Guggenheim Macro Markets Guggenheim Investments

Matt Bush, Guggenheim Investments’ U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our newly published Quarterly Macro Themes for 1Q 2024 and provide an update to our baseline views on the economy.
Related Insights:
1Q24 Quarterly Macro Themes
Research spotlight on what’s next.
Read Quarterly Macro Themes
2024 Election Uncertainty Could Drive Fixed-Income Outperformance
Rising economic policy and geopolitical uncertainty may favor higher quality fixed income in this election year.
Read Portfolio Strategy Commentary

Learning from Turning Points in Monetary Policy
The Case for Moving Into Higher Quality Fixed Income (and out of Money Markets and Equities) While the Fed Is Paused… and Ahead of Coming Rate Cuts.
Read Portfolio Strategy Commentary


Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

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Private debt is one of the fastest growing sectors in the capital markets, and perhaps one of the most misunderstood. Joe McCurdy, Head of Origination on our Private Debt team, joins Macro Markets to explain how the sector has grown to be a robust capital option to banks, broadly syndicated loans, and bonds. Tune in (or read the transcript!) for his take on the investment opportunity and risks right now and his outlook for the sector.
Related Content:
1Q24 Fixed-Income Sector Views
Investing as the Fed prepares to cut rates.
Read Fixed-Income Sector Views

“An Attractive Time to Be a Fixed-Income Investor”
Steve Brown, CIO for Fixed Income, Guggenheim Partners Investment Management, joins Bloomberg TV to discuss the latest data and his outlook for bonds.
Watch Video

1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

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Justin Takata, Head of our Investment-Grade Sector Team, and Maria Giraldo, Investment Strategist, provide technical and fundamental analysis of the sector, as well as where they are seeing risk and opportunity. We also answer listener mail.
Related Content:
1Q24 Fixed-Income Sector Views
Investing as the Fed prepares to cut rates.
Read Fixed-Income Sector Views
Learning from Turning Points in Monetary Policy
The case for moving into higher quality fixed income (and out of money markets and equities) while the Fed is paused… and ahead of coming rate cuts.
Read Portfolio Strategy Article

1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

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Karthik Narayanan, Head of Structured Credit for Guggenheim Investments, and Danny Gibbs, a portfolio manager on our Total Return team, join Macro Markets to give an overview of the structured credit market.
Related Insights:
Learning from Turning Points in Monetary Policy
The case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.
Read Portfolio Strategy Commentary

1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook

11 Macro Themes for 2024
11 Trends that will shape credit markets in 2024.
Read 11 Macro Themes

Investing involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. 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.
Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC,...

Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss the latest FOMC meeting and the January jobs report, update our monetary policy outlook, and review relative value in the fixed-income market.
Related Insights:

Learning from Turning Points in Monetary Policy
The case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.
Read Portfolio Strategy Commentary

1Q24 High-Yield and Bank Loan Outlook
Implications for credit investors.
Read High-Yield and Bank Loan Outlook

11 Macro Themes for 2024
11 Trends that will shape credit markets in 2024.
Watch Video


Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

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Matt Bush, Guggenheim Investments’ U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our top 11 Macro Themes likely to shape monetary policy and investment performance this year.
Related Insights:
11 Macro Themes for 2024
11 trends that will shape credit markets in 2024.
Read 11 Macro Themes

Policy Conditions Are Tighter Than They Appear
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.

Positioning for the Fed Pivot
Steve Brown shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward.
Watch Video

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

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