019

In this month’s Municipal Market Review, Western Asset’s Head of Municipals Robert Amodeo discusses January’s positive returns for both investment-grade and below-investment-grade bonds, strong fundamentals in the muni marketplace and the expected impact from the elimination of pre-refunded bonds.
8:17
MACRO OPPORTUNITIES
Dovish Fed Boosts Risk Assets  7 February 2019

Western Asset’s Joseph Filicetti discusses the Federal Reserve’s recent change in outlook, the receding of political risks in Europe and January’s positive performance of risk assets overall, most notably within emerging markets.
3:57
MUNICIPALS
2018 Recap, 2019 Outlook  17 January 2019

The municipal market ended 2018 with positive returns despite volatility and net outflows in the fourth quarter, according to Western Asset’s Head of Public Finance Robert Amodeo in this month’s Municipals audio recording. He goes into detail reviewing 2018 and also provides his general outlook for munis in the year ahead.
8:17
MACRO OPPORTUNITIES
Monetary Accommodation Still Needed Globally  16 January 2019

In this month’s Macro Opportunities podcast, Western Asset’s Joseph Filicetti discusses the Federal Reserve’s recent hawkish comments, the European Central Bank’s decision to leave rates unchanged but end its net asset purchases, and China’s plans to increase policy stimulus.
3:57
MACRO OPPORTUNITIES
Uncertainty Keeps Markets on Edge  12 December 2018

Western Asset’s Joseph Filicetti discusses the latest developments as market participants attempt to parse statements from Federal Reserve officials regarding the fed funds “neutral” range, and how the unresolved issues regarding Brexit and US-China trade relations keep investors guessing.
3:49
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

IMPORTANT DISCLOSURES AND COPYRIGHT INFORMATION

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.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 12 March 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 11 March 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 7 February 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 7 February 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 17 January 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 January 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 12 December 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 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.