Inflation

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4 min

Article

2026-05-31

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.

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John Butler

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3 min

Article

2026-05-31

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.

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8 min

Article

2026-03-31

Fixed income Inflation Interest rates Content CoE Program Global Program Article

FOMC meeting: Misery loves company

Fixed Income Portfolio Manager Jeremy Forster explores the Fed's decision to hold rates, downgraded economic forecasts, and the implications of balance-sheet policy changes on inflation and market conditions.

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3 min

Article

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.

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5 min

Article

2026-03-31

Chart in Focus Quality Inflation Wealth Program Infographic

Chart in Focus: Can quality hedge against inflation?

Can Quality hedge against inflation？ In this latest edition of Chart in Focus, we explore the historic outperformance of high-quality stocks and bonds during periods of high inflation, perhaps offering lessons should inflation surprise to the upside in 2025.

Multiple authors

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3 min

Infographic

2026-02-28

Interest rates Private credit Private investing Private Investing Program Inflation Video

Private credit roundtable: Outlook in 2025

Our private credit experts explore the potential effects of Trump 2.0 policies — like tariffs and deregulation — on the asset class in 2025. In addition, they dive into the impact of higher-for-longer interest rates, the broadening of private credit markets, and much more.

Multiple authors

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15 min

Video

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.

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event

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.

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event

3 min

Article

2026-02-28

Income Inflation Thematic exposure Content CoE Program Global Program iStrat Multi-asset Tactical allocation Outlook Article

Balancing bumps in the road and big-picture thinking in 2025

How can investors position portfolios for bumps in the road without losing sight of longer-term opportunities?

By

Natasha Brook-Walters

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8 min

Article

2025-12-31

Artificial intelligence (AI) Volatility Outlook Content CoE Program Global Program Multi-asset Fiscal policy Inflation Interest rates Article

Executive Summary 2025: Finding opportunity amid uncertainty

In this article, we summarize some of the key findings from our 2025 outlooks, from divergence-driven opportunities to the impacts of AI and beyond.

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3 min

Article

2026-06-06

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.

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8 min

Article

2025-11-30

Outlook Economic cycle Geopolitics Inflation Macro Article No Optimizely

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.

Multiple authors

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Article

2025-11-30

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.

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6 min

Article

2025-11-30

Equity Inflation Monetary policy Wealth Program EMEA Article

What do declining European earnings mean for ECB policy?

European companies have been unexpectedly resilient over the last couple of years. However, the outlook for European earnings could be more challenging than headline numbers suggest. What could this mean for investors?

By

Nicolas Wylenzek

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6 min

Article

2025-11-30

Elections Fiscal policy Geopolitics Inflation Interest rates Macro WELLSaid Podcast Podcast

Trump 2.0: US election market impacts

In the wake of the US election, macro strategists Juhi Dhawan and Michael Medeiros join host Thomas Mucha to discuss the market, policy, and geopolitical implications of Trump 2.0.

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21 min

Podcast

2025-11-30

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

5 min

Article

2025-10-31

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

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2 min

Article

2025-09-30

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

3 min

Article

2024-10-31

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.

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3 min

Article

2024-11-30

Small-cap Diversification Multi-asset Tactical allocation Wealth Program Inflation Multi-Asset solutions Article

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.

By

John Mullins

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6 min

Article

2025-07-31

Interest rates Outlook Content CoE Program Global Program Inflation Tactical allocation Article iStrat

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.

Multiple authors

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14 min

Article

2025-01-08

Fixed income Macro and market Monetary policy Inflation Interest rates Credit Government bonds Investment grade Article

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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Caroline Casavant

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3 min

Article

2025-06-30

Income Europe Economic cycle Credit Fixed income Inflation Article

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?

By

Derek Hynes

Will Prentis

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8 min

Article

2025-06-30

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.

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event

5 min

Article

2025-06-30

Elections Inflation Outlook Interest rates Article Equity Fixed income Multi-asset

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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8 min

Article

2025-06-30

Inflation Elections Outlook Fixed income program Macro Americas Fixed income Article

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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5 min

Article

2025-03-31

Active management Interest rates Credit Inflation Income Growth Tactical allocation Fixed income Article iStrat

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.

By

Campe Goodman, CFA

event

5 min

Article

2025-05-31

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

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2 min

Article

2025-05-31

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.

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event

6 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.

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event

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

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Quick Take

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

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Article

2025-03-31

Diversification Fixed income Asset allocation Inflation Tactical allocation iStrat program Article

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.

Multiple authors

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7 min

Article

2025-01-31

Income Fixed income Asset allocation iStrat program Inflation Value vs growth Economic cycle Monetary policy Tactical allocation Equity Multi-asset Article iStrat

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?

Multiple authors

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5 min

Article

2025-03-31

Income Asset allocation Active management iStrat Multi-asset Inflation Article Tactical allocation

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?

By

John Mullins

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Article

2025-02-23

Monetary policy Economic cycle Tactical allocation Inflation Multi-asset Article iStrat program iStrat

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.

Multiple authors

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Article

2026-01-31

Outlook Income Economic cycle Credit Multi-Sector Credit Opportunistic Fixed Income Global Credit Plus Global High Yield Fixed income Inflation Asset allocation Fixed income program Article

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.

By

Campe Goodman, CFA

Rob Burn, CFA

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Article

2024-12-31

Inflation Total return Economic cycle Commodities Materials Energy Outlook Article

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.

By

Nick Petrucelli

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Article

2024-12-11

Japan Macro and market Monetary policy Inflation Interest rates Fixed income program Quick Take

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.

By

Marco Giordano

Masahiko Loo

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Quick Take

2024-12-04

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