Insights

JUNE 26, 2023
The Role of Fixed Income in Driving Reallocation

Today’s unique environment requires unconventional thinking. We believe these fixed income solutions can help equity investors de-risk their portfolios while maintaining attractive risk/return profiles.

MAY 16, 2023
Failures, Funding, and Financial Resiliency - 1Q Bank Earnings

What matters to credit investors? 

MAY 1, 2023
Making India a Global Growth Engine

Can the World’s Largest Democracy Become the Growth Engine of the Next Decade?

APRIL 12, 2023
Is the Fed on the Verge of Cutting Rates?

Don’t count on it. The Fed is willing to tolerate labor market pain in order to bring inflation back to target and make sure it stays there.

FEBRUARY 15, 2023
Bonds are Back to Being Bonds

Are bonds back? The Global Credit team give their thoughts as to why higher income will drive investment grade returns.
 

JANUARY 12, 2023
Preparation Seizes Opportunity — Higher Accruals Set the Pace

Looking ahead to the year 2023, the MacKay Municipal Managers team provides their top 5 market insights on the year to come. 

 

JANUARY 6, 2023
Recession, Resiliency, and Risks

In his 2023 outlook, our senior macroeconomist Steve Friedman gives his perspective on a possible recession in 2023, what the path for a soft landing would look like, consumer stress, and more.

JANUARY 6, 2023
2023 Macroeconomic Outlook

2023 will be the year in which the full impact of global policy tightening will be felt in force, with growth slowing and inflation moderating.

JANUARY 6, 2023
Find Enduring Value in High Yield

Andrew Susser, Head of High Yield, discusses the challenges faced in 2022, the unseen risks that may present itself in 2023, and shares how he thinks about building client portfolios using a bottom-up approach while thinking of an impending recession.

JANUARY 6, 2023
Return of the Bond

Neil Moriarty, Co-Head of Global Fixed Income, reflects on 2022 and discusses where the opportunity may lie in 2023, and what they feel the Fed’s “stepping down” on interest rate increases means for the bond market.
 

JANUARY 6, 2022
The Year of the Bond

In our 2023 outlook, the Global Fixed Income team explains why we fervently believe bonds are back and 2023 will be the “Year of the Bond.”

JANUARY 6, 2023
Downgrades, Defaults and Regional Allocations

Michael DePalma and Cameron White on the Global Credit team share their outlook for the Global Credit market for 2023.

JANUARY 6, 2023
2023 Global Credit Outlook

We believe that 2023 will be a game of two-halves. Markets do not operate on any particular script, but at a minimum, we expect markets to offer plenty of relative value opportunities in 2023.

JANUARY 6, 2023
Countries of Interest, Trends and Regional Outlooks

In the team’s 2023 outlook, Philip Fielding and Valentina Chen, Co-Heads of Emerging Market Debt team gives their latest insights.

JANUARY 6, 2023
2023 Emerging Market Debt Outlook

After two consecutive down years of total return in emerging markets debt, we are more positive on the total return outlook for 2023.

JANUARY 6, 2023
Issuance, Interest Rates, and Investment Process

Edward Silverstein, Head of Convertibles, gives their outlook on convertibles as an asset class in 2023, their investment process, and more.

DECEMBER 10, 2022
Think Outside the Usual Toolbox

What are some of the lessons learned from the inclusion of high yield corporates and how are they similar to taxable and tax exempt municipals? 

 

DECEMBER 10, 2022
Gain Muni Exposure Through a Specialized Manager

When investors contemplate about including municipals in their portfolios, they believe it’s already covered with their core managers. So then should investors look to be exposed directly to these funds or through a specialized managers? 

DECEMBER 10, 2022
Are All Muni Bonds Tax Exempt?

Wait, aren’t all municipal bonds tax exempt? Bob Burke, Portfolio Manager on the MacKay Municipal Managers team, answers this and other questions investors have around taxable municipal bonds.

DECEMBER 10, 2022
US Taxable Municipal Bonds: Beyond the Basics

Preferential capital treatment, low correlations, historically stable ratings, and ESG friendly credits, have piqued institutional interest in the taxable municipal bond asset class. 

DECEMBER 1, 2022
Don't Judge a Bond By Its Label

As the volume of green, social, sustainable and sustainability-linked (GSSS) bonds grows, the terms of new, supposedly green or sustainable debt are getting looser or failing to reflect current best practices (or both). 
 

NOVEMBER 8, 2022
Reaping Rewards from Early Policy Responses

We find that current emerging market valuations have priced in negative scenarios that are already reflected in risk premiums.

 

NOVEMBER 4, 2022
What We Expect from the 2022 Midterm Elections

MacKay Municipal Managers consider public policy and the political landscape to be a critical component of the team’s investment process.

OCTOBER 24, 2022
The Perceived Problem

Read our analysis of market pricing and the impact of Federal Reserve and ECB interventions in the corporate bond market.

SEPTEMBER 29, 2022
Implications for the Energy Sector

Our Head of Fundamental Research Cameron White discusses the implications of the IRA for the energy and utilities sectors.

SEPTEMBER 28, 2022
Implications for the Auto Industry

Our credit analysts discuss the potential impact of the IRA on the auto sector as it relates to the investment grade and high yield credit markets.

SEPTEMBER 12, 2022
The Macroeconomic Effects of the IRA

While the IRA should result in significantly lower greenhouse gas emissions over time, it is likely to have very little impact on one of its stated goals.

SEPTEMBER 12, 2022
Will the Stars Align for a More Orderly Transition?

The IRA represents the emergence of a national climate policy in the US, one that relies primarily on incentives in hopes that innovation will drive change.

AUGUST 17, 2022
Why Some EM Central Banks Were Well-Prepared for the Global Inflation Shock, and What It Means for EM Debt

Read the latets insight.

JULY 31, 2022
2022 Municipal Bond Market Insights: Mid-year Update

We believe the municipal bond market offers relatively attractive prices and yields, and credit health remains solid.

JULY 31, 2022
Top 5 Fixed Income Market Insights for 2022: Mid-year Update

We believe fixed income valuations are meaningfully more attractive and current yields have greatly improved the income profiles for investors.

JULY 31, 2022
Convertibles 2022 Mid-year Outlook

With the rise in rates, we expect more companies will be coming to market and issuing converts. As the rate differential rises between convertibles and straight bonds the quality of companies issuing converts will likely improve.

JULY 31, 2022
Emerging Markets Debt: 2022 Mid-year Outlook

We believe that amid the very negative overall market reaction in the first half of 2022, underlying improvements in sovereign and corporate balance sheets have not been fully reflected in valuations.

JUNE 28, 2022
Forward Guidance: To Neutral and Beyond

In our latest episode of Forward Guidance, we discuss the market reaction to the July FOMC policy decision and communications about the outlook for the economy and policy.

JUNE 28, 2022
Only Hawks go to Central Bank Heaven

Many investors expect the next contraction to be brief and shallow, followed by a robust recovery, because they assume the Fed will quickly pivot to lower rates, aggressive use of forward guidance and quantitative easing.

JUNE 9, 2022
After the Shock: Picking Winners and Losers in Emerging Markets

Financial markets are experiencing sharp declines this year driven by rising inflation, Russia’s invasion of Ukraine, challenges to the growth outlook in China and general investor pessimism.

MAY 17, 2022
No, Record-High Job Openings Do Not Improve Prospects for a Soft Landing

Chair Powell has stated that the high level of openings affords policy-makers the opportunity to fine-tune labor demand without causing a recession.

MAY 16, 2022
Convertibles: Why Now?

At 2% of the US investment-grade market and 15% of the US high yield market, US convertibles are often overlooked by investors. 

MAY 15, 2022
Rapid Transition to Electric Vehicles Will Upend Global Auto Industry

The global auto industry is on the cusp of a transformation.

MAY 8, 2022
After the First Quarter Shock: Investing in Emerging Market Debt

Most financial markets sold off sharply in 2022’s first quarter in response to the war in Ukraine, rising inflation and expected interest-rate hikes.

MAY 6, 2022
Post FOMC Roundup - Clarity from the Fed…For Now

In this Post-FOMC Roundup, we discuss the Fed’s forward guidance for the next few months and what it could mean for financial markets.

MARCH 31, 2022
Balancing How to Stay the Course in Challenging Times

Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.

MARCH 31, 2022
Hard Truths on Soft Landings

Chair Powell noted that the historical record provides “some grounds for optimism” regarding prospects for a soft landing.

MARCH 23, 2022
Speak Loudly and Carry a Small Stick

Chair Powell’s tough words on inflation and the Committee’s latest projections.

MARCH 7, 2022
Dislocations in the Taxable Municipal Market Today

Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year. 

FEBRUARY 17, 2022
Remaining Constructive on the Outlook

Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three. 

JANUARY 19, 2022
MacKay’s Global Fixed Income Insights 2022

2021 proved to be a year of transition in fixed income.

 

JANUARY 13, 2022
MacKay Municipal Managers’ Insights 2022

The past two years are altering the future direction of our lives: where we live, work, learn, communicate and how to prudently invest in municipal bonds.