Macroeconomics and Geopolitics

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The US elections through the eyes of a European investor

Supriya Menon, Head of Multi-Asset Strategy – EMEA, explores what potentially material implications upcoming US elections could have for European investors and identifies key areas to monitor closely.

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2025-09-30
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Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

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2025-12-31
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When public and private markets converge

Wellington President Steve Klar discusses the evolution of the public and private markets and what it means for asset owners as they seek to tap into the growth potential of private companies and be more nimble in their investment approach.

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2025-09-30
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What the yen carry trade unwind could mean for markets and the Fed

Brij Khurana explains why market participants are likely underestimating how foreign ownership of US assets could constrain the pace and magnitude of the Fed’s cutting cycle.

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2025-09-30
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Four investment perspectives amid a pivotal US election

How can investors reposition portfolios for a pivotal but highly unpredictable US elections? Nick Samouilhan explores potential avenues in conversation with three leading portfolio managers.

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2025-09-30
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The investment implications of Europe’s ageing workforce

What are the investment implications of Europe’s ageing workforce? Macro Strategist Nicolas Wylenzek explores the drivers of this accelerating demographic shift, Europe’s likely response and the opportunities it creates for investors.

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2025-10-31
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Time to capitalise on the evolving role of bonds?

We outline why we think the new economic era is elevating the role of bonds as a source of attractive and stable income, downside protection and portfolio diversification.

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2025-09-30
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Monthly Asset Allocation Outlook

How to evolve your portfolio for rapidly changing market conditions? Explore the latest monthly snapshot of our Multi-Asset Team’s asset class views.

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2025-05-31
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CLO equity insights: Private credit

Explore how the convergence of public and private markets is impacting CLO equity, including the unexpected benefit it has driven in recent years.

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2025-08-31
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Monthly Market Review — July 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-08-31
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Harris vs Trump: The foreign policy and investment implications

Our expert examines expected Harris and Trump foreign policies and their potential impact on the investment landscape.

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2025-02-28
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Walking a mile in Fed Chair Powell’s shoes

A slow roll on rate cuts by the Fed could frustrate markets and lead to more volatility ahead of the September FOMC meeting. See our take on what to expect for the next few weeks.

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2025-08-31
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Massive market sell-off: Justified or an overreaction?

What's behind the global market meltdown, and what should investors consider doing?  Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson shares her views.

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2025-08-31
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Still waiting…Fed wants more data before cutting policy rates

Our expert dives into Fed policy following the July FMOC meeting.

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2024-10-31
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Office to multifamily conversions: Implications for CMBS investors

Our experts explore the emerging trend in some US cities of converting office space into multi-family units and its implications for bond investors.

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2025-07-31
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Global macro strategies: Multi-dimensional tools for an era of economic change

With the global economic environment creating potential opportunities for macro investors, we consider the heterogeneity of the global macro strategy universe, the case for combining different styles, and the choice between a single- and a multi-portfolio manager approach.

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2026-07-31
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Does the US election even matter? Thoughts on politics, Fed policy, and portfolios

What's next for interest rates and what impact will the US election have? Head of Multi-Asset Strategy Adam Berger and Macro Strategist Mike Medeiros share their outlook and discuss the asset allocation implications.

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2025-06-30
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Chart in Focus: Four key areas of opportunities in bonds amid Fed uncertainty

We discuss four key areas of opportunities in fixed income amid Fed uncertainty in the second half of the year.

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2025-07-31
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Are US election probabilities now a critical driver of bond yields?

Our expert argues that the US election remains a critical catalyst for the bond market given the contrast between both parties as it relates to supply side policies such as trade and immigration, and to policy differences around taxation and regulation.

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2024-11-30
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The AI effect: Time to rethink your technology exposure?

Will AI fulfill the market's high expectations? Will it continue to drive market concentration? Head of Multi-Asset Strategy Adam Berger and Global Industry Analyst Brian Barbetta, co-head of our Technology team, discuss the outlook and the asset allocation implications.

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2025-07-31
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Financial Market Review

A monthly update on equity, fixed income, currency, and commodity markets.

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2026-07-31
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European elections: all change for equity investors?

Macro Strategist Nicolas Wylenzek discusses how the elections for the European Parliament could herald significant change, with major implications for European equity investors.

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2025-05-07
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Monthly Market Snapshot — June 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-07-31
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Come on in, the water’s fine! Ready for a surplus summer

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he continues to see reserve fixed income as the sweet spot for insurers and why there may be upside for equities.

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2025-07-31
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Chart in Focus: Broadening earnings growth signals healthy US equity market

Over the past year, the markets have seen the companies best poised to harness and benefit from new innovations within artificial intelligence rewarded accordingly.  Can this signal more upside for the entire US equity market?

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2025-07-31
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Breaking concentration: big picture thinking with small-cap equities

How to overcome the risks associated with today's concentrated market? Investment Director John Mullins explores why small-cap equities could be part of the answer.

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2025-07-31
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Surprise French election result: what does it mean for investors?

Macro Strategist Nick Wylenzek and Investment Director Thomas Kramer discuss the surprise French election and its implications for European equities.

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2025-07-31
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Ok, Boomer: How US generational wealth distribution could upend the economy and markets

Fixed Income Portfolio Manager Brij Khurana discusses the implications of US Baby Boomers' wealth concentration in the event of a market decline.

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2025-06-30
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Time for credit selection to shine

Fixed income investors continue to seek answers to an era of volatile rates. Large, static exposures to credit markets no longer cut it. Instead, a nimble and dynamic approach is more likely to create resilient and consistent total return outcomes.

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2025-07-31
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All-time highs and CPIs: What comes next?

Global fundamentals have kept markets content so far this year, but will politics sour the mood? Members of our Investment Strategy & Solutions Group offer their views on the second half of 2024, including on equities, bonds, and commodities.

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2025-01-08
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Ideas for navigating a new era

Explore our latest views on risks and opportunities across the global capital markets.

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2025-06-30
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Disappearing unicorns: The importance of capital efficiency in a higher-for-longer rate environment

Members of our late-state growth equity team share their views on the impact of interest rates on venture capital activity — including the ability of companies to reach “unicorns” status.

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2025-07-01
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Divergence isn’t just about central bank policy

Divergence has implications for investors —and central bank divergence is only one of five ways to think about it.

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2025-06-30
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Bond Market Outlook

Our fixed income experts assess how to capitalize on market volatility with a flexible and dynamic approach that leverages diverse high-yielding opportunities and manages risks carefully.

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2025-06-30
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Equity Market Outlook

In our Equity Market Outlook, we offer a range of fundamental, factor, and sector insights.

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2025-06-30
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Capitalizing on rate shifts: Parsing opportunities in the second half

Fixed Income Portfolio Manager Campe Goodman and Fixed Income Strategist Amar Reganti discuss how to capitalize on potential rate shifts in the second half of the year

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2025-06-30
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Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

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2025-06-30
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Investing in “3D”: Forces shaping alternatives opportunities in 2024

Multi-Asset Strategists Adam Berger and Nick Samouilhan offer six ideas from the hedge fund and liquid alternatives investment space, from global macro to multi-strategy approaches.

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2025-06-30
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When the Fed sneezes, the ECB… cuts rates regardless?

Since the late 1990s, when the US cycle turned, the rest of the world generally followed, with a lag. However, the new economic era is likely to result in greater cyclical divergence between countries and the need for different central bank responses. How should investors think about the age of economic divergence?

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2025-03-21
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Currency interventions — here to stay?

Marco Giordano and Danielle Wei discuss the growing risk of large-scale currency interventions and what investors can do to prepare for the associated risks and opportunities.

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2025-06-30
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June FOMC meeting: May disinflation is welcome, but is not enough for a rate cut

Fixed Income Analyst Caroline Casavant discusses what June's FOMC meeting tells us about the US Federal Reserve’s latest thinking on interest-rate cuts.

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2025-06-30
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Has the European credit cycle been extended?

2024 has kept fixed income investors busy. Yet, despite lingering inflation and rate volatility, European credit markets have remained strong. Are we looking at an extended credit cycle? And if so, what does this mean for investors?

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2025-06-30
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Governments have been slow to reduce their fiscal deficits — it could cost them

Our expert explores the investment implications of continued excessive deficit spending by G7 countries.

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2025-06-30
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Global Economic Outlook

Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.

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2025-06-30
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Battle for the supply side of the economy: US election implications

Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy. 

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2025-03-31
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Thriving or surviving? The state of the US consumer and the economic implications

Macro Strategist Juhi Dhawan examines the condition of the all-important consumer, including the outlook for spending, the effects of inflation and prevailing interest rates, and the consequences for the overall economy.

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2025-06-30
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The revenge of the monetarists

Fixed Income Portfolio Manager Brij Khurana makes the case for a monetarist explanation for moderating inflation.

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2025-06-30
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Monthly Market Snapshot — April 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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As India goes to the polls, is the case for Indian equities still compelling?

While current Prime Minister Narendra Modi is expected to secure a third term, a full-scale win is not a foregone conclusion. Against this backdrop and continued investor enthusiasm for Indian equities, Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks assess the macro case for India. Are higher valuations justified?

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2025-06-30
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Value stocks: Rules of thumb are meant to be broken

What will it take for value stocks to bounce back from a long period of underperformance? Members of our iStrat Team say that, conventional wisdom aside, it's not all about the economic cycle and offer their outlook for the next three to five years.

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2026-05-31
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Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

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2025-05-30
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New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

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2025-05-31
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With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

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2025-05-30
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What could change the trajectory of value stocks?

Head of Multi-Asset Strategy Adam Berger and Equity Portfolio Manager Nataliya Kofman discuss “resilient” value stocks, disruptive themes, and attractive sector- and country-level opportunities.

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2025-05-31
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Small-cap stocks: Watching for mean reversion, technology diffusion, and the next inflection point

Our experts discuss factors that could help small-cap stocks rebound and the search for winners in this inefficient segment of the market.

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2024-12-31
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Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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2025-04-30
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Powell back to waiting on inflation data

Our expert's key takeaways from the May FOMC meeting.

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2025-05-31
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Exploring active opportunities: Q2 2024

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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2025-04-30
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The Fed’s lessons learned from its COVID response

Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.

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2025-04-30
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4 equity themes: Budding opportunities in small caps and more

Our expert highlights 4 areas where he sees opportunity in global equity markets.

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2025-04-30
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Japan equity: Reason to believe

Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.

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2025-04-30
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Iran/Israel conflict: What can we expect?

Our expert examines the recent attacks, the threat of escalation, and the dynamics at play in the region.

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2024-10-31
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Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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2025-04-30
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Monthly Market Snapshot — March 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-04-30
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Biden 2.0: National security and investment themes

The geopolitical and investment implications of a potential second Biden term.

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2025-04-30
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A turning point for US small caps

Myth busting US small caps: why now could be a compelling entry point for the asset class.

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2025-04-30
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Risky business: Is now the time for surplus action?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.

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2025-04-30
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The immigration surge: Political challenge, economic blessing?

Macro Strategist Juhi Dhawan considers the impact of rising immigration, a top issue in this year's US elections, on growth, interest rates, and the labor market.

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2025-04-30
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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Nick Samouilhan thinks the case for income only gets stronger. How can investors make the most of the opportunities?

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2025-04-30
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Trump 2.0: National security and investment themes

Our expert examines the geopolitical and investment implications of a potential second Trump presidency.

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2025-04-30
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Four questions for investors after Japan’s historic hike

With the Bank of Japan having finally moved out of negative rates, Macro Strategist John Butler identifies the four key questions he believes investors should focus on.

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2025-04-30
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Do fundamentals support a risk-on tilt?

Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities. 

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2025-03-31
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FOMC: Stable policy amid market volatility

The Fed is holding steady amid market turmoil. See our quick notes on the FOMC's March policy statement, forecasts, and the Fed chair's press conference. 

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2025-03-31
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Monthly Market Snapshot — February 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-03-31
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Agency MBS key questions for 2024

Is there room for mortgage spreads to tighten further? Brian Conroy and Joseph Marvan examine this and seven other questions that will be significant for the agency MBS market in 2024.

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Key factors to monitor in European equities

Macro Strategist Nicolas Wylenzek assesses the longer-term prospects of European equity markets through the prism of five key factors.

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2025-03-31
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Is there opportunity for high yield in today’s new economic era?

Is there opportunity for high yield in today’s new economic era? Portfolio Manager Konstantin Leidman explores.

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No bulls in the China shop?

John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.

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The Trump/Biden rematch: Market implications of unprecedented policy divergence 

Macro Strategist Juhi Dhawan discusses six key areas of policy debate in this year's US election that she expects will matter most to markets, from the tax and spending plans to trade and geopolitics.

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2025-03-31
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Is the US economy really that different since COVID?

US economists have been touting the resilience of the post-COVID economic rebound. Brij Khurana dissects several key economic indicators to see what's really changed since 2019. 

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2025-03-31
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How to nurture a growth mindset in a higher-yielding landscape

In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.

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2025-03-31
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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities? 

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2025-03-31
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Adopt a new vantage point for diversifying your portfolio

Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.

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How to reposition for a new economic era?

In this short video, Macro Strategist John Butler outlines the key features of the new economic era we are now entering.

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Back to the future: a new economic era

Macro Strategist John Butler explores why he believes the old macroeconomic model is broken and how best to navigate a new era of investing.

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2025-01-31
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5 reasons to be active in fixed income

Actively managed fixed income portfolios have several distinct advantages over passive approaches.

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2025-02-28
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Why high-yield investors should keep a close eye on the default cycle

A peak in defaults may not be far off. What does this mean for investors considering a move to high yield? 

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2025-03-31
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Facing the inflation dilemma head on

Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?

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2025-02-23
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Monthly Market Snapshot — January 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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Too much focus on Fed, not enough on fiscal

Current US fiscal and monetary policy stances argue for risk taking in fixed income.

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2025-02-07
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Top 5 fixed income ideas for 2024

With central banks set to pivot to accommodative policy, and elevated yields still prevailing, we think fixed income offers compelling opportunities. Here we share our top five ideas.

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2025-02-28
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CLOs: 4 hot topics

Bank demand, net supply, the cycle for broadly syndicated loans, and loan fundamentals will be front and center for CLO investors in 2024.

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2025-02-28
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Thematic investing focus: security in a world of great-power competition

In an environment of accelerating great-power competition and geopolitical instability, policymakers may place a higher emphasis on security – even at the expense of economic efficiency. What could this mean for thematic investors?

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2025-02-28
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Trends and transformation distilled: Our 2024 outlook in brief

Our experts explore investment opportunities and risks for the year ahead.

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2025-02-28
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Top of Mind: The allocator’s checklist for 2024 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.

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2025-01-31
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Emerging markets debt: resilience in the face of adversity

Our expert discusses why she is positive on the outlook for emerging markets debt, even though growth will likely slow.

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2025-01-31
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No more free lunch: Impact of higher interest rates on private equity strategies

We explain what the direct and indirect rate exposure of buyouts, venture capital, growth equity, secondaries, and fund-of-funds mean for investors.

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2025-01-31
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Private market perspectives

Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG  teams.  

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Financial Market Review

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Monthly Market Snapshot – December 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-01-31
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The shifting liquidity landscape: What’s at stake?

The beginning of the end could be in sight for the Federal Reserve’s quantitative tightening (QT) program. US Macro Strategist Juhi Dhawan considers the Fed's next steps and what they could mean for banks, liquidity, and markets broadly.

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2025-01-31
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Annual message from our CEO: At a crossroads

CEO Jean Hynes offers perspectives on the current macro and market environment, including the need to challenge long-held assumptions, prepare for persistent disruption, and consider the resulting investment opportunities and risks.

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2025-01-31
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Bizarro World: Could 2024 be the opposite of 2023?

Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.

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2025-01-17
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Why structural change in Germany may impact investors globally

Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.

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2025-01-31
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Fork in the road: Slowdown or reacceleration ahead?

Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities. 

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2026-01-31
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Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year. 

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2024-12-31
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Credit: Better opportunities to add risk on the horizon

Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.

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2024-12-31
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Rates: Tracking the trade-off between inflation and growth

In their 2024 rates outlook, Investment Directors Amar Reganti and Marco Giordano investigate the treacherous trade-off faced by central banks and what it means for bond investors.

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2024-12-31
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Learning to love (or live with) a late-cycle environment

Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.

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2024-12-31
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Look past the cycle: The surprising total return potential of natural resources and commodities

Portfolio manager Nick Petrucelli explains the cyclical, structural, and macro tailwinds behind this opportunity.

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2024-12-31
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2024 Insurance Outlook: Position portfolios for the unexpected

Tim Antonelli offers two critical ideas for insurers' 2024 investment planning: doubling down on diversification and rethinking risk, including geopolitical and default risk.

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2024-12-31
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The growing importance of supply chain transparency

Head of Sustainable Investment Wendy Cromwell explains why supply chains remain a key investment risk and details related research areas for our SI team in 2024.

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2024-12-31
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Sustainable Investment Outlook

Our head of Sustainable Investment shares key areas of focus for 2023, including climate change and biodiversity, modern slavery, data privacy, shareholder rights, and impact investing, 

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2024-12-31
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Private credit: Key market themes for the year ahead

In our annual private credit outlook, learn about three themes that have dominated headlines recently and may create opportunities for parts of the private credit market going forward.

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2024-12-31
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Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

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2024-12-31
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Should investors prepare for a rate hike in Japan?

Investment Directors Marco Giordano and Masahiko Loo discuss why a rate rise in Japan may occur sooner than markets expect.

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2024-12-31
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2024: A year of intensifying macro regime change?

John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.

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2024-11-30
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Deglobalisation and divergence: opportunity or threat?

John Butler and Supriya Menon discuss the drivers underpinning growing macroeconomic divergence and deglobalisation and what it may mean for asset allocators. 

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2024-10-31
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Public CRE debt — Risk, opportunity, or both?

Our experts explore the implications of the ongoing stress in the public CRE debt, or commercial mortgage-backed securities (CMBS), space for investors and analyze risks and opportunities for ratings-constrained insurers.

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2024-09-30
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Is your asset allocation ready for the realities of climate change?

Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.

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2025-06-30
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Integrating climate change into capital market assumptions: our approach and findings
Members of our Investment Strategy team explain how they are incorporating climate-related inputs, including physical and transition risks, into their capital market assumptions and outline the impact of these changes at the asset-class level.
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2024-04-30
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