Explore our thinking about today's financial markets


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V-shaped recovery proving elusive

July 30, 2020  |  Fixed income

The U.S. and global economic recoveries are unlikely to be “V-shaped” as businesses and consumers remain wary of returning to pre-pandemic behavior.

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V-shaped recovery proving elusive

Capital Markets Outlook

Stocks are on their feet again, but not ready to run

Stocks are on their feet again, but not ready to run

July 14, 2020  |  Capital Markets Outlook

Despite progress on the virus, we think the markets may stay unsettled and we favor reducing overall risk.

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Fixed Income Outlook

Bonds ride the Fed wave as volatility returns

Bonds ride the Fed wave as volatility returns

July 29, 2020  |  Fixed Income Outlook

Global financial markets proved to be surprisingly resilient during the second quarter.

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Equity Outlook

Mid-year insights: Assessing the risks

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.

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All posts
V-shaped recovery proving elusive

V-shaped recovery proving elusive

The U.S. and global economic recoveries are unlikely to be “V-shaped” as businesses and consumers remain wary of returning to pre-pandemic behavior.

More

Vaccine is a wild card for the economy

Vaccine is a wild card for the economy

A vaccine for the coronavirus will be supportive of risky assets even if the economic benefits take longer to materialize.

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Risk sentiment swings with Fed tapering

Risk sentiment swings with Fed tapering

Without a proactive Fed, the rally in risk assets would be in trouble.

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Europe displays rare unity over relief fund

Europe displays rare unity over relief fund

In a step toward closer ties, European Union leaders plan to discuss a recovery fund for countries hardest hit by the pandemic.

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Company diversity and social justice

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.

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U.S.–China war of words playbook

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.

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Disruptive change: A growth driver for small companies

Disruptive change: A growth driver for small companies

Disruptive change is often the force that enables small companies to compete against their larger peers.

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Navigating market turmoil: Our intrinsic value compass

Navigating market turmoil: Our intrinsic value compass

Our investments in the communications sector help illustrate our intrinsic value approach to finding opportunities.

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U.S. economic fog lifts slightly

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.

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Sustainability research: A week in the life of our team

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.

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Behavioral shifts bring investment opportunities

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.

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Coronavirus tests limits of U.S. stimulus plans

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.

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Sustainable value: Gender diversity on corporate boards

Sustainable value: Gender diversity on corporate boards

Diversity in companies — including gender diversity — can have a positive impact on company performance and strategic ability.

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Stumbling toward a fiscal equilibrium in the eurozone

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.

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Bracing for a slow U.S. recovery

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.

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ESG issues alive in healthcare

ESG issues alive in healthcare

Our team analyzes medical costs and access as ESG issues affecting human well-being and sustainable economic development.

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What’s next for the hard-hit financials sector?

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.

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Perspectives on COVID-19

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.

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Oil’s wild ride and what lies ahead

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.

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Navigating bond yields

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.

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Investing for growth in volatile markets

Investing for growth in volatile markets

Putnam portfolio managers discuss managing risk and finding investment opportunities in challenging markets.

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Social distancing generates recession

Social distancing generates recession

A recession is looming in the United States as COVID-19 and social distancing take a toll on economic activity.

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Manager insights: Bulls, bears, and bond markets

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.

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Equity opportunities in challenging markets

Equity opportunities in challenging markets

Putnam’s equity investment professionals recently discussed market conditions, their strategies, and their outlooks.

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Recessions and the equity market:  A framework for investors

Recessions and the equity market: A framework for investors

In these days of significant market volatility, investors are looking for a framework.

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Manager insights on current volatility

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.

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Slowing the spread of COVID-19 entails economic disruption

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.

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The Fed reacts to coronavirus economic risks

The Fed reacts to coronavirus economic risks

The Fed made a proactive move to reduce the federal funds rate by 50 basis points.

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Tax-free muni strategies in a low-rate world

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.

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The impact of coronavirus on markets

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.

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Mapping the virus toll on China

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.

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Is another round of Fed rate cuts looming?

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.

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The SECURE Act opens a new frontier for 401(k)s

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.

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Solutions to antibiotic resistance

Solutions to antibiotic resistance

As the focus on natural ingredients intensifies, so has concern about antibiotic use in food production.

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China's economy braces for fallout from coronavirus

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.

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Bond yields in early 2020 likely to stay range bound

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.

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Millennial money drives 401(k) plan evolution

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.

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Linking impact and performance

Linking impact and performance

Often, the same elements that create environmental and social benefits are driving positive financial performance.

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Fed relieves pressure on repo market

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.

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Engaging with allies to advance sustainable investing

Engaging with allies to advance sustainable investing

We collaborate with institutions to examine and understand the financial impacts of sustainability.

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Will the improving housing market further divide the Fed?

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.

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Talking sustainability with CEOs

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.

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An inverted yield curve: Recession or stagnation?

An inverted yield curve: Recession or stagnation?

The Treasury yield curve briefly inverted in August, rattling markets with the possibility of a recession.

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Sustainability analysis enhances research

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.

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July rate cut: “Insurance” policy or recession guard?

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.

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The SECURE Act: Completing an unfinished masterpiece

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.

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Trade war fallout can hurt risky assets

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.

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Implications of the Huawei export ban

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.

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Trade tensions could reduce global GDP

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%.

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