Explore our thinking about today's financial markets
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Europe displays rare unity over relief fund
June 30, 2020 | Fixed income
Germany and France — in what some have claimed is a breakthrough — have proposed establishing a recovery fund for countries hit hardest by the coronavirus pandemic. European Union leaders plan to meet in July on a €750 billion initiative that would involve the issuance of common debt. It would be a significant step toward closer economic ties.
Capital Markets Outlook
Markets wrestle with policy versus the pandemic
April 8, 2020 | Capital Markets Outlook
We are looking for progress in public health and credit market indicators as policy responds to the economic shock surrounding the pandemic and efforts to contain it.
Fixed Income Outlook
A bull or bear market for bonds?
April 28, 2020 | Fixed Income Outlook
An extremely sharp global downturn is unfolding as the coronavirus pandemic takes a toll on economic activity and sentiment.
Equity Outlook
Mid-year insights: Assessing the risks
June 26, 2020 | Equity Outlook
We discuss the potential impact of a second wave of the coronavirus and we offer insights on how businesses are faring as COVID-19 restrictions are eased.
Europe displays rare unity over relief fund
Germany and France — in what some have claimed is a breakthrough — have proposed establishing a recovery fund for countries hit hardest by the coronavirus pandemic. European Union leaders plan to meet in July on a €750 billion initiative that would involve the issuance of common debt. It would be a significant step toward closer economic ties.
Company diversity and social justice
Company diversity is a step toward equity and equity is a step toward inclusion, which is important to company success.
U.S.–China war of words playbook
The politics of the U.S.–China relationship have clearly become more complicated recently. The war of words over China’s handling of the coronavirus outbreak and the proposed new Hong Kong security law has the potential to create headwinds for the global economy and financial markets.
Disruptive change: A growth driver for small companies
Disruptive change is often the force that enables small companies to compete against their larger peers.
Navigating market turmoil: Our intrinsic value compass
Our investments in the communications sector help illustrate our intrinsic value approach to finding opportunities.
U.S. economic fog lifts slightly
It is encouraging that some stabilization has started in the United States and the economic data fog is lifting just a little; but we forecast a low probability of a "V-shaped" recovery.
Sustainability research: A week in the life of our team
Our research includes discussions with company managements, other researchers and investors, industry and subject experts, and non-profit organizations.
Behavioral shifts bring investment opportunities
Many businesses that have been resilient and strong during the COVID-19 crisis are likely to become even stronger in the aftermath.
Coronavirus tests limits of U.S. stimulus plans
The coronavirus pandemic is testing the limits of fiscal and monetary policy responses from Congress and the Federal Reserve to boost the economy and calm financial markets.
Sustainable value: Gender diversity on corporate boards
Diversity in companies — including gender diversity — can have a positive impact on company performance and strategic ability.
Stumbling toward a fiscal equilibrium in the eurozone
The economic impact of the coronavirus pandemic in Europe will be severe amid stimulus efforts by policymakers, including the European Central Bank, to cushion the blow.
Bracing for a slow U.S. recovery
U.S. economic recovery will likely be slow and halting as coronavirus health risks cast a shadow on demand.
ESG issues alive in healthcare
Our team analyzes medical costs and access as ESG issues affecting human well-being and sustainable economic development.
What’s next for the hard-hit financials sector?
The financials sector has been among the hardest hit from the COVID-19-induced equity market selloff, but there are reasons for optimism.
Perspectives on COVID-19
Putnam’s health-care analysts and portfolio managers offer their outlooks and perspectives on key aspects of the COVID-19 pandemic.
Oil’s wild ride and what lies ahead
Demand for oil has collapsed as the coronavirus pandemic devastates the global economy and curbs much of the need for fuel from companies and consumers.
Navigating bond yields
The trajectory of bonds yields will depend on the Federal Reserve's policies and fiscal stimulus amid a sharp global economic downturn.
Investing for growth in volatile markets
Putnam portfolio managers discuss managing risk and finding investment opportunities in challenging markets.
Social distancing generates recession
A recession is looming in the United States as COVID-19 and social distancing take a toll on economic activity.
Manager insights: Bulls, bears, and bond markets
With the extreme swings in the market over the last few weeks, several of Putnam’s senior fixed-income managers shared their insights on the bond markets.
Equity opportunities in challenging markets
Putnam’s equity investment professionals recently discussed market conditions, their strategies, and their outlooks.
Recessions and the equity market: A framework for investors
In these days of significant market volatility, investors are looking for a framework.
Manager insights on current volatility
Putnam Investments hosted a webcast featuring insights on current volatility and the COVID-19 pandemic from three senior investment managers.
Slowing the spread of COVID-19 entails economic disruption
The global economic outlook has deteriorated because of the coronavirus pandemic amid rising supply and demand disruptions.
The Fed reacts to coronavirus economic risks
The Fed made a proactive move to reduce the federal funds rate by 50 basis points.
Tax-free muni strategies in a low-rate world
Tax-free muni strategies may provide a competitive yield, and preserve capital, whether economic growth accelerates or remains slow.
The impact of coronavirus on markets
The spread of coronavirus infections is having an impact on China’s GDP and on financial market sentiment worldwide.
Mapping the virus toll on China
The coronavirus poses a risk to China's growth as the government races to contain the outbreak, and the global economy could suffer.
Is another round of Fed rate cuts looming?
The Federal Reserve may lower its benchmark interest rate by 50 basis points in 2020 if sustained financial market stress affects economic activity against a backdrop of the coronavirus epidemic.
The SECURE Act opens a new frontier for 401(k)s
The SECURE Act represents significant changes to retirement savings and could drive a expansion of workplace retirement savings plans including 401(k)s.
Solutions to antibiotic resistance
As the focus on natural ingredients intensifies, so has concern about antibiotic use in food production.
China's economy braces for fallout from coronavirus
There will be some temporary disruption to economic activity in China and elsewhere from the coronavirus outbreak.
Bond yields in early 2020 likely to stay range bound
Bond yields will likely stay range bound in early 2020 as the economy shifts to a lower gear and central banks shift to neutral.
Millennial money drives 401(k) plan evolution
Growing in number, the Millennial generation is having an impact on the evolution of 401(k) plan design.
Linking impact and performance
Often, the same elements that create environmental and social benefits are driving positive financial performance.
Fed relieves pressure on repo market
In recent weeks, the Federal Reserve has provided billions of dollars of liquidity for participants in the market for repurchase agreements, or repos, to stabilize interest rates following a spike in mid-September.
Engaging with allies to advance sustainable investing
We collaborate with institutions to examine and understand the financial impacts of sustainability.
Will the improving housing market further divide the Fed?
The Fed remains divided on the trajectory of interest rates; a pick up in U.S. housing activity may increase this division.
Talking sustainability with CEOs
We have ongoing dialogue with the management teams of companies in which we invest, across a wide range of sustainability-related topics.
An inverted yield curve: Recession or stagnation?
The Treasury yield curve briefly inverted in August, rattling markets with the possibility of a recession.
Sustainability analysis enhances research
An intense focus on sustainability has the potential to deliver strong returns to investors while also benefiting communities and the environment.
July rate cut: “Insurance” policy or recession guard?
The Federal Reserve delivered on its widely expected quarter-percentage point interest-rate cut at the July meeting. It was the first reduction since 2008 and came in response to slowing global economic growth and muted inflation.
The SECURE Act: Completing an unfinished masterpiece
Congress is considering the SECURE Act, which would enhance workplace retirement savings plans and extend access to millions of workers.
Trade war fallout can hurt risky assets
The simmering trade war between the United States and China is expected to continue, and could put the economy at risk.
Implications of the Huawei export ban
With Huawei blocked by the U.S. Commerce Department from buying U.S. technology, we discuss ramifications on the technology sector and how the ban may end.
Trade tensions could reduce global GDP
There is a significant likelihood that U.S.-China trade tensions will remain high. Effects on global GDP effects are uncertain, but could exceed 1%.
How green is your beverage container?
Rigorous research of sustainability can lead to attractive investment opportunities.
How advisors can answer ESG investing questions
ESG investing is one of the fastest-growing trends in the financial industry. Assets managed in this discipline grew by more ...
Why flexibility matters if Treasury yields climb
An active, flexible posture on rate risk could be helpful given the reasons why Treasury yields might rise from recent low levels.
ESG investing: Identifying leaders in data management
Data security and privacy practices can significantly affect business models, and leading companies may offer strategic and financial advantages.
Actively targeting inflation risk for retirement savers
We explain why a dynamic approach to hedging inflation risk in a target-date fund may be a better way to protect a retirement nest egg.
Investing for impact | Q&A with Stephanie Henderson
A member of Putnam's sustainable investing team describes her motivations for spreading ESG fluency throughout the firm to enhance fundamental insights.
Market volatility returns to "old" normal
Our outlook for stock market volatility sees the levels reached in 2018 continuing, in part because these levels were close to the long-term norm.