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Tune in to Macro Markets to hear the top minds of Guggenheim Investments offer timely analysis on financial market trends. Guests include portfolio managers, fixed income sector heads, members of the Macroeconomic and Investment Research Group, and more.

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#91
August 17 · 31 min
Episode 91: Commercial Real Estate: An Uneven but Genuine Recovery
Commercial real estate has had to weather many challenges since the pandemic, with office vacancies, higher interest rates, refinancing concerns, and the health of regional banks all weighing on the asset class. According to Tom Christopoul, Head of Global Real Estate at Guggenheim Investments, the worst is behind us and the market is in a genuine recovery, but it differs sharply by sector, geography, and position in the capital stack. He joins Macro Markets to discuss sector-by-sector opportunities and risks, capital flows, how AI is reshaping real estate fundamentals, and the attractive demographic and technical tailwinds behind senior housing. Related Content: The Advantages of Investing in Infrastructure and Other Real Assets Read more Third Quarter 2026 Structured Credit Outlook: Non-Agency RMBS: Income, Convexity, and a Rebuilt Market Read More Fixed-Income Strategy While the Market Tests the Fed Anne Walsh joins Macro Markets to discuss portfolio strategy, ETFs, and why 2026 will not be like 2022 for bonds. Listen now Third Quarter 2026 Fixed-Income Sector Views Sound credit fundamentals and elevated yields to weather tail risks to our outlook Read more 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 5841537
#90
August 5 · 35 min
Episode 90: Fixed-Income Strategy While the Market Tests the Fed
An impatient bond market has steepened the yield curve as the Warsh-led Federal Reserve seeks to establish credibility as an inflation fighter and clarity as a communicator. Meanwhile, the resilience of the US economy and corporate earnings is offsetting tail risks like geopolitics and possible change in consumer sentiment. Anne Walsh says there is a lot of opportunity in an environment like this, and she joins Macro Markets to discuss portfolio strategy, ETFs, and why 2026 will not be like 2022 for bonds. Related Content: Third Quarter 2026 Fixed-Income Sector Views Sound credit fundamentals and elevated yields to weather tail risks to our outlook Read Fixed-Income Sector Views Beyond the Private Credit Headlines: Finding Opportunity in a Noisy Market Head of Private Debt Origination Joe McCurdy and Portfolio Manager Rusty Parks join Macro Markets to discuss opportunities and emerging risks in the private debt sector. Listen Now Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026. Read Quarterly Macro Themes Important Notices and Disclosures 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. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. 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. Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. 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. This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author, but not necessarily those of Guggenheim Partners or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is not indicative of future results. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Private Investments, LLC, Guggenheim Investments Loan Advisors, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC. RO 5812246
#89
July 20 · 29 min
Episode 89: Beyond the Private Credit Headlines: Finding Opportunity in a Noisy Market
Private credit has experienced significant growth in recent years, fueled by institutional and individual investors that have recognized the potential for high risk-adjusted returns and borrowers’ need to expand credit channels beyond banks and public debt. Besides gathering assets, in the last several months the sector has also accumulated its share of headlines. Joe McCurdy, Head of Private Debt Origination, and Portfolio Manager Rusty Parks join Macro Markets to provide an update on the sector, discuss where they see opportunities and emerging risks, and share the one assumption they make whenever they evaluate a credit. Related Content: Investing in Private Debt Investment opportunities in directly originated loans. Read More Macro Markets: Halftime Analysis for Investors: Macro Themes and Market Drivers for 2H2026 and Beyond U.S. Economist Matt Bush and Market Strategist Maria Giraldo join Macro Markets to discuss our 2Q2026 Quarterly Macro Themes. Listen Now Second Quarter 2026 Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026. Read 2Q26 Quarterly Macro Themes 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. RO 5752704
#88
July 9 · 27 min
Episode 88: Halftime Analysis for Investors: Macro Themes and Market Drivers for 2H2026 and Beyond:
War, oil spikes, and a transition at the Federal Reserve contributed to a volatile first half of 2026, but the relative calm at the year’s mid-point is an opportune time to examine some of the forces that could drive markets in the coming quarters. U.S. Economist Matt Bush and Market Strategist Maria Giraldo join Macro Markets to discuss the investment implications of our latest Quarterly Macro Themes, including the growth engine and inflationary impact of AI investment, expectations for rates and spreads, the wild card of energy prices, and more. Related Content: Second Quarter 2026 Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026. Read 2Q26 Quarterly Macro Themes Macro Markets: The Complexity Premium in Structured Credit: The Opportunity Set Today Karthik Narayanan joins Macro Market to discuss the appeal of structured credit, opportunity and risk in the current environment, and where we are investing today. Listen Now “Space X is the new proxy for risk appetite.” Anne Walsh, CIO, joins CNBC Power Lunch to discuss Federal Reserve policy, the emerging threat of an equity market bubble, and which asset classes may help balance portfolio exposure. Watch Now 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 5731325
#87
June 11 · 29 min
Episode 87: The Complexity Premium in Structured Credit: The Opportunity Set Today (Part 2)
Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 2 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss where we are finding value and risk in today’s market. Related Content: Corporate Credit Quarterly Solid corporate fundamentals continue to anchor our constructive view on credit. Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change’ Comes to the Fed Insights on the FOMC decision, inflation, and the possible path of oil prices. Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP XXXXX
#87
June 11 · 29 min
Episode 87: The Complexity Premium in Structured Credit: Fundamentals and Absolute/Relative Value (Part 1)
Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 1 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss the fundamental appeal of the sector and its relative and absolute value. Related Content: Corporate Credit Quarterly Solid corporate fundamentals continue to anchor our constructive view on credit. Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change’ Comes to the Fed Insights on the FOMC decision, inflation, and the possible path of oil prices. Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. RO 5564384
#86
May 4 · 30 min
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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. RO 5453624
#85
April 29 · 30 min
Episode 85: Corporate Credit Standing Strong After a Volatile Q1
What is next for corporate credit—investment-grade and high yield corporate bonds and leveraged loans—after a volatile first quarter? Credit fundamentals were sound coming into 2026, and while the U.S. economy has shown resilience, the path of energy prices and geopolitical risk continues to stay elevated. Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to help us make sense of these dynamics and their potential impact on corporate credit portfolios and the outlook going forward. 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. RO 5441129
#84
April 15 · 26 min
Episode 84: The Real Assets Investment Proposition
Investors look to physical infrastructure assets to potentially provide steady cash flow, inflation protection, portfolio diversification, and resiliency through economic cycles. In this episode of Macro Markets, John Tanyeri, head of our Real Assets group, explores the powerful secular and geopolitical forces shaping the landscape, and identifies where we’re finding compelling relative value amid elevated economic and geopolitical uncertainty. Related Content: 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 Whitepaper Second Quarter 2026 Fixed-Income Sector Views Identifying relative value across the fixed-income market. Read 2Q26 Fixed Income Sector Views Macro Markets Podcast Episode 83: Geopolitical Risk Rears Its Head Evan Serdensky and Matt Bush discuss our outlook and portfolio strategy in this environment and provide insights from our latest Quarterly Macro Themes publication. Listen to Macro Markets 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. RO 5394877
#83
March 30 · 36 min
Episode 83: Geopolitical Risk Rears Its Head
The war in Iran and spike in oil prices have threatened the generally strong U.S. economy and elevated volatility in the markets. In this episode of Macro Markets, Portfolio Manager Evan Serdensky and U.S. Economist Matt Bush discuss our outlook and portfolio strategy in this environment, and provide insights from our latest Quarterly Macro Themes publication. Related Content: 1Q 2026 Quarterly Macro Themes Research spotlight on what’s next. Read 1Q26 Macro Themes 1Q 2026 Corporate Credit Quarterly A Record Supply Year Is Taking Shape on Solid Ground Read Corporate Credit Quarterly Macro Markets Podcast Episode 82: The Next Test for Equities? Equity market opportunities and risks, plus some of the advantages of unit investment trusts. Listen to Macro Markets Investing involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments may not be suitable for all investors. 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 5348153
#82
March 16 · 24 min
Episode 82: The Next Test for Equities?
Equity markets have shown remarkable resilience through chaotic trade policies, the rise of AI, and now a war in the Middle East. But with the Iran conflict continuing to unfold, oil at elevated levels, and volatility spiking, that resilience could face a tough test. Equity Strategist Michael Schwager and Equity Product Strategist Ryan Sundby join Macro Markets to discuss market opportunities and risks in this environment, and address some of the advantages of unit investment trusts. Related Content: 1Q26 Corporate Credit Quarterly: A Record Supply Year Is Taking Shape on Solid Ground How record credit issuance may reshape market dynamic in 2026. Read Corporate Credit Quarterly Macro Markets Podcast Episode 81: AI’s Macro and Market Impact: A Framework for Investors U.S. Economist Matt Bush and Market Strategist Maria Giraldo join the latest episode of Macro Markets to discuss insights from our new white paper, “AI’s Promise and History’s Lessons.” Listen to Macro Markets AI’s Promise and History’s Lessons Artificial intelligence is poised to reshape the economic landscape, creating significant opportunities for investors, but also notable risks. Read Now 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. Read the Trust’s prospectus carefully before investing. It contains the Trust’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus at GuggenheimInvestments.com This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 5302252
#81
February 27 · 27 min
Episode 81: AI’s Macro and Market Impact: A Framework for Investors
U.S. Economist Matt Bush and Market Strategist Maria Giraldo join the latest episode of Macro Markets to discuss insights from our new white paper, “AI’s Promise and History’s Lessons.” They explore how artificial intelligence is driving innovation and long-term productivity gains, even as it creates short-term disruptions in labor markets and deepens economic divides. Learn how investors can position for the challenges and opportunities ahead. Related Content: AI’s Promise and History’s Lessons Our new paper addresses the economic and market implications of AI in the context of investment opportunities across infrastructure, equity, and credit markets. [Read Now] Macro Markets: Fixed Income Outlook: Sunny with a Chance of Tail Risks Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to review current market conditions for bonds and discuss our economic outlook and portfolio strategy for the coming year. [Listen Now] First Quarter 2026 Fixed-Income Sector Views Our investment team evaluates sectors across the fixed-income market. [Read Now] 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 67841
#80
February 13 · 31 min
Episode 80: Fixed-Income Outlook: Sunny with a Chance of Tail Risks
Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to review current market conditions for bonds and discuss our economic outlook and portfolio strategy for the coming year. He shares his views on the incoming Federal Reserve chair, opportunities in credit and structured products, and the impact of artificial intelligence on markets and the economy. Related Content: AI’s Promise and History’s Lessons Our new paper addresses the economic and market implications of AI in the context of investment opportunities across infrastructure, equity, and credit markets. [Read Now] First Quarter 2026 Fixed-Income Sector Views Our investment team evaluates sectors across the fixed-income market. [Read Now] 10 Macro Themes Driving Markets in 2026 10 macroeconomic trends likely to shape monetary policy and investment performance this year. [Read Now] 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 67701
#79
January 20 · 23 min
Episode 79: 10 Macro Themes Driving Markets in 2026
Patricia Zobel, Head of Macroeconomic Research and Market Strategy, joins Macro Markets to discuss our newly published report, “10 Macro Themes for 2026". From steady but slow growth and disinflation to AI-driven infrastructure investment and intensifying competition, these dynamics create a complex opportunity set favoring active management in fixed-income markets. Related Content: 10 Macro Themes for 2026 Guggenheim Investments’ Macroeconomic Research and Market Strategy Team identifies 10 macroeconomic trends we believe are likely to shape monetary policy and investment performance this year. Read Now Macro Markets: The Investing Outlook for 2026 Anne Walsh joins Macro Markets to discuss portfolio strategy within the context of our 2026 outlook for growth, inflation, monetary policy, private credit, and the impact of AI on markets and the economy. Listen Now Walsh: ‘Expect the Unexpected’ Anne Walsh, CIO of Guggenheim Partners Investment Management, joined CNBC Power Lunch to discuss market conditions and strategies for portfolio protection in a period of policy uncertainty. Watch Now 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 67296
#78
Dec 19, 2025 · 34 min
Episode 78: The Investing Outlook for 2026
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Macro Markets to discuss portfolio strategy within the context of our 2026 outlook for growth, inflation, monetary policy, private credit, and the impact of AI on markets and the economy. In this complex landscape, she makes the case for why she believes now is not a time for sitting on the sidelines. Related Content: The Risk Mitigation Advantage in Active Fixed-Income Management Why active has the potential to outperform passive in fixed income Read Now 2026 Outlook for Fixed-Income and Equities Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to share her 2026 market outlook and insights on the December Federal Open Market Committee meeting. Watch Now Macro Markets Podcast Episode 77: Agency MBS: From Zero to Hero How Agency MBS shifted in the risk-reward equation and the opportunity going forward. Listen to Macro Markets 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 67120
#77
Nov 18, 2025 · 32 min
Episode 77: Agency MBS: From Zero to Hero
For two decades, we typically looked past Agency mortgage-backed securities (MBS) to find better relative value opportunities in the non-government sponsored credit markets. But something fundamental changed, and over the past three years these securities have claimed an increasingly significant allocation in our total return strategies. What sparked this pivot? Portfolio Manager Adam Bloch and Louis Pacilio from our Structured Credit team unpack the mechanics of the Agency MBS market, explain what shifted in the risk-reward equation, discuss the future of Fannie Mae and Freddie Mac, and explore the opportunity going forward. Related Content: Fourth Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Fixed-Income Sector Views The ABCs of Asset-Backed Finance Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance. Read The ABCs of Asset-Backed Finance Macro Markets Podcast Episode 76: Why and Where (and How) to Invest in Asset-Backed Finance Relative value opportunities in ABS, CLOs, and residential and commercial MBS, as well as insights into the process for managing these complex investments. Listen to Macro Markets 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 66824
#76
Nov 4, 2025 · 39 min
Episode 76: Why and Where (and How) to Invest in Asset-Backed Finance
Asset-backed investments have typically traded at higher yields and wider spreads than comparably rated corporate securities. Karthik Narayanan, Head of Structured Credit, explains why this relative value opportunity exists and where he sees value across asset-backed securities, collateralized loan obligations, and residential and commercial mortgage-backed securities. He also offers insights into the process for managing these complex investments. Related Content: The ABCs of Asset-Backed Finance Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance. Read the Report Interest Rate Expectations Support Fixed Income Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss monetary and fiscal policy, macroeconomic trends, and credit market opportunities. Watch Now Fourth Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Fixed-Income Sector Views 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 66698
#75
Oct 15, 2025 · 22 min
Episode 75: Can U.S. Equities Sustain Their Momentum?
The stock market continues to power ahead even as the labor market shows signs of weakening and inflation pressures mount. Michael Schwager, Equity Strategist, and Ryan Sundby, Equity Product Specialist, join Macro Markets to discuss forces driving the gains, why the rally might have room to run, and the relative value of blue chip stocks in this environment. Related Content: Fourth Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Fixed-Income Sector Views Private Credit Has More Room to Expand Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to share her outlook on the economy, monetary policy, and the credit markets. Watch Now Macro Markets Podcast Episode 74: Fed Easing Resumes, Adding Tailwinds and Volatility to the Outlook Matt Bush and Evan Serdensky provide an update to our macroeconomic outlook and discuss portfolio strategy for the road ahead. Listen to Macro Markets Investing involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments may not be suitable for all investors. 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 66399
#74
Sep 23, 2025 · 26 min
Episode 74: Fed Easing Resumes, Adding Tailwinds and Volatility to the Outlook
The Federal Reserve resumed rate cuts at its September meeting, gauging that risks to the labor market currently outweigh inflation risks. Mixed signals from the fixed-income and equity markets reflect the uncertain and complex outlook. Tune in as Matt Bush, our U.S. economist, and Evan Serdensky, portfolio manager on our Total Return team, cut through the noise, update our macroeconomic outlook, and discuss portfolio strategy for the road ahead. Related Insights: Third Quarter 2025 Quarterly Macro Themes Research spotlight on what's next. Read 3Q25 Quarterly Macro Themes Third Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read 3Q25 Fixed Income Sector Views Macro Markets Podcast Episode 73: Gamechanger: Post-FOMC & Jobs Data Analysis and Outlook Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy. Listen to Macro Markets 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 65755
#73
Aug 5, 2025 · 35 min
Episode 73: Gamechanger: Post-FOMC & Jobs Data Analysis and Outlook
Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy. Related Content: Third Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read 3Q25 Fixed Income Sector Views Macro Markets Episode 72: Credit Cycle Check-In Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle. Listen now Views on Rates and Yield Curve Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss the direction of future Federal Reserve policy and his outlook for the yield curve. Watch now 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. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. © 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. SP 65558

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