リサーチ - 音声配信
15 September 2021
Tempered Taper Talk Provides Slight Boost
4:35
In this month's Macro Opportunities podcast, Joseph Filicetti describes how the Federal Reserve's plans to slightly delay its tapering of bond purchases pushed developed market bond yields modestly higher. Macro Opportunities' performance benefited most from duration and yield-curve positioning again in August, mainly due to long US and short German exposures.
Macro Opportunities Podcast RSS13 August 2021
Delta Changes Global Growth Optimism
5:10
Joseph Filicetti describes how the highly infectious COVID-19 delta variant has dampened the global growth outlook given some renewed social restrictions. Macro Opportunities’ performance benefited most from duration and yield-curve positioning in July, mainly as a result of overall long US duration exposure.
13 July 2021
Inflation Expectations Cool in June
4:49
In this month’s Macro Opportunities podcast, Joseph Filicetti describes continued economic reopenings, and how inflation expectations have come down from recent highs. Regarding June performance in the Macro Opportunities portfolio, duration and yield-curve positioning contributed the most mainly as a result of long US duration.
9 June 2021
Reopenings Continue in May
4:33
In this month’s Macro Opportunities podcast, Joseph Filicetti explains that inflation overshot its forecasts as economies continued to reopen but is expected to remain transitory. Regarding May performance in the Macro Opportunities portfolio, emerging markets exposure contributed the most, mainly due to rates and foreign exchange exposure in Mexico and Russia.
11 May 2021
Fiscal Stimulus Plans Fueled Better Growth Expectations in April
4:38
Joseph Filicetti describes how the Biden administration’s announcements regarding its two-part economic plan further bolstered growth expectations. Macro Opportunities’ performance benefited most from duration and yield-curve positioning in April, mainly as a result of overall long US and short German duration exposures.
13 April 2021
Growth Boosted by Vaccines in March
4:10
Joseph Filicetti discusses the improvement in US growth prospects, due to accelerated vaccine deployment and the passage of the $1.9 trillion relief package. While duration and curve positioning detracted over the month, Macro Opportunities performance benefited from investment-grade and high-yield credit exposures, mainly due to energy positions.
12 March 2021
Growth and Inflation Expectations Rise in February
4:59
Joseph Filicetti describes the upward pressure on developed market government bond yields, as expectations of higher growth and inflation are fueled by new US stimulus and global Covid vaccination progress. Macro Opportunities performance benefited most from investment-grade and high-yield credit exposures, mainly due to energy and financial positions.
11 February 2021
Covid Setbacks on the Road to Recovery
5:00
Joseph Filicetti describes the optimism we have for increased global economic growth in 2H21 as COVID-19 vaccinations accelerate. Regarding January performance in the Macro Opportunities portfolio, long US duration exposure detracted but short swap spread duration offset some of that negative effect.
14 January 2021
Rally Continues in December Despite Covid Challenges
4:41
Joseph Filicetti provides an update regarding the massive fiscal efforts intended to combat the economic effects of COVID-19. He also reports that the Macro Opportunities portfolio continued to benefit most from its positions in emerging market debt.
11 December 2020
Risk Assets Rally in November
4:46
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the rise in asset prices as markets reacted to both the US presidential election outcome certainty and promising vaccine announcements. Macro Opportunities performance benefited most from emerging market debt and currency positions.
16 November 2020
As Covid Spikes in Europe, the ECB Promises More Support
4:11
COVID-19 continued to dominate headlines in October, and lockdowns were reintroduced in parts of Europe. The European Central Bank (ECB) signaled explicitly that additional monetary policy stimulus would be forthcoming in December. Given the increase in infection rates and recent weak European inflation data, the Macro Opportunities strategy increased its short euro currency position versus the US dollar.
15 October 2020
Growth Slows and Uncertainty Accelerates
4:59
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the challenged global growth environment and ongoing uncertainty regarding the upcoming US election, geopolitical tensions and the path of COVID-19. The largest contributor to Macro Opportunities performance was US player swaps, as the spread in 10-, 20- and 30-year swaps widened relative to US Treasuries.
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）
Tempered Taper Talk Provides Slight Boost 15 September 2021
In this month's Macro Opportunities podcast, Joseph Filicetti describes how the Federal Reserve's plans to slightly delay its tapering of bond purchases pushed developed market bond yields modestly higher. Macro Opportunities' performance benefited most from duration and yield-curve positioning again in August, mainly due to long US and short German exposures.
4:35
Delta Changes Global Growth Optimism 13 August 2021
Joseph Filicetti describes how the highly infectious COVID-19 delta variant has dampened the global growth outlook given some renewed social restrictions. Macro Opportunities’ performance benefited most from duration and yield-curve positioning in July, mainly as a result of overall long US duration exposure.
5:10
Inflation Expectations Cool in June 13 July 2021
In this month’s Macro Opportunities podcast, Joseph Filicetti describes continued economic reopenings, and how inflation expectations have come down from recent highs. Regarding June performance in the Macro Opportunities portfolio, duration and yield-curve positioning contributed the most mainly as a result of long US duration.
4:49
Reopenings Continue in May 9 June 2021
In this month’s Macro Opportunities podcast, Joseph Filicetti explains that inflation overshot its forecasts as economies continued to reopen but is expected to remain transitory. Regarding May performance in the Macro Opportunities portfolio, emerging markets exposure contributed the most, mainly due to rates and foreign exchange exposure in Mexico and Russia.
4:33
Fiscal Stimulus Plans Fueled Better Growth Expectations in April 11 May 2021
Joseph Filicetti describes how the Biden administration’s announcements regarding its two-part economic plan further bolstered growth expectations. Macro Opportunities’ performance benefited most from duration and yield-curve positioning in April, mainly as a result of overall long US and short German duration exposures.
4:38
Growth Boosted by Vaccines in March 13 April 2021
Joseph Filicetti discusses the improvement in US growth prospects, due to accelerated vaccine deployment and the passage of the $1.9 trillion relief package. While duration and curve positioning detracted over the month, Macro Opportunities performance benefited from investment-grade and high-yield credit exposures, mainly due to energy positions.
4:10
Growth and Inflation Expectations Rise in February 12 March 2021
Joseph Filicetti describes the upward pressure on developed market government bond yields, as expectations of higher growth and inflation are fueled by new US stimulus and global Covid vaccination progress. Macro Opportunities performance benefited most from investment-grade and high-yield credit exposures, mainly due to energy and financial positions.
4:59
Covid Setbacks on the Road to Recovery 11 February 2021
Joseph Filicetti describes the optimism we have for increased global economic growth in 2H21 as COVID-19 vaccinations accelerate. Regarding January performance in the Macro Opportunities portfolio, long US duration exposure detracted but short swap spread duration offset some of that negative effect.
5:00
Rally Continues in December Despite Covid Challenges 14 January 2021
Joseph Filicetti provides an update regarding the massive fiscal efforts intended to combat the economic effects of COVID-19. He also reports that the Macro Opportunities portfolio continued to benefit most from its positions in emerging market debt.
4:41
Risk Assets Rally in November 11 December 2020
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the rise in asset prices as markets reacted to both the US presidential election outcome certainty and promising vaccine announcements. Macro Opportunities performance benefited most from emerging market debt and currency positions.
4:46
As Covid Spikes in Europe, the ECB Promises More Support 16 November 2020
COVID-19 continued to dominate headlines in October, and lockdowns were reintroduced in parts of Europe. The European Central Bank (ECB) signaled explicitly that additional monetary policy stimulus would be forthcoming in December. Given the increase in infection rates and recent weak European inflation data, the Macro Opportunities strategy increased its short euro currency position versus the US dollar.
4:11
Growth Slows and Uncertainty Accelerates 15 October 2020
In this month’s Macro Opportunities podcast, Joseph Filicetti describes the challenged global growth environment and ongoing uncertainty regarding the upcoming US election, geopolitical tensions and the path of COVID-19. The largest contributor to Macro Opportunities performance was US player swaps, as the spread in 10-, 20- and 30-year swaps widened relative to US Treasuries.
4:59
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 15 September 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 13 August 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 13 July 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 9 June 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 11 May 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 13 April 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 12 March 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 11 February 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 14 January 2021. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 11 December 2020. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 16 November 2020. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
Additional information about Macro Opportunities may be found here.
The opinions and views expressed in this audio are as of 15 October 2020. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This audio is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this audio should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.