Episode 92: Growth and Markets While the Fed Is in Play: Macro Themes and Market Drivers

The Federal Reserve is back in play, with a rate hike at its last meeting and perhaps more on the way. Treasury yields and equity markets are volatile as participants assess the future direction of monetary policy alongside geopolitical risk, economic data, and inflation concerns. Evan Serdensky, portfolio manager on our Total Return team, and Matt Bush, our U.S. economist, join Macro Markets to discuss portfolio strategy and market dynamics in this environment, and review drivers of our economic outlook in our latest Quarterly Macro Themes publication.

Related Content:

Third Quarter 2026 Quarterly Macro Themes

[LINK]

Macro Markets Podcast Episode 91: Commercial Real Estate: An Uneven but Genuine Recovery

Non-Agency RMBS: Income, Convexity, and a Rebuilt Market

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.

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