Americas

event April 2025

4 min

Article

2026-05-31

Fiscal policy Market disruptions Yielding insights Content CoE Program Global Program Equity USA Europe Article

Sacrificing stocks on the altar of trade

Brij Khurana discusses the Trump administration's new stance on trade and its impact on the US economy, global markets and asset prices.

By

event April 2025

5 min

Article

2026-04-30

Macro and market Inflation Wellington on Washington and the World Content CoE Program Global Program USA Article

Could “Liberation Day” trigger a shift in capital flows?

John Butler discusses groundbreaking US tariffs, their impact on capital flows, and the changing investor perception of the US and Europe.

By

John Butler

event April 2025

3 min

Article

2026-05-31

Fixed income High yield Portfolio strategy Institutional Program Americas Article

The impact of LMEs on high-yield, leveraged-loan, and CLO markets

Emily Shanks, Jeff Heuer, and Alyssa Irving explore the impact of liability management exercises on high-yield, leveraged-loan, and CLO markets.

Multiple authors

event March 2025

7 min

Article

2026-04-01

Health care Macro and market Fiscal policy Content CoE Program Global Program USA Inflation Wellington on Washington and the World Article

Shrinking the government footprint: Medicaid cuts and America’s economic health

Macro Strategist Juhi Dhawan looks at what changes to the mammoth US Medicaid program could mean for economic growth, employment, inflation, and financial markets.

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event March 2025

8 min

Article

2026-03-31

Risk management Regulatory Asset allocation FRM Program Insurance Insurance Quick Takes Private credit Multi-Asset solutions Multi-asset Balance sheet Americas Multi-Asset qualifier Video

Insurance Quick Takes: Positioning portfolios for what’s next in private credit

In our latest Insurance Quick Takes video, Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager, discusses the 2025 outlook for private credit and its implications for insurers.

By

event March 2025

8 min

Video

2026-03-31

USA Macro and market Inflation Content CoE Program Global Program Wellington on Washington and the World Innovation Article

Shrinking the government footprint: Deregulation and the US economy

Macro Strategist Juhi Dhawan shares her view on the economic effects of the Trump administration’s efforts to slash red tape, including the impact on growth and inflation, as well as some of the potential drawbacks of this approach.

By

event March 2025

5 min

Article

2026-03-31

USA Fixed income Fiscal policy Content CoE Program Global Program Wellington on Washington and the World Government bonds Article

US debt dynamics: Is there a path to sustainability?

How worried should investors be about US debt sustainability? Macro Strategist Michael Medeiros discusses the implications of soaring US federal budget deficits and the likely bond market response.

By

event February 2025

5 min

Article

2026-02-28

USA Total return Credit Wealth Program Fixed income Wealth Volatility Article

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.

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event February 2025

5 min

Article

2026-02-28

Mid-cap Small-cap Asset allocation Institutional Program Equity Americas Article

Setting the stage for small caps in 2025

Our small-cap equity experts discuss valuation, market cycles, economic conditions, and sector diversification, profiling the potential of small-cap equities in 2025.

Multiple authors

event February 2025

4 min

Article

2026-02-28

Energy Mid-stage Climate tech Private Investing Program Private equity Private investing USA Private portfolio companies Private investments Article

Wiring the future: Emerging tech for the transmission-grid build-out

Learn how our climate technology investment team is researching private market opportunities in high-capacity conductors and other energy grid-tech innovations.

By

Greg Wasserman, CFA

Jenny Xie

event February 2025

7 min

Article

2026-02-28

Fixed income Insurance Regulatory FRM Program Balance sheet Multi-Asset solutions Americas Insurance Quick Takes Asset allocation Video

Insurance Quick Takes: The latest from the NAIC on CLO and bond fund capital charges

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, offers a timely update on two important investment-related projects discussed in a special NAIC meeting.

By

event February 2025

6 min

Video

2026-02-27

Government bonds Artificial intelligence (AI) Disruption Content CoE Program Global Program Information technology Multi-asset USA China EM equity Large-cap Opportunistic Fixed Income Article Yielding insights

Deeply seeking the impact of AI spending on bond yields

Brij Khurana explores the surprising way in which AI spending may impact Treasury yields and complicate the Fed's rate-policy decisions.

By

event February 2025

6 min

Article

2026-02-28

USA Fixed income What's current in credit Content CoE Program Global Program Elections Article

Sitting in the slack tide of US fiscal stimulus

Portfolio Manager Connor Fitzgerald profiles the risks of the Trump administration's policies around spending cut, tariffs, and immigration, and analyzes potential effects on US growth.

By

event February 2025

5 min

Article

2026-02-28

USA Inflation Interest rates Content CoE Program Global Program Elections Macro Article Wellington on Washington and the World

The US immigration crackdown: Weighing the economic implications

As the details of new US immigration policies come into focus, Macro Strategist Juhi Dhawan considers the risks they may pose for the labor market and the broader economy.

By

event February 2025

7 min

Article

2026-02-28

Fixed income Inflation Interest rates Content CoE Program Global Program USA Macro and market Article

Fed in holding pattern

Fixed Income Portfolio Manager Jeremy Forster unpacks the US Federal Reserve's decision to pause its interest-rate-cutting cycle.

By

event January 2025

3 min

Article

2026-02-28

Elections Fiscal policy Geopolitics Content CoE Program Global Program Opportunistic Fixed Income Fixed income Americas China EMEA Macro Yielding insights Article

What an “America first” foreign policy may mean for markets

Fixed Income Portfolio Manager Brij Khurana explores the potential market impacts of President Trump's "America first" foreign policy. From regional hegemony to global economic dominance to tariffs applied for strategic geopolitical gain, discover how these shifts could affect investors.

By

event January 2025

6 min

Article

2026-01-31

Outlook Macro and market Portfolio strategy Equity Fixed income Multi-asset USA APAC EMEA Emerging markets Active management Article

Scaling opportunities in a new economic era

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

event January 2025

Article

2026-01-31

Fixed income Interest rates Monetary policy Content CoE Program Global Program USA Article

Fed delivers rate cut, but hawkish 2025 guidance sends yields up

Fixed Income Analyst Caroline Casavant examines the outcome of the December 18 Federal Open Market Committee meeting and the implications for rates, inflation, and real growth.

By

Caroline Casavant

event December 2024

3 min

Article

2025-06-30

Fixed income Credit Elections Wealth Program USA Wealth Video

What's current in credit: November 2024

Connor Fitzgerald explores the impact of President Trump’s US election victory on credit markets. Where are the opportunities and risks for credit investors now?

By

event December 2024

4 min

Video

2025-12-31

Fiscal policy Inflation Outlook Content CoE Program Global Program Fixed income Americas Article

Listening to voters’ economic concerns should mean less fiscal spending

Fixed Income Portfolio Manager Brij Khurana explains the likely economic and market impacts of Trump administration policies, including potential winners and losers from drastic fiscal spending cuts.

By

event November 2024

6 min

Article

2025-11-30

Inflation Volatility Outlook Content CoE Program Global Program Equity Fixed income USA Article

Navigating uncertain policy shifts

Macro Strategist Juhi Dhawan explains why investors should prepare for heightened volatility in 2025, due to significant policy changes under President-elect Trump that will impact inflation, trade, and economic growth.

By

event November 2024

8 min

Article

2025-11-30

Fixed income Elections Monetary policy Content CoE Program Global Program USA Article

Fed stays its course while acknowledging brewing winds of change

Our expert examines the underlying data which drove the Fed to stay its rate-cutting course.

By

event November 2024

4 min

Article

2025-11-30

USA Elections Geopolitics Content CoE Program Global Program Wellington on Washington and the World Article

It’s different this time: Trump faces challenging geopolitical dynamics

Our expert explores how Trump may approach the heightened geopolitical challenges his second administration faces.

By

Thomas Mucha

event November 2024

3 min

Article

2025-11-30

USA Elections Wellington on Washington and the World Content CoE Program Global Program Multi-asset Article Sourced Group (iSci, iStrat)

Trump win likely to accelerate macro trends already in motion

The US election results could have significant implications for the global economy and markets. To help you understand these changes, US Macro Strategist Mike Medeiros provides a thorough analysis and discusses the potential market impacts.

By

event November 2024

5 min

Article

2025-11-30

USA Elections Tactical allocation Content CoE Program Global Program Wellington on Washington and the World Multi-asset iStrat iStrat Video

What do the US election results mean for investors?

The US election results could have significant implications for the global economy and capital markets. Our panel of experts provides a thorough analysis of what happened and explores potential market impacts.

Multiple authors

event November 2024

Video

2025-11-30

Elections Market commentary Multi-asset Content CoE Program Global Program Wellington on Washington and the World Americas Discretionary Article

Pre-election ideas for investors: Lean into what you know (not what you don’t)

Our expert offers investable ideas based on known macro and market conditions, rather than speculation.

Multiple authors

event October 2024

3 min

Article

2025-10-31

Total return Fixed income Credit Wealth Program USA Article Industrials

Are bond investors ready for a US industrial revolution?

Portfolio Manager Connor Fitzgerald discusses why bond investors should ready themselves for a potential US industrial revolution and shares his perspective on how to reposition portfolios for such a scenario.

By

event October 2024

6 min

Article

2025-10-31

Equity Economic cycle Interest rates Content CoE Program Global Program Americas Inflation Monetary policy Yielding insights Article

What is “the economic cycle,” anyway?

See why the relationship between asset prices and the economic cycle is more complex than you might think, why a US recession is unlikely, and what a more dovish Fed could mean for the US and global markets.

By

event October 2024

5 min

Article

2025-10-31

Americas Total return Credit Wealth Program Fixed income Wealth Video

What's current in credit?

In this short video series, Fixed Income Portfolio Manager Connor Fitzgerald takes a look at what's current in credit. Given rather tight credit spread valuations, what is Connor's outlook for the next twelve months and where are the opportunities and risks now?

By

Nick Samouilhan, PhD, CFA, FRM

event October 2024

5 min

Video

2025-10-31

USA Income Credit Content CoE Program Global Program Fixed income Article

Securitized credit: Normalizing, decelerating, or falling off a cliff?

Our experts offer their views on the current conditions and outlook for the securitized credit market.

Multiple authors

event October 2024

4 min

Article

2025-10-31

Private investing Venture capital Private company management Private Investing Program Private equity Americas Private companies Article ESG insights for private companies

Designing an executive compensation program: Five best practices for private companies

Our Value Creation Team highlights best practices for creating effective executive compensation programs for private companies approaching IPO.

Multiple authors

event October 2024

6 min

Article

2025-10-31

USA Growth Elections Wealth Program Equity Volatility Article

An active investor’s guide to growth equities

Our experts offer their view on the current economic environment, explore best practices for investing in high-quality growth equities, and highlight where they see opportunity now.

Multiple authors

event September 2024

6 min

Article

2025-09-30

Active management Equity Macro and market Wealth Program USA Emerging markets Growth Wealth Chart in Focus iStrat Tactical allocation Infographic

Chart in Focus: The need to differentiate market growth from macro growth

Macro growth and earnings growth have been misaligned for the last 15 years, particularly in the US and China, but in opposite directions. For equity investors, what would be the key to identify real growth?

By

Alex King, CFA

event September 2024

3 min

Infographic

2025-09-30

Fixed income Credit Monetary policy Content CoE Program Global Program USA Article

Rate relief: Fed cuts half point, but says “economy is strong”

Our expert explains the Fed's bold rate cut and some key takeaways for investors.

By

Caroline Casavant

event September 2024

3 min

Article

2025-09-30

Fixed income Monetary policy Yielding insights Content CoE Program Global Program Market commentary Americas Opportunistic Fixed Income Interest rates Article

The real issue on rate cuts? Keep your eyes on the dot (plot)

Keep your eyes on the Fed's 2025 dot plot. The real story is where policy rates are headed, not just the next rate cut.

By

event September 2024

3 min

Article

2025-09-30

USA Elections Tactical allocation Wealth Program Wellington on Washington and the World Article iStrat

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.

By

Supriya Menon

event September 2024

7 min

Article

2025-09-30

Japan Market disruptions Volatility Content CoE Program Global Program Large-cap Equity Hedge funds USA EMEA Germany Yielding insights Brand Fixed income Wealth Article

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.

By

Elisabeth Perenick, FSA, CFA

event September 2024

7 min

Article

2025-09-30

USA Elections Tactical allocation Wealth Program iStrat Geopolitics Wellington on Washington and the World Multi-asset Article

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.

Multiple authors

event September 2024

6 min

Article

2025-09-30

Active management Fixed income Macro and market Wealth Program Americas Brazil Canada Mexico USA APAC Asia Australia China India Japan EMEA Africa Europe France Germany Italy Russia United Kingdom Emerging markets Inflation Interest rates Macro Monetary policy Asset allocation Article

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.

By

Marco Giordano

event September 2024

2 min

Article

2025-09-30

Private investing iStrat Strategic allocation Private pension (DB) Article Private credit Americas Liability-driven investing DB Private Program

Private placements: A primer for corporate DB plans preparing to derisk

With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.

By

Amy Trainor, FSA

event August 2024

9 min

Article

2025-08-31

Economic cycle Elections Geopolitics Content CoE Program Global Program Wellington on Washington and the World USA Article

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.

By

Thomas Mucha

event August 2024

4 min

Article

2025-02-28

Fixed income Economic cycle Monetary policy Content CoE Program Global Program Credit USA Inflation Interest rates Yielding insights Article

Still waiting…Fed wants more data before cutting policy rates

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

By

event August 2024

3 min

Article

2024-10-31

Elections Interest rates DB Public Program Content CoE Program Global Program Top of Mind USA Fixed income iStrat Article Tactical allocation

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.

By

Adam Berger, CFA

event July 2024

9 min

Article

2025-06-30

Elections Inflation Interest rates Institutional Program Credit Government bonds Fixed income Americas Wellington on Washington and the World Article

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.

By

Nick Samouilhan, PhD, CFA, FRM

event July 2024

3 min

Article

2024-11-30

Active management Growth Equity Macro and market Advised Retail Program Asia advised retail USA Wealth Chart in Focus iStrat Tactical allocation Infographic

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?

By

Alex King, CFA

event July 2024

3 min

Infographic

2025-07-31

Fixed income Market disruptions Volatility Content CoE Program Global Program Macro and market Multi-asset USA Article Yielding insights

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.

By

event July 2024

5 min

Article

2025-06-30

Economic cycle Interest rates Late stage Venture capital Private investing Americas Whitepaper

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.

By

William Craig

Mark Watson

event July 2024

8 min

Whitepaper

2025-07-31

Outlook Inflation Monetary policy USA Fixed income Fiscal policy Article

The revenge of the monetarists

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

By

event June 2024

5 min

Article

2025-06-30

Interest rates Monetary policy Outlook Economic cycle Fiscal policy Macro USA Japan Europe France Germany Italy United Kingdom Fixed income Macro hedge funds Credit Government bonds Investment grade Article

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.

By

Eoin O'Callaghan

event June 2024

4 min

Article

2025-06-30

Inflation Economic cycle Monetary policy Americas Interest rates Fixed income Article

Powell back to waiting on inflation data

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

By

event May 2024

2 min

Article

2025-05-31

Impact Carbon emissions Emerging markets Sustainable investing Brazil Africa Equity EM debt Impact investing Article

Impact investing in emerging markets: Growing opportunities, shifting challenges

Members of our impact bond team discuss their evolving emerging markets opportunity set and the importance of a bottom-up approach to value creation.

Multiple authors

event April 2024

6 min

Article

2025-04-30

Economic cycle Interest rates Monetary policy Fixed income program Inflation Fiscal policy USA Credit Article Yielding insights

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.

By

event April 2024

6 min

Article

2025-04-30

Elections Geopolitics Fiscal policy Americas Article

Biden 2.0: National security and investment themes

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

By

Thomas Mucha

event April 2024

5 min

Article

2025-04-30

Elections Interest rates Inflation Americas Article

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.

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event April 2024

4 min

Article

2025-04-30

Fiscal policy Volatility Monetary policy Fixed income program Inflation Interest rates Americas Fixed income Credit Government bonds High yield Investment grade Quick Take

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.

By

Caroline Casavant

event March 2024

Quick Take

2025-03-31

Insurance Regulatory Multi-asset USA Insurance Quick Takes iStrat program Video Tactical allocation iStrat

Insurance Quick Takes: What's next for CLO risk charges?

Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, breaks down the impact of recent US insurance regulatory developments on the CLO universe, and why this matters for U.S. insurers.

By

event March 2024

Video

2025-03-31

Fixed income Interest rates Investment grade Opportunistic Fixed Income Global Credit Plus Multi-Sector Credit High yield Credit Americas Economic cycle Fixed income program Quick Take

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.

By

Brian Conroy, CFA

Joseph Marvan, CFA

event March 2024

Quick Take

2025-03-31

Elections Fiscal policy Geopolitics USA Equity Fixed income Article

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.

By

event March 2024

Article

2025-03-31

Economic cycle Interest rates Monetary policy Fixed income program Inflation Fiscal policy USA Credit Article Yielding insights

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.

By

event March 2024

Article

2025-03-31

Multi-Sector Credit Fixed income Macro Global Credit Plus Credit Total return Fiscal policy Government bonds Investment grade Fixed income program Americas Article

Too much focus on Fed, not enough on fiscal

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

By

event February 2024

Article

2025-02-07

Fixed income Credit Economic cycle Fixed income program Americas Multi-Sector Credit Global Credit Plus Quick Take

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.

By

Amar Reganti

Adam Norman

event February 2024

Quick Take

2025-02-28

Monetary policy Macro and market Bank liquidity Macro USA Quick Take

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.

By

event January 2024

Quick Take

2025-01-31

Economic cycle Interest rates Monetary policy Credit Americas China Europe Fixed income program Quick Take

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.

By

event January 2024

Quick Take

2025-01-17

Outlook Fundamental equity EM equity Large-cap Small-cap Equity USA APAC China United Kingdom Emerging markets Growth Asset allocation Volatility Interest rates Economic cycle Article

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.

By

Andrew Heiskell

event December 2023

Article

2024-12-31

Credit Real estate Insurance Volatility Macro and market Americas USA Fixed income Quick Take

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.

By

Alyssa Irving

Cory Perry, CFA

event September 2023

Quick Take

2024-09-07

USA Inflation Article Monetary policy Outlook Bank liquidity Growth

Inflation loosens its grip, but bank turmoil could put the squeeze on US growth

US Macro Strategist Juhi Dhawan weighs the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.

By