リサーチ - 音声配信


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.
13 April 2020
Positioning Portfolios for Potential 2H20 Rebound
5:18
Western Asset’s Joseph Filicetti describes how the Macro Opportunities strategy worked to limit downside losses by reducing currency positions and adding selectively to investment-grade credit at opportunistic levels. Our outlook is for the economic impact of COVID-19 to be largely transitory, as we believe—despite short-term volatility and illiquidity—there could be a global growth rebound in the second half of the year.
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.
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)

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

Positioning Portfolios for Potential 2H20 Rebound  13 April 2020

Western Asset’s Joseph Filicetti describes how the Macro Opportunities strategy worked to limit downside losses by reducing currency positions and adding selectively to investment-grade credit at opportunistic levels. Our outlook is for the economic impact of COVID-19 to be largely transitory, as we believe—despite short-term volatility and illiquidity—there could be a global growth rebound in the second half of the year.
5:18

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

IMPORTANT DISCLOSURES AND COPYRIGHT INFORMATION

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.
The opinions and views expressed in this audio are as of 13 April 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 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.