Thoughts on the Market

By Morgan Stanley

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Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.

Episode Date
Michael Zezas: The Debt Ceiling - Here We Go Again?

The Congressional debate over raising the “debt ceiling”—the total amount of money that the U.S. is authorized to borrow—has begun again. Should investors be concerned?

Jul 23, 2021
Special Episode: So How Healthy Is the U.S. Consumer?

Consumer spending has an outsized impact on U.S. economic growth, representing 70% of the economy. We take a deep dive into savings, spending and the labor market.

Jul 22, 2021
Special Encore: Viruses, Variants and Vaccines - What’s Next?

Original Release on June 24th, 2021: Although the darkest days of COVID-19 are hopefully behind us, new variants, vaccine distribution issues and uncertainty about winter still remain key issues.

Jul 21, 2021
Andrew Sheets: A Closer Look at Yesterday’s Market Drop

A popular read on yesterday’s drop in stocks and bond yields is concern over the COVID Delta variant and global growth. But that analysis may only be part of the story.

Jul 20, 2021
Special Episode: Bond Markets React to Delta Variant Worries

On this special edition of the podcast, we examine the path ahead for fixed income and the dollar amid increased concern over the COVID-19 Delta variant and economic growth.

Jul 19, 2021
Andrew Sheets: The Complicated Portrait of Retail Investing

Over the last 18 months, individual investor activity into single stocks has surged. But the bigger story may be the record amount of investment in ETFs.

Jul 16, 2021
Jonathan Garner: 4 Concerns to Watch on Asia & EM Equities

As the year began, there was a high degree of optimism that 2021 could be a great year for Asia & EM equities. But instead, Asian equities have lagged the U.S. and Europe. So what went wrong?

Jul 15, 2021
Michael Zezas: The $4 Trillion-Dollar Question

The U.S. could be gearing up to approve $4 trillion in new spending over the next 10 years. A look at what that could mean for GDP and Treasuries.

Jul 14, 2021
Mike Wilson: Are U.S. Equities Markets Hunkering Down?

Major U.S. indices may be climbing to all-time highs but broader weakness in individual stock prices could be sending investors a signal.

Jul 13, 2021
Graham Secker: Is the Best of Europe's Equities Run Behind Us?

After performing strongly for much of this year, European stocks have traded sideways over the last month. But a closer look at the data suggests an optimistic outlook.

Jul 12, 2021
Andrew Sheets: What's Driving Global Equities Markets?

Although a typical explanation for market strength has been the large amount of cash being pushed into markets from central banks and investors, it’s not the whole story.

Jul 09, 2021
Michael Zezas: Something Special in the Air for Investors?

Last week, U.S. air travel surpassed 2019 levels. And this recovery in demand may be an important story for both fixed income and equity investors to understand.

Jul 08, 2021
Mike Wilson: Reopening Stocks Feel the Pinch

Labor-intensive companies that should benefit from the reopening are feeling the pinch from rising wage costs. With growth stocks likely overbought, where do investors go from here?

Jul 07, 2021
Special Episode: The Complex Outlook for U.S. Housing

U.S. home price growth has been on a tear, but will affordability pressures begin weighing on home sales? The answer is a bit complicated.

Jul 06, 2021
Andrew Sheets: 2021 - A Look Back, a Look Forward

It's easy to forget just how different the world looked just six months ago. Does the renewed optimism suggest higher returns or just higher expectations?

Jul 02, 2021
Chetan Ahya: Has the Tide Finally Turned on Wage Growth?

Until recently, wages have been on a forty year decline, driving new calls for policymaker action. A look at the implications for GDP, inflation and income inequality.

Jul 01, 2021
Special Episode: U.S. Infrastructure - What’s in the Price?

Is U.S. infrastructure already priced into Treasury yields? The answer may lie with whether investors are accurately gauging the true size of the final package.

Jun 30, 2021
Special Episode: The Red-Hot Return of Business Investment

The robust return of business investment is set to be a key theme for investors. On this episode we examine the bullish outlook for communications equipment and infrastructure.

Jun 29, 2021
Mike Wilson: A Growing Economy Leads to New Questions

With the economic recovery in full bloom, companies and investors may now be faced with new questions around higher materials and labor costs.

Jun 28, 2021
Special Episode, Part 2: Viruses, Variants and Vaccines

Chief Cross-Asset Strategist Andrew Sheets continues his conversation with Biotech Equity Analyst Matt Harrison on COVID-19 variants and the future of the health care industry.

Jun 25, 2021
Special Episode: Viruses, Variants and Vaccines - What’s Next?

Although the darkest days of COVID-19 are hopefully behind us, new variants, vaccine distribution issues and uncertainty about winter still remain key issues.

Jun 25, 2021
Robin Xing: Is China's Recovery Losing Momentum?

Since last year, China's economic recovery has been strong… but uneven. After a hiccup in the second quarter, will manufacturing and consumers come to the rescue?

Jun 23, 2021
Special Episode: The Fed Is Talking Taper… But When?

Last week, the Fed rattled markets by laying the groundwork for tapering its asset purchase program. But is this taper talk? Or just talking about talking about tapering?

Jun 23, 2021
Mike Wilson: When Is a “Surprise” Not Surprising?

Although the Fed’s surprise hawkish turn in its latest policy decision caught markets off-guard, the monetary tightening process may actually have begun months ago.

Jun 21, 2021
Special Encore: The Red Hot Capex Cycle

Original release on May 21st, 2021: Consumer spending should drive strong business investment in the months ahead, driving global GDP above its pre-COVID-19 path. But inflation may be a risk to watch.

Jun 18, 2021
Andrew Sheets: Markets 2021 - Using Past as Prologue

Although investors often look to the past to assess current market conditions (such as a post-pandemic recovery or rising inflation), one year in particular may serve as an interesting guidepost.

Jun 17, 2021
Michael Zezas: For Infrastructure, Go Big or Go Bipartisan?

Will negotiations on a U.S. infrastructure deal lead to a bipartisan bill or a Democrats-only bill? The answer matters quite a bit for fixed-income investors.

Jun 16, 2021
Graham Secker: European Equities Take a Turn Toward the Micro

Over the past few weeks, European equity flows have been at the highest levels in three years. Could a period of consolidation be ahead?

Jun 15, 2021
Mike Wilson: A View from the Peak?

While the outlook for growth and inflation looks strong through next year, both may disappoint lofty investor expectations—and bring consequences for some stock sectors.

Jun 14, 2021
Andrew Sheets: Markets Shrug at “High” Inflation

This month’s U.S. consumer price inflation data showed a 5% rise versus a year ago, yet markets seemed unconcerned. A look at why markets could be looking past rising inflation readings.

Jun 11, 2021
Reza Moghadam: What Happens When the Euro Goes Digital?

The European Central Bank may soon announce the trial launch of a digital euro. Reza Moghadam, Morgan Stanley's Chief Economic Advisor, digs into potential risks and innovations.

Jun 10, 2021
Michael Zezas: Preparing to Disconnect

With tensions not abating, investors should prepare for a world where these major economies are significantly less integrated. Michael Zezas explains.

Jun 10, 2021
Special Episode: What to Do When Everything is Rich

Chief Cross-Asset Strategist Andrew Sheets and Head of Fixed Income Strategy Vishy Tirupattur cover a key topic on the minds of many investors: where to invest now?

Mortgage Backed Securities (MBS) and Collateralized Mortgage Obligations (CMO)

Principal is returned on a monthly basis over the life of the security. Principal prepayment can significantly affect the monthly income stream and the maturity of any type of MBS, including standard MBS, CMOs and Lottery Bonds. Yields and average lives are estimated based on prepayment assumptions and are subject to change based on actual prepayment of the mortgages in the underlying pools. The level of predictability of an MBS/CMO's average life, and its market price, depends on the type of MBS/CMO class purchased and interest rate movements. In general, as interest rates fall, prepayment speeds are likely to increase, thus shortening the MBS/CMO's average life and likely causing its market price to rise. Conversely, as interest rates rise, prepayment speeds are likely to decrease, thus lengthening average life and likely causing the MBS/CMO's market price to fall. Some MBS/CMOs may have “original issue discount” (OID). OID occurs if the MBS/CMO’s original issue price is below its stated redemption price at maturity, and results in “imputed interest” that must be reported annually for tax purposes, resulting in a tax liability even though interest was not received. Investors are urged to consult their tax advisors for more information. Government agency backing applies only to the face value of the CMO and not to any premium paid.

Jun 08, 2021
Mike Wilson: More Data Doesn’t Always Mean More Certainty

New macro data on employment and consumer prices are unlikely to settle market uncertainties about inflation and course of the recovery. Mike Wilson explains.

Jun 08, 2021
Andrew Sheets: The Fed’s Fascinating Dilemma

The pillars that have supported extraordinary action by the Federal Reserve are now starting to shift. That means support could be withdrawn. The question is, when?

Jun 05, 2021
Mid-Year Commodities Outlook: Risks Ahead?

Commodities prices have seen big moves over the last several months, but could a potentially stronger dollar and the mechanics of supply and demand cool the rally?

Jun 03, 2021
Michael Zezas: The Simmering U.S./China Rivalry

Although the Biden administration has been slightly less vocal with respect to China, investors shouldn’t sleep on the possibly of renewed U.S.-China tensions.

Jun 02, 2021
Shawn Kim: Inside China’s Push to Shape Tech’s Future

Why China’s ambitious blueprint to shape tech standards may have significant impact on the future of tech. Insight from Shawn Kim, Head of Asia Technology Research.

Jun 01, 2021
2021 Mid-Year U.S. Economic Outlook: Growth Remains Strong

Despite some inflation and labor market risks, the outlook for the rest of the year anticipates strong growth in the U.S. economy. Chief U.S. Economist Ellen Zentner discusses with Andrew Sheets. 

May 28, 2021
Michael Zezas: Will Inflation Take the Wind Out of Infrastructure?

Concern has been rising that potentially higher inflation could make Congress lose its nerve on a multi-trillion dollar "Build Back Better" plan. Here’s our analysis.

May 26, 2021
Special Episode: Check Out the Big Changes in Food Retail

Where and how consumers buy their groceries may be forever changed post-pandemic. We deliver some key takeaways on the food retail industry.

May 25, 2021
Mike Wilson: A Unique View on U.S. Equities

Fresh off of last week’s mid-year outlook, Chief Investment Officer Mike Wilson details investor reaction to some of the more out-of-consensus views.

May 24, 2021
Mid-Year Economic Outlook: The Red Hot Capex Cycle

Consumer spending should drive strong business investment in the months ahead, driving global GDP above its pre-COVID-19 path. But inflation may be a risk to watch.

May 21, 2021
Andrew Sheets: The Complications of Strong Economic Winds

While robust global growth is a positive for markets, it may also bring higher prices, tighter policy and higher interest rates. A look at some possible twists and turns ahead.

May 20, 2021
Michael Zezas: What if Infrastructure Doesn’t Pass?

All indications suggest that Congress is serious about passing an infrastructure bill, but here’s why investors may want to consider all possible outcomes.

May 19, 2021
Graham Secker: European Equities Mid-Year

Graham Secker, Head of Morgan Stanley's European and UK equity strategy team, shares why Europe may be set to outperform global equity markets this year.

May 18, 2021
Mike Wilson: Mid-Year U.S. Equities Outlook - Be Selective

Chief Investment Officer Mike Wilson explains why sector and style preferences—along with selective stock picking—may be the key to success for the rest of 2021.

May 17, 2021
Andrew Sheets: Inflation - Is It Here to Stay?

The debate over inflation was center stage this week and although the current environment is a far cry from the 1970s, rising prices could mean complications for both companies and central banks.

May 14, 2021
Special Episode: How Worrying Are Global Supply Chain Issues?

Labor shortages and inventory constraints are weighing on U.S. manufacturing and shipping. How severe could the impact be to U.S. GDP and multi-industry revenues?

May 13, 2021
Michael Zezas: The Bumpy Road Ahead for U.S. Infrastructure

Differing U.S. infrastructure policy approaches highlight the ongoing difficulties of bipartisanship in Washington. Here’s one possible outcome.

May 12, 2021
Special Encore: What Are Other Investors Thinking?

Original release April 16th, 2021: Keeping tabs on how other investors are trading can do more than just satisfy curiosity. It can provide a window into trends and current market debates.

May 11, 2021
Mike Wilson: Welcome to the Mid-Cycle Transition

Amid pricey valuations and growing evidence of labor and supply chain issues investors may want to adjust focus as we exit the early stages of the recovery.

May 10, 2021
Andrew Sheets: Why (and How) Jobs Numbers Matter

With U.S. labor market numbers coming in below expectations, Andrew Sheets assesses how jobs data feeds into market and policy maker thinking about the road to recovery.

May 07, 2021
Special Episode: Is Herd Immunity Even Possible?

Amid declining rates of vaccinations in the U.S, virus mutations and a crisis in India, is herd immunity from COVID-19 still achievable? The latest insights from Biotech equity analyst, Matthew Harrison.

May 06, 2021
Michael Zezas: Texas vs. California

The Supreme Court is expected to deliver a decision soon on this key case for the future of the Affordable Care Act and the 20 million Americans who have acquired coverage under it. The outcome could have significant impacts for investor too.

May 05, 2021
Vishy Tirupattur: Is the U.S. in a Housing Bubble?

The red-hot U.S. housing market brings to mind some unhappy memories of the 2006 bubble, but there are some key differences this time around.

May 04, 2021
Adam Virgadamo: For Stocks, Reopening Is All About Nuance

The reality of reopening is anything but cut and dry. And how the market is pricing, or failing to price, nuances should continue to be a key theme.

May 03, 2021
Chetan Ahya: Could Centrals Banks Shake Up Digital Currencies?

Plans to introduce digital currencies are gaining momentum among the world’s central banks. But what level of disruption will it bring to the financial system?

Apr 30, 2021
Michael Zezas: On Infrastructure, Follow the Money

Last night, President Biden laid out his vision to rebuild the existing U.S. infrastructure. Here are three takeaways and sectors to watch as negotiations unfold.

Apr 29, 2021
Andrew Sheets: A Choppier, More Range-bound Summer?

Summer months have historically seen lower, more volatile returns, but strong year-to-date gains and potentially higher inflation could intensify that trend.

Apr 28, 2021
Graham Secker: 4 Reasons to Consider European Equities

Europe's 'unloved' quality among global investors is not the only reason to feel optimistic about the potential for outperformance among European equities. Chief European Equity Analyst Graham Secker explains.

Apr 27, 2021
Mike Wilson: Reopening - It’s All About the Execution

High expectations around reopening may already be substantially priced into markets, pointing to new risks around how the reopening actually plays out.

Apr 26, 2021
Special Episode: Electric Vehicles, Pt 2 – Turning the Supertanker

Stresses on the electrical grid, climate policy, and national security are only a few of the issues we will confront as we transition to EVs.

Apr 23, 2021
Special Episode: Electric Vehicles, Pt 1 – Follow the Fleet

Price, charging infrastructure and dirty battery production are limiting the impact of EVs, but look to fleet operations to lead the way to broader adoption.

Apr 22, 2021
Michael Zezas: Coal Country Support for Green Energy?

With a sizable infrastructure bill moving through the U.S. Congress, support from coal producing states, often considered unlikely, may be a factor that ultimately ensures its passage.

Apr 21, 2021
Special Episode: Earth Week Investing Themes

Green investment is on investors' minds this Earth Week: Today, a look at key investment themes across carbon capture, plastics and agri-food developments.

Apr 20, 2021
Mike Wilson: Q1 Earnings - Impressive But Not Surprising?

Earnings season is well underway and some stocks are selling-off despite strong economic data. Is the recovery now completely discounted?

Apr 19, 2021
Andrew Sheets: What Are Other Investors Thinking?

Keeping tabs on how other investors are trading can do more than just satisfy curiosity. It can provide a window into trends and current market debates.

Apr 16, 2021
Simeon Gutman: Welcome to the Petriarchy

Why the pet care industry—which was already growing pre-pandemic—may emerge as one of the fastest growing sectors over the next decade.

Apr 15, 2021
Michael Zezas: U.S. Infrastructure - Sectors to Watch

What stock sectors could fundamentally benefit from infrastructure spending? To answer this question, it’s important to follow the money.

Apr 14, 2021
Special Encore: Diverging Emerging Markets

Original release on March 25th, 2021: Amid a generally conservative outlook for emerging markets, key differentiators are their scope for policy action, pace of vaccine rollout and equity valuations.

Apr 13, 2021
Special Episode: Innovating toward Decarbonization

How are oil & gas companies and U.S. utilities tackling the complex transition to a lower carbon future? Expect a lot of divergence in approach.

Apr 12, 2021
Andrew Sheets: Are Bonds Still a Worthwhile Investment?

Since last year, bonds of all stripes have seen so-so returns and high stock market correlation. Is it time to question their value as a portfolio diversifier?

Apr 09, 2021
Vishy Tirupattur: The Policy Debate Takes Center Stage

In a time of extraordinary policy response to the pandemic, will bond markets move towards the Fed or will the Fed shift its reaction function towards markets?

Apr 08, 2021
Special Episode: Rising Home Prices, Rising Rates

U.S. home buyers are now facing both higher mortgage rates and steadily climbing home prices. What does this mean for housing and mortgage markets?

Apr 08, 2021
Special Episode: The Return of the Services Sector?

Consumer spending trends are finally accelerating in service sectors such as dining and travel. A look at what this means for GDP, the jobs market and inflation.

Apr 06, 2021
Mike Wilson: Equities Eye the Reality of Reopening

Although the S&P 500 has continued to make new highs, underneath the surface, a shift in market leadership may be sending a signal about the hard work of reopening.

Apr 05, 2021
Andrew Sheets: Why April Could Be Strong for Markets

Over the last 30 years, April has been one of the best months of the entire year—and this year, the rainy month could have some extra advantages.

Apr 01, 2021
Michael Zezas: How Taxing Can Infrastructure Be?

As the Biden administration unveils the Build Back Better plan, investors are asking: how will it be paid for? The answer is likely important for the economy and markets.

Mar 31, 2021
Robin Xing: China’s Green (Investment) Revolution

As China moves to make good on carbon targets, it will turn increasingly toward a large scale green investment strategy across its economy.

Mar 30, 2021
Mike Wilson: Rotating Through the Recovery

A look at why investors may want to position for a shift from early cycle conditions to more mid-cycle characteristics as the economy heads toward re-opening.

Mar 29, 2021
Andrew Sheets: Inflation - When to Turn Down the Music?

The expectation of increased inflation is stirring concerns among investors, but the actual market for expected inflation suggests the Fed is on the right track.

Mar 26, 2021
Special Episode: Diverging Emerging Markets

Amid a generally conservative outlook for emerging markets, key differentiators are their scope for policy action, pace of vaccine rollout and equity valuations.

Mar 25, 2021
Michael Zezas: U.S./China Trade - No Quick Path to Lower Barriers

Most Trump era barriers remain in place and new ones may even be implemented by the current administration. Markets should pay attention.

Mar 24, 2021
Brian Nowak: New Online Habits vs. A Return to ‘Normal’

The Internet sector is more essential than ever. Our analyst looks at where pandemic habits will be stickiest and where the return to ‘normal’ may limit it.

Mar 23, 2021
Mike Wilson: Outside the Consensus

We forecast a shorter and hotter business cycle than the consensus estimates, suggesting a move to mid-cycle portfolio positions earlier than expected.

Mar 22, 2021
Special Episode: The Winding Road to Herd Immunity, Pt. 2

Chief Cross-Asset Strategist Andrew Sheets and Biotech equity analyst Matthew Harrison continue their conversation, with a focus on international progress for COVID-19 vaccinations.

Mar 19, 2021
Special Episode: The Winding Road to Herd Immunity

Chief Cross-Asset Strategist Andrew Sheets talks with Biotech equity analyst Matthew Harrison on dose availability, vaccine hesitancy and the timeline for herd immunity.

Mar 18, 2021
Michael Zezas: Three Revealing Numbers from the Stimulus Package

It may be hard for investors to conceptualize how substantial the impact of the American Rescue Plan Act may be, but three numbers provide perspective.

Mar 17, 2021
Chetan Ahya: Fed Tightening Could Come Sooner than Expected

With the rapid recovery of the U.S. economy, it is possible that inflation will overshoot the Fed’s tolerances by as early as mid-2022.

Mar 16, 2021
Mike Wilson: A Tougher Road Ahead for Small Caps?

After almost a year of extraordinary outperformance, could small caps could see more difficulties ahead as re-opening dynamics up the risk of cost pressures?

Mar 15, 2021
Andrew Sheets: A Complicated 2021 for Emerging Markets?

With global growth set to exceed expectations in 2021, emerging markets assets would appear set for outperformance. But this year, three factors cloud that narrative.

Mar 12, 2021
Special Episode: Markets and the Next Big Debate - Infrastructure

Conversations around the “Build Back Better” U.S. infrastructure plan are ramping up. What do investors need to know about its potential impact on markets?

Mar 11, 2021
Michael Zezas: Policy Trends Are Now Portfolio Trends

Why the ongoing dynamics of trade, fiscal policy, taxation and geopolitical tensions mean investors need to focus on more than just the Fed and the business cycle.

Mar 10, 2021
Special Episode: Markets Ahead of Reopening - What’s Mispriced?

Ahead of a possible re-opening, which companies might retain gains seen in the pandemic, which will revert to pre-COVID norms and which are mispriced?

Mar 09, 2021
Mike Wilson: Still a Bull Under the Hood

The current correction may be driven in part by the rise in U.S. Treasuries yields, but Chief Investment Officer Mike Wilson still sees a bull market in the value and more cyclically exposed equity categories.

Mar 08, 2021
Andrew Sheets: The Great Debate on Rates

Do higher interest rates invariably lead to weaker equities and credit markets? The answer is a bit more complicated after factoring in economic optimism.

Mar 05, 2021
Special Episode: U.S. Home Prices - Is This Time Different?

Home prices have been steadily climbing all across the U.S. How should Americans think about home prices, rising interest rates and affordability?

Mar 04, 2021
Michael Zezas: 3 Potential Impacts of “Build Back Better”

The stage is set for the Biden administration’s major infrastructure and environment initiative. Here's what investors need to know about the road ahead.

Mar 03, 2021
Vishy Tirupattur: Can We Get Real on Rates?

Although a shift to higher interest rates is noteworthy, historically, rising rates coupled with rising inflation may actually suggest better performance for some risk assets.

Mar 02, 2021
Mike Wilson: Positioning for Higher Interest Rates

Which sectors could benefit from an era of rising inflation and higher interest rates? Chief Investment Officer Mike Wilson shares the outlook for investors.

Mar 01, 2021
Andrew Sheets: ‘Buy Low, Sell High’ May (Finally) Apply Again

Some traditional market aphorisms seem to have been in abeyance, but with bond yields rising, the old rules are starting to apply again.

Feb 26, 2021
Special Episode: The Texas Grid and the Future of Energy

What really happened during the Texas grid crisis and what does it say about the transition to clean energy and the future of utilities in America?

Feb 25, 2021
Michael Zezas: A Reset for U.S.-Mexico Trade?

Although markets appear more confident that U.S-Mexico trade tensions are largely in the past, investors shouldn't discount potential risks.

Feb 24, 2021
Ben Swinburne: Media Eyes the Great Reopening

Media and entertainment had a tricky 2020 with lockdowns pulling forward years of growth for some companies—and challenges to others. So, what happens now?

Feb 23, 2021
Mike Wilson: An Eye on Bull Market Surprises

U.S. equities markets have continued to perform well, fueled by upbeat earnings and vaccination news. However, that’s often when surprises arise.

Feb 22, 2021
Andrew Sheets: The Risk of Rising Rates

Whether the anticipated fiscal stimulus in the U.S. will be enough to push the economy into inflationary territory, and if we should be concerned about it, is a matter of much debate. Chief Cross-Asset Strategist Andrew Sheets discusses.

Feb 19, 2021
Special Episode: Europe’s Economic Scarring Post-Pandemic

Recessions can create long-term scars on labor, investment and the pace of innovation. Is Europe more prepared to lessen COVID-related economic scarring than in past crises?

Feb 18, 2021
Michael Zezas: What’s Next for U.S.-China Trade?

Concerns about the state of U.S.-China trade relations dominated investor thinking in 2018 and 2019. What’s the path forward for the Biden administration?

Feb 17, 2021
Adam Jonas: Space - The Disruption of All Disruptions?

The scientific race toward quantum communication is already underway. A look at why the global space economy will be critical to its development.

Feb 16, 2021
Andrew Sheets: With Gold, the Narrative Matters

Gold is sometimes perceived by investors as a good hedge against inflation, however its track record in this capacity is worth a closer look.

Feb 12, 2021
COVID-19: Variants, Vaccines and the Road Ahead

We dive into what’s ahead amid competing news headlines on the improving pace of vaccinations and worries over new variants.

Feb 11, 2021
Special Episode: The Debate over U.S. Fiscal Stimulus and Inflation

Michael Zezas, Head of U.S. Public Policy Research and Matthew Hornbach, Global Head of Macro Strategy, discuss the impact of stimulus and inflation on fixed income markets.

Feb 10, 2021
Chetan Ahya: The Fed, Stimulus and “The High-Pressure Economy”

If you’re not familiar with the concept of a high-pressure economy, now might be a good time to get acquainted. A new forecast for the U.S. economy.

Feb 09, 2021
Mike Wilson: Was January a Roadmap for 2021?

Historically speaking, as goes January, so goes the year. Here’s why higher volatility and dispersion of returns between sectors and stocks may define 2021.

Feb 08, 2021
Andrew Sheets: Why U.S. Bond Yields Could Keep Rising

10-yr bond yields could rise by about 0.5% in 2021, but the potentially record amount of government bond issuance may not be the driver.

Feb 05, 2021
Special Episode: The Shifting Dynamics of Oil and Energy

Two big stories are underway in oil and energy markets: changing supply and demand factors amid COVID-19 vaccinations and the impact of ESG considerations. We dive into both.

Feb 04, 2021
Michael Zezas: A Possible Path for Pandemic Relief?

Republicans and Democrats are still far apart on the shape of a new fiscal stimulus bill, but that doesn’t mean a pathway to passage isn’t emerging.

Feb 03, 2021
Shawn Kim: Asia Tech at the Dawn of a New Cycle

What Asia tech trends should investors be watching in the year ahead? Shawn Kim, Head of Asia Technology Research, shares five key themes for 2021.

Feb 02, 2021
Mike Wilson: Why This Isn’t Dot-Com Bubble Redux

Although last week's market correction was long overdue (and perhaps not finished), two differences separate the tech bubble of 1999-2000 and the present.

Feb 01, 2021
Andrew Sheets: The Short-selling Drama - Sideshow or Main Event?

A handful of heavily shorted stocks took markets for a bit of ride this week. Does it say something larger about the future direction of equities markets?

Jan 29, 2021
Special Episode: Where is Consumer Spending Trending?

On this episode, we look at the evolution of U.S. consumer spending trends—and parallel investment themes—as COVID-19 vaccines roll out this year.

Jan 28, 2021
Michael Zezas: U.S. Stimulus Twists and Turns

When it comes to the next round of U.S. fiscal stimulus, in the near term it may be the journey that moves markets, not the destination.

Jan 27, 2021
Mike Wilson: An Overexuberant Bull?

It’s hard to ignore that pockets of excess have developed in financial markets. While past is not always prologue, a look back at the global financial crisis and tech bubble of 1999 provides perspective.

Jan 26, 2021
Special Episode: U.S. Housing and Credit Outlook 2021

Data on housing supply, demand, affordability and credit availability paint an optimistic picture for U.S. housing. We dive into the outlook for residential credit and agency mortgage markets.

Jan 22, 2021
Andrew Sheets: The Case for Optimism in 2021

Investors are keeping a worried eye on the pandemic, expensive stock valuations and potentially higher inflation. But even in these areas there may be cause for optimism.

Jan 21, 2021
Michael Zezas: 3 U.S. Policy Forecasts… and a Wild Card

As a Democratic administration takes the reins in the White House and Congress, what policy moves should investors expect?

Jan 20, 2021
Mike Wilson: Time to Leave the Pack Behind?

Investors have become infatuated with the S&P 500, but a rotation to new leadership suggests a look toward stocks that have been off the radar.

Jan 19, 2021
Special Episode: Rates and FX Markets Eye the U.S. Policy Path

As Congress and a new administration ponder new stimulus to navigate the pandemic, what will 2021 look like for FX and government bond markets?

Jan 15, 2021
Andrew Sheets: Rates and Inflation - Moving for the Right Reasons?

Rising yields and inflation can create anxiety for investors, but the impact depends on why they’re rising. Chief Cross-Asset Strategist Andrew Sheets explains.

Jan 14, 2021
Adam Virgadamo: 5 Equities Investment Themes for 2021

As vaccines continue to roll out and the world eyes a return to normal, several key themes are emerging that could shape investment returns.

Jan 13, 2021
Reza Moghadam: High Noon at the ECB Corral

Does a robust recovery in 2021 spell the end of European Central Bank action? One inconvenient fact may stand in the way: the lackluster rise in inflation.

Jan 12, 2021
Mike Wilson: So… What Isn’t Priced-In?

Although 2021 is likely to be a better year economically, asset markets may not repeat the remarkable run of the past 9 months. So where should investors look?

Jan 11, 2021
Special Episode: Are the Clouds Clearing for European Equities?

Why a reflationary backdrop in 2021 could provide a boost to Europe’s cyclical value stocks. A look at the year ahead with Graham Secker, Head of the European and UK Equity Strategy Team.

Jan 08, 2021
Andrew Sheets: Three Implications of the “Blue Wave”

Chief Cross-Asset Strategist Andrew Sheets explains why a Democrat sweep of Congress and the White House suggests more reflation and rotation in portfolios.

Jan 07, 2021
Michael Zezas: Georgia Changes the Game

With wins called for both Senate runoff elections in Georgia, Democrats are poised to control the Presidency and both chambers of Congress. What does this mean for further stimulus?

Jan 07, 2021
Reza Moghadam: New Year, New Europe

With Brexit finally a reality, Chief Economic Advisor Reza Moghadam details key elements of the agreement—and the resulting market implications for the EU and UK.

Jan 05, 2021
Mike Wilson: Strategically Riding the Bull in 2021

With valuations high, where will markets look to discount next? A look at some key themes developing in this new bull market.

Jan 04, 2021
Michael Zezas: What’s Ahead for U.S. Policy in 2021?

Two events could change the trajectory of fiscal policy in 2021: the need to raise the debt ceiling and the coming expiry of key corporate tax breaks.

Dec 23, 2020
Special Episode: What’s in Store for ESG Investing?

On this special edition of the podcast, we discuss the outlook for sustainability and ESG investing in 2021 with some key themes for investors to watch.

Dec 22, 2020
Mike Wilson: An Exhaustion Point for Good News?

Markets often don't need a concrete reason to sell-off or rally. Sometimes it's just exhaustion of a trend that has carried too far.

Dec 21, 2020
Andrew Sheets: Unwrapping the Impact of Price Sensitivity

A look at why investors should be mindful that seemingly small changes in yields can mean big swings in the prices of assets.

Dec 18, 2020
Corporate Credit 2021: A Shift to High Yield

Vishy Tirupattur, Head of Fixed Income Research, talks with Andrew Sheets about why corporate credit investors could see better returns in the high yield space in 2021.

Dec 17, 2020
Michael Zezas: All Eyes on Georgia

Bond investors may want to watch Georgia’s upcoming Senate runoff elections since Democrat wins could mean more fiscal expansion… and a potential fall for bond prices.

Dec 16, 2020
Asia Equities 2021: Positioning Is Key

Why COVID-19, tech disruption and a shift to a more multipolar world may require a more tactical approach to the region in 2021.

Dec 16, 2020
Mike Wilson: Getting Ahead of 2021 Leadership Shifts

Small caps and cyclicals outperformed significantly this year, particularly after announcement of a vaccine. Which factors could see momentum in 2021?

Dec 14, 2020
Special Episode: As a Vaccine Rolls-Out, What’s Next?

Although the first COVID-19 vaccine has now begun distribution in the U.S., the country still faces alarming numbers of new cases. We dive into the logistics of mass vaccination.

Dec 14, 2020
Andrew Sheets: Why Rates Will Rise Next Year, and Why the Fed Will Let Them

Many are skeptical of substantial rise in long term interest rates in the coming year, but we think market pressures will push them up more than the consensus and that the Fed will not get in the way. Chief Cross-Asset Strategist Andrew Sheets explains.

Dec 10, 2020
Michael Zezas: Can Congress Break the Stimulus Logjam?

Congress is making progress on a COVID fiscal relief package, but previous efforts to strike a deal haven’t borne fruit. Why this time may be different.

Dec 09, 2020
Mike Wilson: Closing the Books on 2020

Despite a year of high uncertainty, 2020 may end as a strong year for nearly every asset class—which means it may be time to step back and take a breath.

Dec 07, 2020
Andrew Sheets: Corporate Credit’s Surprising Resiliency

Corporate credit defaults have been relatively low considering the outsized shock of COVID-19. Do muted default rates also mean a muted recovery?

Dec 04, 2020
Michael Zezas: What Happens Next on U.S.-China Trade?

Will a Biden administration mean a reduction of trade barriers between the U.S. and China. The answer for investors: like most questions on trade, it’s a bit nuanced.

Dec 02, 2020
China 2021: The Consumer Roars Back

China’s consumers could emerge as a key GDP growth driver in 2021, fueled by COVID-19 vaccine availability, a recovery in the job market and pent-up savings by households.

Dec 01, 2020
Mike Wilson: A November to Remember

Markets have spent November celebrating upbeat vaccine news and closure on U.S. election uncertainty. After a strong month, are equities headed for another reset?

Nov 30, 2020
Andrew Sheets: Are Emerging Markets Reemerging?

Emerging market assets are poised to redeem some of their historic underperformance in 2021, but not all assets and indices in the class are equally positioned to take advantage of the cyclical upturn. Chief Cross-Asset Strategist Andrew Sheets explains.

Nov 27, 2020
Michael Zezas: The Real Risk of Fed/Treasury Conflict

A rare open disagreement between the Fed and the Treasury may have policy implications in the longer term. Michael Zezas, Head of U.S. Public Policy Research, explains.

Nov 25, 2020
U.S. Outlook 2021: Momentum Toward Recovery

Although the U.S. faces a challenging winter, vaccine availability and momentum could propel the economy to expand an impressive 6% in 2021. The forecast for investors.

Nov 24, 2020
Mike Wilson: Giving Thanks for a Brighter 2021

As Thanksgiving approaches in the U.S., it’s worth taking a moment to be thankful for potential vaccines, a remarkably resilient economy and the strength of the human spirit.

Nov 23, 2020
Special Episode: 2021 Global Outlook

Global economies are set for next phase of a V-shaped recovery in both developed and emerging markets. Why that could be good news for equities and credit markets.

Nov 21, 2020
Michael Zezas: Will D.C. Rein In Big Tech?

Washington D.C. has become increasingly interested in tech regulation, but what’s the likelihood in the next two years? And what could it mean for tech stocks?

Nov 18, 2020
Mike Wilson: 2021 Preview - A Bull with Room to Run

Although near-term worries about the coronavirus and higher interest rates could challenge company valuations, the 12-month U.S. equities outlook may be just what the doctor ordered.

Nov 16, 2020
Andrew Sheets: An Artificial Calm?

Confidence in the ability of central bank to suppress market volatility through aggressive policy may be misplaced.

Nov 13, 2020
Matt Hornbach: 2021 - Another Big Year for Liquidity?

G10 central banks could inject another $2.8 trillion of liquidity next year—over twice the amount in any year prior to this one. How will this impact rates and currencies?

Nov 12, 2020
Michael Zezas: Vaccine-driven Rebound Could Help Munis

Although improving economic growth and rising inflation could present challenges for bond investors, “re-opening” could bring benefit for municipal bonds.

Nov 11, 2020
Reza Moghadam: Amid Lockdowns, Europe Looks to a Vaccine

Although COVID-19 new case rates have been climbing in Europe, the impact of this second wave may not be as severe this time around.

Nov 10, 2020
Mike Wilson: Markets Cheer Clarity on Vaccine, Election

Upbeat news on a coronavirus vaccine and a win for President-elect Biden drive stocks significantly higher. How should investors trade a potentially earlier re-opening?

Nov 09, 2020
Special Episode: Markets Parse Election Results, Jobs Report

All eyes are on the U.S. Presidential race as markets also weigh climbing coronavirus cases in the U.S., fiscal stimulus uncertainty and October’s jobs report.

Nov 06, 2020
Michael Zezas: Breaking - Why Post-Election Day Just Got Trickier

Amidst the uncertainty, three topics should be front of mind for investors: implications of a divided government, the path to fiscal stimulus and tax changes.

Nov 05, 2020
Mike Wilson: Is the Worst of the Correction Over?

Although some volatility may lie ahead, the end of the U.S. election cycle and progress on a potential coronavirus vaccine may bring some optimism to markets.

Nov 02, 2020
Andrew Sheets: A Transformational Sweep?

A look at the 2008 and 2016 U.S. elections suggests that a sweep by either Democrats or Republicans could push stocks and bond yields higher in 2021.

Oct 30, 2020
Michael Zezas: Election Night Strategy for Investors

For investors, election night could hinge on moments when markets conclude who has won, not necessarily on when media networks call a winner.

Oct 28, 2020
Mike Wilson: 3 Sticking Points for U.S. Equities

U.S. equity markets have been stuck range bound due to three key concerns, but investors could use that uncertainty to their advantage.

Oct 26, 2020
U.S. Election 2020: Divided Government Scenarios

In part two of our special election episode, we look at the policies that could potentially come out of divided party control among the White House, Senate and House, and how they might impact markets.

Oct 23, 2020
U.S. Election 2020: Straightaways and Detours

What is the road ahead for global markets between now and inauguration day? The answer may fall into two categories: straightaways and detours. Part one of a special two-part episode.

Oct 22, 2020
Michael Zezas: What's Going On With The U.S. Bond Market?

The yields on 10-year and 30-year Treasuries are now at multi-month highs, prompting some investors to ask “What’s going on?” Analysis from Head of U.S. Public Policy Michael Zezas.

Oct 21, 2020
Mike Wilson: Why the Correction May Not Be Over

Uncertainty about fiscal stimulus, the U.S. election and the pandemic could mean the correction isn’t over. However, one thematic opportunity could present itself.

Oct 19, 2020
Andrew Sheets: Are Markets Pricing-In Recent U.S. Election Polls?

Although many investors view markets as a highly efficient prognostic machine, the surprises of the 2016 election may have created more hesitancy to guess election outcomes.

Oct 16, 2020
Special Episode: Playing the Reopening and Recovery Into 2021

On this Special Episode, Chief U.S. Economist Ellen Zentner talks with U.S. Equity Strategist Adam Virgadamo about the path to recovery and mispriced “reopening stocks.”

Oct 15, 2020
Michael Zezas: One Fewer Election Blind Spot?

Although it’s possible that the results of the 2020 U.S. election won’t come on Nov. 3rd, there is some fresh evidence that it may unfold more smoothly than pundits predict.

Oct 14, 2020
Mike Wilson: Investors Juggle Multiple Uncertainties

Although there is uncertainty over new stimulus, a potential coronavirus second wave and the upcoming election, investors can use market volatility to their advantage.

Oct 12, 2020
Andrew Sheets: The New Definition of “Peak Oil”?

Do tech-driven energy efficiencies—coupled with a shift in environmental attitudes—mean oil demand will fail to recover to pre-COVID levels?

Oct 09, 2020
Michael Zezas: Should Investors Prepare for No Stimulus?

With mixed signals coming from the White House and Congress, should investors be concerned about no further stimulus? Why there may still be good news.

Oct 07, 2020
Mike Wilson: Rate Scare on Deck?

With a U.S. fiscal stimulus deal looking more likely, the risk of long-term interest rates moving higher has now increased—a shift that could benefit recovery stocks.

Oct 05, 2020
Andrew Sheets: How Will Markets React to a Workable Vaccine?

For markets, a vaccine may be the most significant sign the world may return to a more normal future. But what are markets pricing in currently?

Oct 02, 2020
Special Episode: COVID-19 Vaccine - Trials and Tribulations

COVID-19 vaccines are navigating through the last stage of clinical trials, but hurdles still lie ahead for efficacy, distribution and FDA approval.

Oct 01, 2020
Michael Zezas: It’s the Results That Count

How will markets react if final U.S. election results take days or weeks? Head of U.S. Public Policy Research Michael Zezas shares advice for investors.

Sep 30, 2020
Mike Wilson: Near-term Correction; Long-term Recovery?

The recent correction may have been inevitable given rising risks for fiscal stimulus, a potential COVID-19 second wave and the upcoming election. But a resolution to these hurdles may also be possible longer-term.

Sep 28, 2020
Andrew Sheets: Four Reasons to Remain Patient

Despite a needed correction in recent weeks, a suite of significant risks still hangs over U.S. markets. Chief Cross-Asset Strategist Andrew Sheets explains.

Sep 25, 2020
Michael Zezas: Unlikely Paths to Stimulus May Interest Investors

As hopes for an additional stimulus package wane in the run-up to the U.S. elections, some of the less likely paths to a deal may provide a way out of the current correction. Michael Zezas, Head of U.S. Public Policy Research, explains.

Sep 24, 2020
Mike Wilson: A Correction with Policy Roots

Action by Congress and the Fed, and its absence, has paved the way for the recent downturn in equities, putting markets back on a more sustainable footing. Chief Investment Officer Mike Wilson explains.

Sep 21, 2020
Andrew Sheets: The Uncertainty of the Fed’s New Certainty

This week, the Fed announced a new framework that could keep interest rates unusually low. So why did markets collectively yawn at the announcement?

Sep 18, 2020
Special Episode: The ABCs of ESG ETFs

On this special edition of the podcast, Jessica Alsford, Head of the Global Sustainability Research Team talks with Michael Zezas about the important role ETFs are playing for ESG investing.

Sep 16, 2020
Mike Wilson: Could the Correction Continue Further?

Why gridlock on the next U.S stimulus package—combined with election year uncertainty—suggests there could be more downside in September and October.

Sep 14, 2020
Andrew Sheets: Markets Ponder a Trillion-Dollar Question

A downward adjustment in some high-flying U.S. tech stocks has put investors on edge this month, but an impasse on fiscal stimulus negotiations may be the real issue to watch.

Sep 11, 2020
Special Episode: Why Vaccine Discovery is Just the Beginning

As COVID-19 vaccine development continues in phase three studies, the logistics of FDA approvals, production and the complex hurdles of distribution are taking shape.

Sep 10, 2020
Michael Zezas: The Waiting is the Hardest Part

Could a possible delay in U.S. election night results mean volatility as markets price various outcomes for policies that impact sectors?

Sep 09, 2020
Mike Wilson: Putting the Market Correction in Context

Although the current market correction is not wholly surprising given the outsized rally in August, what was the ultimate trigger… and what's next?

Sep 08, 2020
Andrew Sheets: Are Markets Really “Disconnected”?

How to explain the steady, almost mechanical rise in markets despite often weak economic data? It may come down to expectations and trend lines.

Sep 03, 2020
Mike Wilson: The Age of Fiscal Policy Dominance?

Although consensus sees long-term interest rates staying low, could a potential $2 trillion fiscal stimulus mean rates will rise more (and faster) than markets currently expect?

Aug 31, 2020
Michael Zezas: How Much Aid Do State/Local Governments Need?

Just how big would a state and local U.S. stimulus package need to be to support a V-shaped recovery and avoid credit downgrades?

Aug 26, 2020
Robin Xing: China’s Next Phase - Recovery, Reshoring, Retaining

China’s recovery could be progressing better than markets expected as consumers spend more money onshore and the nation’s export engine gains market share.

Aug 25, 2020
Mike Wilson: Are We Ripe for a U.S. Equities Correction?

Chief Investment Officer Mike Wilson says although we’re likely at the beginning of a years-long cyclical bull market, one signal could be telling us that a correction is always possible.

Aug 24, 2020
Andrew Sheets: What Can a Haircut Tell Us About Inflation?

Markets are pricing years of lower inflation due to fallout from the pandemic. But a simple barbershop visit illustrates why that view is worth examining.

Aug 21, 2020
Michael Zezas: Sizing Up Democrat Corporate Tax Proposals

Although U.S. presidential candidate Joe Biden has proposed an increase in corporate taxes, how likely are they to pass in their current form?

Aug 19, 2020
Mike Wilson: The Case for Higher Long-Term Interest Rates

Although marketplace consensus believes that long-term interest rates are set to stay lower for longer, five factors suggest higher long-term rates could be ahead.

Aug 17, 2020
Andrew Sheets: Better to Travel Than to Arrive?

Markets have been surprisingly strong of late given the delay in further stimulus in the U.S.. Chief Cross-Asset Strategist Andrew Sheets discusses the potential causes and why a note of caution may be in order for investors.

Aug 14, 2020
Michael Zezas: Rising Risks for New Stimulus?

Is it the end of the road for more economic aid from Congress this year? Michael Zezas, Head of U.S. Public Policy Research breaks down the impasse and outcomes.

Aug 12, 2020
Reza Moghadam: The EU Recovery Fund’s Next Phase

After intense negotiations, European leaders have reached a historic coronavirus recovery deal. However, the hardest challenge may lie ahead: How to spend the resources wisely.

Aug 11, 2020
Andrew Sheets: The Case for Optimism in the Near Term

Chief Cross-Asset Strategist Andrew Sheets says although their base case for continued market strength is measured, there is an argument to be made for a bull case forecast.

Aug 07, 2020
Mike Wilson: Who’s Driving The Growth in U.S. Money Supply?

Growth in money supply is one of the most powerful indicators for rising inflation—and it's currently rising at record levels. How should investors position portfolios?

Aug 03, 2020
Andrew Sheets: A Refreshing Pause for Markets?

With the precipitous drop in U.S. GDP and the effects of monetary and fiscal interventions, the rest of third quarter may be a moment for investors to take a breather.

Jul 31, 2020
Michael Zezas: Considering a Potential U.S.-China Decoupling

As tensions between the U.S. and China tick higher, investors are weighing the chances of a potential U.S.-China economic decoupling—and what it might look like.

Jul 29, 2020
Special Episode: Investment Themes for a Post-COVID World

The impact of COVID-19 on consumer behavior and macro trends will likely affect investing fundamentals for years to come. Our experts weigh in on several high-level themes for investors.

Jul 28, 2020
Mike Wilson: Have Stocks “Pulled Forward” Too Much?

Some U.S. stocks have reaped the benefits of a pull forward in demand thanks to effects of the pandemic. But with valuations rich, is a correction now ahead?

Jul 27, 2020
Special Episode, Part 2: COVID-19 - How Close Are We to a Vaccine?

In the second of a special two-part episode, we talk with biotech equity analyst Matthew Harrison about market response to new data in the race for a vaccine.

Jul 24, 2020
Special Episode: COVID-19 - Preparing for Fall's Second Wave

In the first of a special two part episode, we talk with biotech equity analyst Matthew Harrison about new case projections ahead of fall and flu season.

Jul 23, 2020
Michael Zezas: States Look to D.C. to Fill Budget Holes

Local and state governments across the U.S. are eagerly watching whether a new round of stimulus will help them address budget shortfalls. Will Congress deliver?

Jul 22, 2020
Mike Wilson: Adapting to The Ninth Wonder of the World

Understanding the regime of financial repression we are under, and recent changes in it, is key for successful investment. Chief Investment Officer, Mike Wilson explains.

Jul 20, 2020
Andrew Sheets: Bracing for Challenges Ahead

While July contains a number of potentially positive market events, August and September could present a number of potentially problematic ones.

Jul 17, 2020
Michael Zezas: Coronavirus - Why Another Stimulus Deal is Likely

Could a new $1 trillion stimulus deal make its way through the halls of Congress before the summer recess? Why the likelihood of a deal is increasing.

Jul 15, 2020
Mike Wilson: U.S. Markets Weigh Optimism; Uncertainty

U.S. equities—tech stocks in particular—have powered higher since March lows, but investors are still parsing Q2 earnings, a coming election and rising COVID-19 cases.

Jul 13, 2020
Andrew Sheets: Pressure Testing the “Overoptimistic Markets” Argument

The sharp rebound in stock and corporate bond markets has made some question if markets are a bit too upbeat about a speedy recovery. There’s just one problem with this view.

Jul 10, 2020
Michael Zezas: How Should Investors Ride a Potential “Blue Wave”?

Although the U.S. election is anything but predictable four months away, investors may still want to consider how markets would react to a Democrat sweep.

Jul 08, 2020
Mike Wilson: Is Inflation Healthy for an Economy?

While excessive inflation can be disruptive, such as in the 1970’s, a deflationary mindset can often be more destructive—and difficult to reverse. What current inflation trends mean for investors.

Jul 06, 2020
Andrew Sheets: The Legacy of Alexander Hamilton

Although Alexander Hamilton couldn’t have foreseen the current health crisis facing the U.S., his ideas remain relevant—and key to the recovery—more than 200 years later.

Jul 02, 2020
Mike Wilson: Two Key Points about a U.S. Recovery

Although a worrying trend in new U.S. COIVD-19 cases has some investors understandably bearish, they may be overlooking two key points about earnings and sentiment. 

Jun 29, 2020
Special Episode, Part 2: Europe Navigates the Coronavirus

Europe’s response to the coronavirus pandemic—both in managing the outbreak and in policy response—has been strong. Here’s what it means for asset classes in the region.

Jun 26, 2020
Special Episode: “Reopening” at the Tipping Point

How should investors think about the recovery as the U.S. balances reopening with concerns over a second wave of coronavirus infections?

Jun 25, 2020
Michael Zezas: Is Multipolarity the New Megatrend?

How should investors view a world where there may be room for more than one norm when it comes the balance of power among economies and commerce?

Jun 24, 2020
Mike Wilson: Investor Reactions to a More Constructive Outlook

Many investors are still looking at the current recession as an anomaly rather than as the end of a cycle. Chief Investment Officer Mike Wilson explains the implications.

Jun 22, 2020
Andrew Sheets: Is This Recession Actually… Normal?

While the macro events of the last few months are certainly extreme by the standards of history, the current business cycle may be more normal than is appreciated.

Jun 19, 2020
Michael Zezas: Another Round of U.S. Pandemic Relief?

Two common doubts about another round of fiscal stimulus center on the politics of passage and election year strategy. Here’s why Congress could agree on a package.

Jun 17, 2020
Mike Wilson: The Highs and Lows of New Bull Markets

Equity markets became a bit frothy during early June as optimism over a recovery took hold. So while a correction may be afoot, it isn’t atypical for a young bull market.

Jun 15, 2020
Special Episode: Europe’s Moment of Solidarity

The proposed €750 billion European Recovery Fund could represent more than just a recovery from COVID-19. It may also signal a new era of political and economic unity.

Jun 12, 2020
Michael Zezas: Unpacking the Politics of Deficits

Policymakers and voters may care about deficits, but reducing current spending may not be a priority over other issues—and right now that may be a plus for the economy.

Jun 10, 2020
Andrew Sheets: A Significant Moment for the Eurozone

Over the last decade, global investors have been lukewarm toward European assets, but three encouraging developments may be set to change that investing narrative.

Jun 09, 2020
Mike Wilson: Rates Play Catch-Up, Again

Depressed 10-year Treasury yields and a strong dollar have tempered the bullish outlook for U.S. equities. But a shift in both suggests a V-shape recovery could be more likely.

Jun 08, 2020
Andrew Sheets: What Do Markets Reward? Progress.

Why are markets climbing despite a pandemic and this week’s demonstrations across the U.S.? The answer may lie with how markets view progress.

Jun 05, 2020
Special Episode: The Race to a Vaccine

Large cap biotech analyst Matthew Harrison talks with Chief Cross-Asset Strategist Andrew Sheets to discuss the latest timeline for a coronavirus vaccine, hurdles to success and possible market reactions.  

Jun 04, 2020
Mike Wilson: Welcome to Early Cycle?

Although market volatility continues to decrease, the volatility of popular momentum strategies is increasing—which suggests a coming rotation to early cycle stocks.

Jun 01, 2020
Andrew Sheets: Does COVID-19 Change the Investing Playbook?

Although the impact of the coronavirus on markets, economies and jobs is truly unprecedented, it doesn’t mean investing precedents don’t still apply.

May 29, 2020
Michael Zezas: Could Cash-Strapped States Bank on Online Gaming?

As U.S. states cope with challenged finances due to the coronavirus, could some look to online gaming to fill budget gaps?

May 27, 2020
Mike Wilson: 3 Reasons Why a 2020 Recovery May Be Different

Although the coronavirus recession shares traits with the 2008 financial crisis and other recessions, the rate and sustainability of a recovery could be quite different this cycle.

May 26, 2020
Special Episode: All Hail the U.S. Consumer

Will pent-up demand from U.S. consumers help drive a recovery from the coronavirus recession? A special conversation with our Chief Investment Officer and Chief U.S. Economist.

May 22, 2020
Andrew Sheets: The Case for the Return of Inflation

Why would inflation rise since the current recession means an acute shortage of demand for goods and services? Chief Cross-Asset Strategist Andrew Sheets explains.

May 21, 2020
Michael Zezas: The Mechanics of Fiscal Stimulus

Congress is weighing another round of fiscal stimulus, possibly by July. But the dynamics of passage in an election year could mean a narrow window to take action.

May 20, 2020
Mike Wilson: Financial Repression Is Alive and Well

Current stock market price patterns look surprisingly similar to 2009 and the global financial crisis. The big difference for investors may be the knock-on effect of low interest rates.

May 18, 2020
Andrew Sheets: Are Negative Interest Rates Coming to the U.S. and UK?

As markets have begun to price expectations for negative rates in Britain and the U.S., Chief Cross-Asset Strategist Andrew Sheets breaks down the potential impact on consumers, savers and economic growth.

May 15, 2020
Special Episode: Lessons and Limits of China’s Recovery

What China’s rebound from COVID-19 can—and can’t—tell us about the path, speed and pitfalls of economic reopening for other countries. Chief China Economist Robin Xing and Chief Cross-Asset Strategist Andrew Sheets look at the data, lessons so far, and how the country has had to modify its crisis playbook.

May 14, 2020
Michael Zezas: COVID-19 Sparks Renewed U.S.-China Trade Tensions

Can the Phase One trade deal détente stand, or will the U.S. and China return to a cycle of escalating tariffs that may impact prospects of a rebound in economic growth? Michael Zezas, Head of Public Policy Research and Municipal Strategy, takes a closer look.

May 13, 2020
Mike Wilson: U is for Unicorn

Amid investor speculation about the shape of a recovery, Chief Investment Officer Mike Wilson urges a standard recession playbook.

May 11, 2020
Special Episode, Part 2: Markets Eye Climbing Government Deficits

How should an investor evaluate the issue of high levels of government debt as nations battle the impact of the coronavirus? A deep dive into the debate.

May 08, 2020
Special Episode: Recovering from the Stimulus

How can we best coordinate policy to support a timely recovery and what lessons can we learn from the past? Chief Global Economist Chetan Ahya and Chief Cross Asset Strategist Andrew Sheets discuss the policy path back from the global economic crisis brought on by COVID-19.

May 07, 2020
Michael Zezas: Fixing a Hole (in State Budgets)

The hole in U.S. state budgets caused by coronavirus-driven revenue shortfalls will likely affect more than just muni bond investors. Head of Public Policy Michael Zezas explains.

May 06, 2020
Mike Wilson: A Pause that Refreshes

As the rally in U.S. equities takes a break, investors may want to position for "early cycle." And that means re-thinking portfolios just as downbeat economic and earnings data arrives.

May 04, 2020
Andrew Sheets: The Disconnect Between Economies and Markets

Why did April’s stock market gains seem oddly disconnected from recent poor economic data? Chief Cross Asset Strategist Andrew Sheets has the answer.

May 01, 2020
Matthew Hornbach: A Change of Fortune for the U.S. Dollar?

Consensus on the dollar has been bearish for years, only to be proven wrong time after time. But Global Head of Macro Strategy Matthew Hornbach says the mechanics of supply and demand could change that outcome.

Apr 30, 2020
Michael Zezas: Could U.S. State Governments Go Bankrupt?

As Congress debates aid for state governments, for investors, the principal concern is that a lack of additional federal aid might further depress state spending and drag on economic growth.

Apr 29, 2020
Mike Wilson: Staying Ahead of the (Flattening) Curve

As some states begin to loosen quarantine restrictions, "stay at home stocks" may no longer be the place to be. Chief Investment Officer Mike Wilson explains.

Apr 27, 2020
Andrew Sheets: Even in a Crisis, the Cycle Still Matters

Investment strategies tied to the business cycle are still relevant, especially as our key internal indicator shows the cycle has moved into a new phase. Andrew Sheets, Chief Cross-Asset Strategist, makes the case.

Apr 24, 2020
Special Episode, Part 2: How Much Stimulus Is Enough?

Congress has readied more funds to support U.S. businesses and households in order to shorten the pandemic-induced downturn. How far will they go? Chief U.S. Economist Ellen Zentner and Head of Public Policy Research Michael Zezas discuss the scale of the stimulus and its limits.

Apr 23, 2020
Special Episode: How Much Stimulus Is Enough?

Congress has readied more funds to support U.S. businesses and households in order to shorten the pandemic-induced downturn. How far will they go? Chief U.S. Economist Ellen Zentner and Head of Public Policy Research Michael Zezas discuss the scale of the stimulus and its limits.

Apr 22, 2020
Mike Wilson: Equities Position for America’s Grand Reopening

Although it remains to be seen how fast the U.S. can “re-open,” in the near term, markets may be betting on an economy that will normalize faster than feared.

Apr 20, 2020
Andrew Sheets: Why OPEC May Be Rethinking Its Strategy

The steep decline in oil prices is a fascinating story of demand, supply and even game theory. But Chief Cross-Asset Strategist Andrew Sheets says that story could reverse next year.

Apr 17, 2020
Reza Moghadam: Emerging-Market Economies Prepare for COVID-19

Emerging markets recovered quickly from the 2008 financial crisis, but could a more challenging backdrop in 2020 mean a different outcome this time? Insights from Chief Economic Adviser Reza Moghadam.

Apr 16, 2020
Michael Zezas: Has the Fed Ignited Muni Bond Markets?

For investors in municipal bonds, the Fed’s recent creation of the Municipal Liquidity Facility and Mainstreet Lending Facility are a key positive. Head of Municipal Strategy Michael Zezas explains why.

Apr 15, 2020
Special Episode, Part 2: Coronavirus - Building Models to Rebuild Economies

When do we return to work? The market reaction? The drug pipeline? Chief Cross-Asset Strategist Andrew Sheets and Head Biotech Equity Analyst Matthew Harrison continue their discussion on the impact of the Covid-19 pandemic.

Apr 14, 2020
Mike Wilson: U.S. Markets React to Fed Moves

If there is one lesson to be learned from the financial repression era it's that when risk premium appears, investors may want to make moves before it evaporates.

Apr 13, 2020
Special Episode: Coronavirus – Building Models to Rebuild Economies

How do you track a virus, a global economy and a road to recovery? On this special episode, an engaging conversation with our Chief Cross-Asset Strategist and Head Biotech Equity Analyst.

Apr 09, 2020
Michael Zezas: Another Dose of Fiscal Stimulus?

The U.S. Congress has been debating ways to flatten another worrying curve: the sliding economic growth curve. What form could additional fiscal stimulus take?

Apr 08, 2020
Mike Wilson: What Are Markets Thinking?

Asset prices often reflect the obvious before it becomes obvious. So the question for investors now is, "What is the market thinking about that's not obvious?"

Apr 06, 2020
Andrew Sheets: Optimism for Credit Markets

Even as economic and public health data get worse, recent changes in three key factors make global credit markets an attractive option. Our Chief Cross-Asset Strategist, Andrew Sheets, explains.

Apr 03, 2020
Michael Zezas: What Does the CARES Act Buy?

The $2 trillion CARES Act includes a variety of provisions that will help preserve the financial health of state and local governments, hospitals and airports. Here’s what’s inside.

Apr 01, 2020
Mike Wilson: U.S. Equities - Is the Worst Behind Us?

Although economic and earnings data could be gloomy over the next month, have equity markets already discounted the bad news? Detailed analysis from Chief Investment Officer Mike Wilson.


Mar 30, 2020
Andrew Sheets: The Critical Calls of Financial Referees

Governments and central banks face two issues: A flight to liquidity and a global economy that showed signs of fatigue even before the pandemic. For investors seeking opportunities, it’s an important distinction.

Mar 27, 2020
Special Episode: Can $2 Trillion Flatten the Unemployment Curve?

As a record 3.28 million workers file for unemployment, our Chief U.S. Economist and Chief U.S. Public Policy researcher weigh potential effects from the fiscal package now before Congress.

Mar 26, 2020
Michael Zezas: Sizing Up the Stimulus Package

Congressional leaders have reached a deal on a $2 trillion stimulus bill to deal with fallout from the coronavirus crisis. Will it work? Two criteria to watch for.

Mar 25, 2020
Mike Wilson: The Underlying Reasons for Recession

Mike Wilson looks beyond the coronavirus outbreak at the two key conditions which have made the markets vulnerable to a recession.

Mar 23, 2020
Andrew Sheets: First, Improve on Uncertainty

On this episode, Chief Cross-Asset Strategist Andrew Sheets says that the 4%+ swings in equities markets have made investors skeptical about jumping back in. More U.S. testing could help.

Mar 20, 2020
Andrew Sheets: Why We Think Risk/Reward Is Improving

Although the sell-off may not be over and the global economy has tough days ahead, a growing number of factors suggest that risk/reward in markets may be getting better.

Mar 19, 2020
Special Episode: Imagining the Shape of Recovery

As central banks and governments weigh a litany of stimulus efforts, what could the journey to economic recovery look like? Our Chief U.S. Economist and Head of U.S. Public Policy Research sum up the debates.

Mar 18, 2020
Michael Zezas: Inside the Municipal Bond Liquidity Trap

When markets get volatile, strange things start to happen in markets you might not expect. That's both a sign of stress, and in some cases, a sign of opportunity.

Mar 17, 2020
Mike Wilson: The End of The Cyclical Bear Market?

Just three months ago, market expectations were likely overoptimistic. That's how tops are made. Today, they are maybe too pessimistic… and that's how bottoms are made.

Mar 16, 2020
Andrew Sheets: The Comfort of Market Patterns

Although current market swings suggest that we are in serious, unpredictable times, a look through market history may reveal where we’re headed next.

Mar 13, 2020
Michael Zezas: Oil Exporter Tensions Add to Market Worries

The dual challenges of the coronavirus and the collapse of the OPEC plus arrangement intensifies the need for a fiscal response from Washington. Head of Public Policy Research Michael Zezas explains.

Mar 11, 2020
Special Episode: The Road Ahead

Investors reacted strongly as oil prices and coronavirus worries disrupted markets. Chief Cross-Asset Strategist Andrew Sheets and Chief U.S. Economist Ellen Zentner debate what’s next.

Mar 10, 2020
Mike Wilson: Revisiting the Rolling Bear Market

The recent correction in equity markets suggests that the fourth quarter rally in 2019 may have been a false breakout—and the rolling bear has unfinished business.

Mar 09, 2020
Andrew Sheets: Patience as an Investing Virtue

Two competing forces—hopes for further central bank moves vs. coronavirus uncertainty—are driving a notable rise in volatility. What signal should investors watch for signs of a potential rebound?

Mar 06, 2020
Michael Zezas: Lessons from Super Tuesday

From an investment standpoint, are there lessons to be learned from Joe Biden’s strong showing on Super Tuesday? Yes, but not the ones you might think.

Mar 04, 2020
Special Episode: A Policy Fix Isn’t Easy

U.S. stocks fell Tuesday despite a half point rate cut by the Fed. Is conventional wisdom wrong that lower interest rates and central bank support are positives for stocks?

Mar 03, 2020
Andrew Sheets: Coronavirus: Are Markets Overreacting?

Global equity markets have endured several days of losses as worries over the coronavirus continue. The question for many investors is “What to do now?”

Feb 27, 2020
Special Episode: Coronavirus as Catalyst

Markets have spent the week increasingly concerned about the coronavirus, but Chief Investment Officer Mike Wilson says there’s a lot more going on beyond the headlines.

Feb 26, 2020
Michael Zezas: Medicare for All… for Investors

Senator Bernie Sanders’ recent primary wins are causing some to debate the impact of potential new health care reform on markets. Head of U.S. Public Policy Research Michael Zezas shares three insights.

Feb 26, 2020
Mike Wilson: All Hail the 50/50 Portfolio?

In a world of low interest rates and low growth expectations, one portfolio strategy seems likely to continue working for investors. Chief Investment Officer Mike Wilson explains.

Feb 24, 2020
Andrew Sheets: Why 2020 May Be Tricky for Investors

Although current stock market performance suggests strong economic health, below the surface the story looks a bit different. Chief Cross Asset Strategist Andrew Sheets explains.

Feb 21, 2020
Michael Zezas: Coronavirus and “Slowbalization”

On today's episode: The impact of the coronavirus underscores the risks of unexpected disruptions of global supply chains. A look at the cost-benefits of globalization.

Feb 18, 2020
Andrew Sheets: Will Returns Be Front-Loaded in 2020?

On today's episode: Investors are faced with a number of uncertainties from public health concerns to trade to central bank policy. But as the year plays out, those uncertainties could actually grow.

Feb 14, 2020
Michael Zezas: Notes from New Hampshire

On today's episode: With no shortage of pundits weighing in on the Democratic primaries, it’s easy for investors to lean on assumptions. But Head of Public Policy Research Michael Zezas suggests some caution.

Feb 12, 2020
Mike Wilson: Knowing Where to Look

On today's episode: The recent, relatively small, overall market correction masks more significant shifts between asset classes. Mike Wilson, Chief Investment Officer, on the implications for our understanding of market optimism and future growth. 

Feb 10, 2020
Andrew Sheets: Supply Also Matters

On today's episode, Discussions about financial markets often center on issues of demand. Andrew Sheets takes a look at the supply trends that may impact debt and equity markets globally in 2020.

Feb 07, 2020
Michael Zezas: The Limited Lives of Multiple Narratives

On today's episode, Recent events have added little clarity to the policy choices U.S. voters will face in the November presidential elections, but that won't last forever.

Feb 05, 2020
Mike Wilson: The Tug of War for U.S. Equites

On today's episode, U.S. equities face concerns over global growth—caused by the coronavirus and other catalysts—but plentiful liquidity from the Fed. Thoughts on positioning from Chief Investment Officer Mike Wilson.

Feb 04, 2020
Jonathan Garner: What Can SARS Tell Us About the Coronavirus?

On today's episode, To understand the impact of the Coronavirus on humanity, economics and markets, Chief Asia and Emerging Markets Equity Strategist Jonathan Garner draws parallels with the 2002 SARS outbreak.

Jan 31, 2020
Andrew Sheets: Coronavirus Affects the Narrative

On today's episode, Nations try to address the public health impact of the coronavirus alongside uncertainty about the global outlook for 2020. Perspective from Andrew Sheets, Chief Cross-Asset Strategist.

Jan 30, 2020
Andrew Sheets: Are More Countries Saying Deficits Don’t Matter?

On today's episode, Only a decade ago, market analysts and political observers were saying sovereign deficits were bad. Cross-Asset Strategist Andrew Sheets explains why that view may be changing.

Jan 29, 2020
Michael Zezas: Taxation Complicates U.S.-EU Trade

On today's episode, Although the U.S and China have found a way forward on trade negotiations, a clear path for U.S.-EU trade is getting slightly more complicated.

Jan 27, 2020
Andrew Sheets: As 2020 Begins, Investors Get Optimistic

On today's episode, Skepticism was the prevailing investor attitude for most of 2019, but what a difference a quarter can make. So what changed? Chief Cross-Asset Strategist Andrew Sheets talks changing sentiment as 2020 kicks off.

Jan 24, 2020
Michael Zezas: Do Incumbents Always Win with a Strong Economy?

On today's episode, How reliable is the maxim that a good economy means a presidential incumbent re-election? Head of U.S. Public Policy Michael Zezas looks at history.

Jan 22, 2020
Mike Wilson: Pressure Testing the Bull Case

On today's episode, Progress on trade and Brexit, upbeat sentiment and central bank support have investors optimistic on the bull case narrative. Even so, it’s worth a quick inspection for surprises.

Jan 21, 2020
Andrew Sheets: Remember Fundamentals?

On today's episode, Central bank support and low interest rates helped drive markets higher in 2019 despite lackluster earnings. But 2020 could remind investors why earnings trends are still what matters.

Jan 17, 2020
Michael Zezas: The Other Concern for U.S. Trade

On today's episode, Although negotiations are progressing for U.S-China trade, investors shouldn’t overlook possible tensions with another key trading region: The EU.

Jan 15, 2020
Jonathan Garner: An Underappreciated Turnaround Story?

Jonathan Garner, Chief Asia and Emerging Markets equity strategist kicks off his premiere episode with what is likely the most interesting—and overlooked—turnaround story in equity markets.

Jan 14, 2020
Mike Wilson: The Other Type of Income Inequality

On today's episode, Rising labor, regulatory and cyber security costs are weighing heavily on many small caps. Is corporate income inequality as urgent an issue as individual inequality?

Jan 13, 2020
Andrew Sheets: Mapping the Future of Oil Prices

On today's episode, Geopolitical tensions have driven oil prices—and volatility—higher. But a quick glance at 2022 oil futures prices can tell us a lot about the market’s longer-term view.

Jan 10, 2020
Michael Zezas: What’s Next on U.S.-China Trade?

On today's episode, As a Phase One trade deal nears completion, can investors worry less about the risks of tariff escalations? Not so fast, says head of U.S. public policy Michael Zezas.

Jan 08, 2020
Mike Wilson: Weighing Fed Intervention, Geopolitics

On today's episode, As 2020 begins, central bank moves and reawakened geopolitical risk promise to be key market catalysts. Chief Investment Officer Mike Wilson details the potential impact on portfolios.

Jan 07, 2020
Andrew Sheets: A New Chapter for the United Kingdom

On today's episode, For three and a half years, Brexit has been a source of uncertainty for the United Kingdom and its markets. Now, with some business uncertainty reduced, a new narrative may be emerging.

Jan 03, 2020
Mike Wilson: 2020 and the Return to Reflation

On today's episode, why escalating labor costs, deglobalization and central bank policies may mean positioning portfolios toward stocks that benefit from rising inflation.

Dec 23, 2019
Andrew Sheets: 3 Lessons from 2019… for 2020

On today's episode, What important factors from 2019 could give investors context on the investing climate ahead? Consider valuations, policy and inflation.

Dec 20, 2019
Michael Zezas: Markets Mull the “Phase One” Deal

On today's episode, What will the U.S-China “Phase One” trade deal mean for the global economy, corporate confidence and markets? Head of U.S. Public Policy Michael Zezas weighs in.

Dec 18, 2019
Mike Wilson: A Trifecta of Positive Catalysts

On today's episode, A dovish Fed, progress on trade and a path toward a potentially orderly Brexit are driving global equities higher but how much of the global recovery is already priced?

Dec 16, 2019
Andrew Sheets: 2020 Playbook: Analyzing the Bull Case

In this special two part bull/bear series, Chief Cross-Asset Strategist Andrew Sheets shares insight on the catalysts that could drive strong market returns in 2020.

Dec 13, 2019
Special Episode: Manufacturing Data Sends an Upbeat Signal

On this episode with special guest Chetan Ahya, the firm’s Chief Global Economist, Trade tensions have put a damper on global manufacturing, but is the tide poised to turn after the first broad-based sentiment uptick in seven months?

Dec 12, 2019
Michael Zezas: U.S.-China Trade: What Happens in 2020?

On today's episode, Although some reports have suggested progress on a phase one deal, markets are still seeking a clear signal forward on trade—and that means tackling the more difficult phase two deal.

Dec 11, 2019
Mike Wilson: The Virtuous Circle of Excess Liquidity

On today's episode, Central banks seem likely to continue their balance sheet expansion into next year, driving lower volatility, more cash into equities… and some great expectations.

Dec 09, 2019
Andrew Sheets: 2020 Playbook: Analyzing the Bear Case

In this special two part bull/bear series, Chief Cross-Asset Strategist Andrew Sheets shares insight on the catalysts that could hamper market returns in 2020.

Dec 06, 2019
Michael Zezas: How Do Close U.S. Elections Affect Markets?

On today's episode, On average, election-year market performance varies by about 9% for elections that are narrow contests vs. elections with a clear frontrunner. So how could 2020 pan out?

Dec 04, 2019
Mike Wilson: A Volatility Reprieve

On today's episode, Whether it's called quantitative easing or not, the recent expansion in central bank balance sheets is having a profound impact on volatility - Chief Investment Officer Mike Wilson explains why.

Dec 02, 2019
Michael Zezas: Optimism Over the U.S.-EU Auto Tariffs?

On today's episode, With a key deadline for U.S. tariffs on EU autos now past, could European stocks outperform in 2020? Head of Public Policy Michael Zezas shares some analysis.

Nov 27, 2019
Mike Wilson: Global Reflation: To Be or Not to Be?

On this episode, Chief Investment Officer Mike Wilson explains why global reflation may be back—and could be a powerful longer-term theme for portfolio allocations.

Nov 25, 2019
Andrew Sheets: Commodities Outlook 2020: Too Much of Everything?

On this episode, Chief Cross-Asset Strategist Andrew Sheets says oversupply may spell headwinds for commodities in 2020 but there are exceptions.

Nov 22, 2019
Michael Zezas: The 2020 Election: 4 Sectors to Watch

On this episode, Head of Public Policy Michael Zezas says performance in four key sectors could be a bellwether for how investors view the outcome of next year’s elections.

Nov 20, 2019
Andrew Sheets: As Global Growth Improves, What to Watch

On this episode, Chief Cross-Asset Strategist Andrew Sheets says global growth should pick up in 2020, but unevenly. The key for investors will be identifying the right opportunities.

Nov 18, 2019
Andrew Sheets: Will Markets See End-of-Year Holiday Cheer?

On this episode, Chief Cross-Asset Strategist Andrew Sheets analyzes the historical phenomenon of the “end-of-year equities rally.” Will 2019 follow suit?

Nov 15, 2019
Michael Zezas: The Power of Unified Government

On this episode, Head of U.S. Public Policy Michael Zezas says a potential boost to the U.S. economy has less to do with political parties than it does a unified policy vision.

Nov 13, 2019
Mike Wilson: The Return of the Secular Bull Market?

On this episode, Chief Investment Officer Mike Wilson shares three reasons why equities markets have rallied over the past few months… and where they could go from here.

Nov 11, 2019
Andrew Sheets: A Tough Road Ahead for the 60/40 Portfolio?

On this episode, Chief-Cross Asset Strategist Andrew Sheets continues his discussion on the 10-year outlook for the U.S. and Europe—and identifies the challenges ahead.

Nov 08, 2019
Michael Zezas: The 2020 Election Outlook for Investors

On this episode, Head of U.S. Public Policy Michael Zezas says one thing has become clear as we approach 2020: Investors need to plan today for market reactions next year.

Nov 07, 2019
Special Episode: Weighing a Global Growth Recovery

On this episode, special guest Chetan Ahya, the firm’s Chief Global Economist, says a global growth recovery could be possible in 2020… assuming two key forces align.

Nov 07, 2019
Mike Wilson: Amid New Highs, Uncertainty Remains

On this episode, Chief Investment Officer Mike Wilson says the jury may be out on whether we’re at a trough for the U.S. economy, but two international markets may hold promise for investors.

Nov 04, 2019
Andrew Sheets: The Cost of Easy Policy: A 10 Year Outlook

On today's episode, Chief Cross-Asset Strategist Andrew Sheets takes a look at expected market returns over the next decade and explains how current policy affects future returns.

Nov 01, 2019
Michael Zezas: How Do Markets View Major Policy Proposals? (Replay)

On today's episode, Head of U.S. Public Policy Michael Zezas takes a look at transformative policy proposals by 2020 Presidential candidates. How could big policies like Medicare-for-All reshape markets?

Oct 30, 2019
Mike Wilson: Are U.S. Equities Defying Gravity?

On today’s episode, a curious paradox: Although major indices are making new highs, many defensive stocks are leading the pack. Chief Investment Officer Mike Wilson explains why.

Oct 28, 2019
Andrew Sheets: Can Sentiment Alone Drive Markets Higher?

On today's episode, Optimism in markets has risen significantly over the past three weeks. But Chief-Across Asset Strategist Andrew Sheets asks, “Is optimism enough?”

Oct 25, 2019
Michael Zezas: Could “Phase One” Be the Turning Point?

On this episode, Head of U.S. Public Policy Michael Zezas explains why a global growth rebound could largely hinge on trade negotiations ahead of the December 15th tariffs.

Oct 23, 2019
Mike Wilson: 5 Pockets of Opportunity for Equities Investors

On today's episode, Chief Investment Officer Mike Wilson says investors may want to steer clear of expensive growth stocks in favor of some defensive and cheaper-priced stocks.

Oct 21, 2019
Andrew Sheets: One Market We Feel Good About

On today’s episode, Chief Cross Asset Strategist Andrew Sheets highlights the one market in which the currency, government bonds and equities may all be solid defensive plays.

Oct 18, 2019
Michael Zezas: A “Durable Pause” on U.S.-China Trade Tensions?

On today’s episode, Head of Public Policy Michael Zezas says unlike prior tariff pauses, the “phase one” agreement could have durability. However, much uncertainty remains.

Oct 16, 2019
Mike Wilson: How Will the “Phase One” Trade Deal Impact Earnings?

On today's episode, Chief Investment Officer Mike Wilson says the U.S.-China trade deal is a step in the right direction, but the real story is still the corporate profits outlook.

Oct 14, 2019
Andrew Sheets: Is the Dollar Losing It’s Safe Haven Status?

On today's episode, Chief Cross-Asset Strategist Andrew Sheets explains how three of the dollar’s most attractive qualities could be shifting right before our eyes.

Oct 11, 2019
Michael Zezas: The Key Variable in U.S.-China Trade Talks

On today's episode, Head of U.S. Public Policy Michael Zezas says when it comes to trade, movement toward a meaningful compromise will likely come down to one fundamental variable.

Oct 09, 2019
Mike Wilson: An Unsatisfying Market for Bulls and Bears?

On today’s episode, Chief Investment Officer Mike Wilson says both bulls and bears were likely a bit frustrated trying to trade last week's sell-off and rally. So what’s the next move for investors?

Oct 07, 2019
Andrew Sheets: The 3 Most Powerful Market Indicators?

On today's episode, Chief Cross-Asset Strategist Andrew Sheets says despite the myriad models used to assess the direction of markets, three simple indicators may be the most valuable.

Oct 04, 2019
Michael Zezas: U.S.-China Trade: The Outlook for Fall

On today's episode, A number of trade-related events on the fall calendar could mean progress—or an escalation—on the trade impasse. Head of U.S. Public Policy Michael Zezas provides an overview.

Oct 02, 2019
Special Series: U.S. Housing Faces a Generational Turning Point

On this special episode, Equity Analyst Richard Hill examines the coming seismic shift for investors as Baby Boomers pass the housing baton to Millennials and Generation Z.

Oct 01, 2019
Mike Wilson: Are Markets Rethinking Pricey Growth Stocks?

On today’s episode, Chief Investment Officer Mike Wilson explains why markets may be having a change of heart on expensive—and sometimes unprofitable—growth stocks.

Sep 30, 2019
Andrew Sheets: A Tale of Two Oil Price Spikes

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets says oil prices tend to spike for two very different reasons and the distinction for investors is quite important.

Sep 27, 2019
Michael Zezas: How Do Markets View Major Policy Proposals?

On today's episode, Head of U.S. Public Policy Michael Zezas takes a look at transformative policy proposals by 2020 Presidential candidates. How could big policies like Medicare-for-All reshape markets?

Sep 25, 2019
Special Series: Is NextGen Reinventing the Banking Experience?

On this special episode, Betsy Graseck, global head of banking research, explains how Millennials and Gen Z are reshaping the financial industry in their tech-savvy, mobile-first image.

Sep 24, 2019
Mike Wilson: Looking Toward Q3 Earnings

On today’s podcast, investors are watching for progress on trade and signs of future Fed policy. But according to Chief Investment Officer Mike Wilson, it still comes down to Q3 earnings season.

Sep 23, 2019
Andrew Sheets: Are Lower Interest Rates Always Beneficial?

On today's episode, Chief Cross-Asset Strategist Andrew Sheets says although lower interest rates help boost economic activity, the full impact is more complicated.

Sep 20, 2019
Michael Zezas: Investors Look for Progress on U.S-China Trade

On today’s podcast, Head of U.S. Public Policy Michael Zezas says a potential improvement in some key U.S. economic indicators will need real progress on trade—not just headlines.

Sep 18, 2019
Special Series: Which Way is U.S. Spending Trending?

Which generations spend more: Boomers or Millennials/Gen Z? On this special episode, equity analyst Lauren Cassel takes a look at which sectors stand to gain in the years ahead.

Sep 17, 2019
Mike Wilson: Value Stocks Have Their Moment

On today’s podcast, Chief Investment Officer Mike Wilson dives into last week’s historic reversal between value and growth stocks. Can the value rally last?

Sep 16, 2019
Andrew Sheets: Is There a Downside to Cutting Interest Rates?

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets asks the timely question, “If lower interest rates stimulate growth, why wouldn’t central banks lower them?”

Sep 13, 2019
Special Series: From Baby Boom to Youth Boom

Is America’s next heyday ahead? On this special episode, Chief U.S. Economist Ellen Zentner explains why America’s youth may be set to power U.S. GDP in the coming years.

Sep 10, 2019
Mike Wilson: Home on the Range Bound?

On today's podcast, Investors may be feeling some déjà vu as upbeat news on trade drives a new rally. Could markets break out this time or is another correction ahead? Analysis from Chief Investment Officer Mike Wilson.

Sep 09, 2019
Andrew Sheets: What Happens When the Price Isn’t Right?

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets says as global growth weakens, investors tend to focus on the most desirable companies (which are already priced to perfection). So what does that mean for returns?

Sep 06, 2019
Michael Zezas: Pondering a World of Unresolved Trade Issues

On today’s podcast, Head of U.S. Public Policy Michael Zezas takes a moment to consider the long-term effects regardless of whether or not the U.S. and China are unable to negotiate a meaningful trade arrangement.

Sep 04, 2019
Mike Wilson: New Data Sends Concerning Signs for U.S. Stocks

On today's podcast, Chief Investment Officer Mike Wilson says a popular narrative forecasted a rebound for the second half of 2019. However, new data on lower U.S. factory activity could counter that expectation.

Sep 03, 2019
Andrew Sheets: Title: Can Central Banks Cure Ma