Putnam Perspectives

Putnam's investment professionals offer compelling analysis of evolving market themes.
Jason R. Vaillancourt, CFA

Japan's reforms face moment of truth
Jason R. Vaillancourt, CFA, Co-Head of Global Asset Allocation, 4/23/14

Regarding Japan, we have expressed optimism in recent quarters about the potential economic gains from Prime Minister Abe's reform program. In 2013, the government and the Bank of Japan unleashed a combination of expansionary policies focused on stimulating economic activity and weakening the yen to give Japanese exporters greater global competitiveness. Results so far have been mixed and, after an initial spurt, the economy has stumbled a bit. Japanese stocks, after leading the world in 2013, ... Continue

Market Outlook

Economic and market analysis from Putnam's Asset Allocation, Fixed Income, and Global Equity teams.

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Putnam Investments

Keys to retirement readiness

"To see what is in front of one's nose needs a constant struggle." - George Orwell The Putnam Investments 2014 Lifetime Income Study, done in collaboration with Brightwork Partners, drew on data ...

4/22/14

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

The ECB relies on smoke and mirrors

In Europe, slow growth appears likely to continue, with some regional differentiation. Signs of strength in the south Spain is doing much better than it had been just 18 months ago, and ...

3/21/14

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA, Co-Head of Global Asset Allocation

Three reasons this credit cycle may be lasting

Today, more than four years into the recovery, capital market opportunities are shifting, with conditions in credit sectors such as high-yield corporate debt becoming a bit less attractive. However, the current ...

3/11/14

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA, Co-Head of Global Asset Allocation

Rate volatility poses more risk than rising rates

While rising bond yields are consistent with a strengthening economic recovery, they also prompt the concern among businesses and investors that higher interest expenses could become a drag on continued expansion. ...

2/28/14

Article

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Putnam Investments

Quantified peers and the retirement savings incentive

You wake up and go for your morning run. Checking your wearable fitness tracker, you see that among your friends you are two spots from the top of the leaderboard for ...

2/28/14

Article

Walter D. Scully

Walter D. Scully, Analyst

Labor force changes leave restaurants feeling the pinch

A lackluster U.S. economic recovery and declining consumer sentiment often get blamed for weak sales at restaurants. However, another important factor has emerged: Fewer women are working outside the home. Weaker consumer ...

2/20/14

Article

Putnam U.S. Equities Team

Putnam U.S. Equities Team

Two engines that could power earnings growth

After moving sideways for the past two years, U.S. corporate earnings may be poised for reacceleration in 2014. While the growth is likely to be modest, we believe investors may be ...

2/18/14

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Why wages might rise

Unemployment continues to drop, but not because a lot of new jobs are being created, as many would hope. Instead, the unemployment rate is dropping primarily due to a declining labor ...

2/12/14

Article

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Putnam Investments

Competitive spirit is America at its best

Few moments in sports are as inspirational as global competition. We have proudly watched the U.S. Ski Team and U.S. Snowboarding, who worked a lifetime for this moment, take their skills ...

2/5/14

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA, , Co-Head of Global Asset Allocation

Developed markets forge ahead

Emerging markets are vulnerable to the marginal tightening of U.S. monetary policy, we believe, caused by the reduction in bond purchases by the Fed. In December, the Fed announced it would ...

2/4/14

Article

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Putnam Investments

2013: The Year in Retirement

Industry trends, rather than policy shifts, were more prominent in supporting a stronger retirement system in 2013. What didn't happen Congress did not act to limit or cap retirement savings incentives - an ...

1/15/14

Article

Sarah A. Marshall

Sarah A. Marshall, Analyst

Brazil shines for some luxury goods makers

It can be challenging for a retail manufacturer to break into foreign markets, particularly when draconian import duties lead to price inflation and frustrate the growth of the retailer's brand. Penetrating new ...

12/20/13

Article

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Robert L. Reynolds

Steps toward financial wellness

Americans saving for retirement through workplace savings plans like a 401(k) have access to an effective and resilient investment system. In 2006, the Pension Protection Act (PPA) expanded the potential for ...

12/16/13

Article

Joykrishna Mahato

Joykrishna Mahato, Analyst

Chinese tourists become big spenders

Tourists from China spent more money abroad in 2012 than tourists from any other country. At US$102 billion, Chinese international tourism eclipsed - by 20% - the total amount spent by ...

12/13/13

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Is the Fed fighting the last war?

In recent posts, we have approached the problem of the outlook for interest rates by outlining the questions that surround the potential growth rate of the U.S. economy. It is established ...

12/5/13

Article

D. William Kohli

D. William Kohli, Co-Head of Fixed Income

If the economy grows, will workers come back?

A look at recent trends in the U.S. economy suggests that the potential U.S. growth rate is declining. The first reason for this conclusion is that investment has been so weak ...

11/22/13

Article

Gerard P. Sullivan

Gerard P. Sullivan, Portfolio Manager

Investing for growth even when businesses don't

Despite the recovering economy, capital spending by U.S. businesses has yet to pick up in a meaningful way. Businesses still have record amounts of cash on their balance sheets, but rather ...

11/20/13

Article

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Putnam Investments

Top 3 characteristics of those most prepared for retirement

Putnam Lifetime Income Survey 2013 from Putnam Investments 284969

11/19/13

Article

Kelsey Chen

Kelsey Chen, Ph. D., Analyst

A transitioning health-care sector offers value

Despite recent outperformance in the sector, we believe health-care stocks remain attractively valued. Health-care price-earnings multiples have recently moved closer to those of the broader market, but are still considerably lower ...

11/18/13

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

How yields can change in a "normalizing" economy

As the Federal Reserve plots its actions and communications strategy for the gradual normalization of monetary policy, fixed-income investors face the challenge of anticipating the future course of interest rates. Economic growth ...

11/13/13

Article

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Robert L. Reynolds

Give America a raise to spur job creation

This article originally appeared in the Opinion section of the Boston Globe on October 30, 2013. In the depths of the 2008-2009 financial crash, then White House Chief of Staff Rahm Emanuel ...

11/12/13

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Does an inflation surprise lurk in Fed stimulus?

Ever since the topic of stimulus tapering was aired in June, the Fed has hastened to clarify its message: We'll taper if and only if the data argues for tapering. Generally ...

11/8/13

Article

Putnam Portfolio Managers

Putnam Portfolio Managers

International markets rouse from their slumber

The global economy is finding new engines of growth in the developed markets. U.K. policy mix has improved In the United Kingdom, we see a balance of fiscal retrenchment and stimulative monetary policy, ...

11/8/13

Article

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Robert L. Reynolds

Australia rising to the retirement challenge

Countries around the world face multiple economic challenges including sluggish growth and high sovereign debt, while at the same they confront another challenge: meeting the needs of an aging population. Birth rates ...

11/7/13

Article

Kelsey Chen

Kelsey Chen, Ph.D., Analyst

This sector has a stronger pulse than the market

Investors should take notice of positive developments in the health-care sector. The market already has. Stable earnings and solid fundamentals have led health care - a typically defensive sector - to ...

11/1/13

Article

Sarah A. Marshall

Sarah A. Marshall, Analyst

European brands court Chinese consumers

Since the mid 2000s, the rise of the Chinese consumer has transformed global luxury markets, opening new horizons for European companies. The challenge is to harness the buying power of China?s rapidly growing upper-middle and more affluent classes.

10/25/13

Article

Putnam Portfolio Managers

Putnam Portfolio Managers

Consumer and business spending could lift stocks

U.S. GDP growth during the recovery, underway since the middle of 2009, is among the weakest in recent history. It has averaged a little over 2% for the past four years, ...

10/17/13

Article

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Putnam Investments

Is automation driving retirement education?

Many of our daily activities are automated, directing us to get to appointments, pay bills, make purchases, and even save for retirement. But automation does not mean an individual contributing to a ...

8/29/13

Article

The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice.