Beyond Bulls & Bears

A Global Macro Perspective: Populism, Trade and Emerging-Market Volatility
Fixed Income

A Global Macro Perspective: Populism, Trade and Emerging-Market Volatility

Templeton Global Macro Chief Investment Officer Dr. Michael Hasenstab and Vice President and Deputy Director of Research, Dr. Calvin Ho, discuss emerging-market turbulence, the persistent concerns around trade policy and divergent growth trends in the developed world.

The US Yield Curve: Should We Fear Inversion?
Fixed Income

The US Yield Curve: Should We Fear Inversion?

There has been a lot of talk this year about the flattening of the US yield curve—which is a graphical representation of the spread between short- and long-term interest-rate instruments. Our senior investment leaders make a case that the “predictive power” of the yield curve when it comes to the US economy may not really be so predictive this time around.

Global Economic Perspective: October
Fixed Income

Global Economic Perspective: October

In this month’s Global Economic Perspective, our Fixed Income Group discusses whether optimism about the US economy is justified, and whether Italy’s budget talks could lead to looser fiscal policy elsewhere in the eurozone.

Hasenstab: Focus on Fundamentals in US, Emerging Markets
Fixed Income

Hasenstab: Focus on Fundamentals in US, Emerging Markets

“If you have a three-month time horizon, EM investing is very difficult. If you have a couple-year horizon, you can exploit these panic sell-offs that are not fundamental in nature.” - Michael Hasenstab

Italy’s Inflection Point as It Prepares to Unveil Spending Plans
Fixed Income

Italy’s Inflection Point as It Prepares to Unveil Spending Plans

Controversial spending plans outlined by Italy’s populist government caused consternation among investors at the beginning of October. David Zahn, Franklin Templeton’s head of European Fixed Income, considers how the coalition government’s growing popularity could influence the European Union’s response. And he explores the implications for the wider eurozone.

Active ETFs: For Fixed Income Investors Who Don’t Want to Follow the Pack
LibertyShares

Active ETFs: For Fixed Income Investors Who Don’t Want to Follow the Pack

“At times of volatility, when momentum-driven movement of indices might present potential investment opportunities, active ETFs could provide access to investment management expertise combined with the attractive features of an ETF vehicle.” Jason Xavier, head of EMEA ETF Capital Markets

Fed Full Steam Ahead
Fixed Income

Fed Full Steam Ahead

The US Federal Reserve raised its benchmark short-term interest rate for the third time this year, which was no surprise to market participants. Chris Molumphy, chief investment officer, Franklin Templeton Fixed Income Group, offers his take on the Fed’s “normalisation” path in light of what he sees as an overall positive US economic backdrop.

As Public Attitudes Towards the Environment Change, So Should the Investment Approach
Fixed Income

As Public Attitudes Towards the Environment Change, So Should the Investment Approach

“After attending this year’s Principles for Responsible Investment Conference (PRI) in San Francisco, our takeaway message is clear: Investors and investment managers have to be proactive in addressing changing public attitudes toward the environment.” -David Zahn

Moving Up in Credit Quality for Better Durability
Fixed Income

Moving Up in Credit Quality for Better Durability

Some investment-grade bonds are riskier than their ratings imply, while high-yield bonds have seen some positive tailwinds. Meanwhile, a large number of bank loan agreements now favour borrowers over lenders. Franklin Templeton Fixed Income Group’s Glenn Voyles, Marc Kremer, Matt Fey, Brian French and Reema Agarwal take a look at these areas of credit landscape today.

Global Investment Outlook: How Much Further Can Global Growth Fly?
Perspectives

Global Investment Outlook: How Much Further Can Global Growth Fly?

Templeton Global Macro CIO Michael Hasenstab, Franklin Templeton Fixed Income Group CIO Chris Molumphy and our Head of Equities Stephen Dover weigh in on whether synchronised global growth can continue, why worries about trade wars may be overblown and why opportunities for investors may be more idiosyncratic or divergent moving forward.

Then and Now: Mortgage-Backed Securities Post-Financial Crisis
Fixed Income

Then and Now: Mortgage-Backed Securities Post-Financial Crisis

“As the Fed stops buying, we expect that will leave a greater supply of mortgage-backed securities for the market to absorb. Now, the question is, who’s going to be the marginal buyer of MBS?” – Paul Varunok, Franklin Templeton Fixed Income Group

Global Economic Perspective: September
Fixed Income

Global Economic Perspective: September

In this month’s Global Economic Perspective, our Fixed Income Group discusses the spread of populism in Sweden, whether US economic momentum appears sustainable and what’s behind recent emerging-market woes.