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8 October 2023
Uncertainty Over Long-Term Interest Rates Increased in September
7:34
In this month’s Macro Opportunities podcast, Elliott Neumayer discusses how heightened uncertainty over long-run interest rates raised global term premiums and steepened global government bond yield curves in September. Regarding Macro Opportunities’ performance, investment-grade credit had a slight positive impact over the month, mainly from energy exposures.
11 September 2023
Global Government Bond Yields Steepened in August
4:59
Joseph Filicetti describes how concern over an excess supply of government bonds translated into weak auction results for long-dated US Treasuries that steepened global government bond yields. Emerging market debt was the most significant detractor to Macro Opportunities performance over the month mainly due to exposures to rates in Russia, Mexico and to a lesser extent, Brazil.
10 August 2023
Risk Asset Supported by Signs of Slowing Inflation in July
5:21
In this month’s Macro Opportunities podcast, Joseph Filicetti discusses how positive inflation readings and resilient economic data reduced concerns over a hard landing in the US. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance in July.
11 July 2023
Global Government Yield Curves Flatten in June
5:04
Joseph Filicetti describes how global yield curves flattened and US inflation continued to moderate. Emerging market debt was the most significant contributor to Macro Opportunities performance over the month as most Russian local currency government bonds began trading again and were marked up in price.
10 May 2023
Economic Data Mixed in April
4:35
Joseph Filicetti describes how lingering anxiety over the banking sector stress and new worries about the US debt ceiling contrasted with GDP growth and other positive factors in April. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance over the month.
14 April 2023
Bank Failures Roiled Markets in March
5:13
In this month’s Macro Opportunities podcast, Joseph Filicetti discusses how turmoil in the banking sector briefly upended markets until authorities intervened with reassurances to soothe investors. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance in March.
13 March 2023
US Employment Data Beat Expectations in February
5:02
Joseph Filicetti describes how global government bond yields rose over the month and a series of US economic data points surpassed expectations, but inflation remained elevated. Duration and yield-curve positioning was the most significant detractor to Macro Opportunities performance in February.
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Uncertainty Over Long-Term Interest Rates Increased in September  8 October 2023

In this month’s Macro Opportunities podcast, Elliott Neumayer discusses how heightened uncertainty over long-run interest rates raised global term premiums and steepened global government bond yield curves in September. Regarding Macro Opportunities’ performance, investment-grade credit had a slight positive impact over the month, mainly from energy exposures.
7:34

Global Government Bond Yields Steepened in August  11 September 2023

Joseph Filicetti describes how concern over an excess supply of government bonds translated into weak auction results for long-dated US Treasuries that steepened global government bond yields. Emerging market debt was the most significant detractor to Macro Opportunities performance over the month mainly due to exposures to rates in Russia, Mexico and to a lesser extent, Brazil.
4:59

Risk Asset Supported by Signs of Slowing Inflation in July   10 August 2023

In this month’s Macro Opportunities podcast, Joseph Filicetti discusses how positive inflation readings and resilient economic data reduced concerns over a hard landing in the US. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance in July.
5:21

Global Government Yield Curves Flatten in June  11 July 2023

Joseph Filicetti describes how global yield curves flattened and US inflation continued to moderate. Emerging market debt was the most significant contributor to Macro Opportunities performance over the month as most Russian local currency government bonds began trading again and were marked up in price.
5:04

Economic Data Mixed in April  10 May 2023

Joseph Filicetti describes how lingering anxiety over the banking sector stress and new worries about the US debt ceiling contrasted with GDP growth and other positive factors in April. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance over the month.
4:35

Bank Failures Roiled Markets in March  14 April 2023

In this month’s Macro Opportunities podcast, Joseph Filicetti discusses how turmoil in the banking sector briefly upended markets until authorities intervened with reassurances to soothe investors. Duration and yield-curve positioning was the most significant contributor to Macro Opportunities performance in March.
5:13

US Employment Data Beat Expectations in February  13 March 2023

Joseph Filicetti describes how global government bond yields rose over the month and a series of US economic data points surpassed expectations, but inflation remained elevated. Duration and yield-curve positioning was the most significant detractor to Macro Opportunities performance in February.
5:02

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 8 October 2023. 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 September 2023. 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 10 August 2023. 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 July 2023. 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 10 May 2023. 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 April 2023. 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 March 2023. 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.