Guggenheim Macro Markets Episode 67: Outlook and Strategy After the Tariff Gray Swan
Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.
Related Content:
Notes on Tariff Turbulence
Update on our macro and market outlook following announcement of new tariff and trade policies.
Read Portfolio Strategy Commentary
Don’t Let Policy Volatility Overshadow Market Opportunity
Long-term signals are positive for fixed income.
Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay
Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.
Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.
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