Episode 86: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change’ Comes to the Fed

The Federal Reserve held rates steady last week, as expected, but the backdrop is anything but routine. Portfolio Manager Adam Bloch and Head of Macroeconomic Research and Market Strategy Patricia Zobel join Macro Markets to share insights on a range of market issues, including the FOMC decision, inflation and the possible path of oil prices, private credit volatility, and market opportunities and risks as Jay Powell prepares to pass the monetary policy baton to Kevin Warsh.

Related Content:

Successful Investing Means Looking Through the Noise

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss market dynamics amid geopolitical tensions and why private debt remains a good place to invest.

Watch Video

Second Quarter 2026 Fixed-Income Sector Views

Identifying relative value across the fixed-income market.

Read 2Q26 Fixed Income Sector Views

The Advantage of Investing in Real Assets and Infrastructure

The dynamic landscape of infrastructure investing has diverse opportunities across sectors and the risk-return spectrum.

Read Report

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.