Michael V. Salm

Chief Investment Officer, Fixed Income

Mr. Salm is Chief Investment Officer of Fixed Income and a member of Putnam's Operating Committee. He is responsible for the overall strategy and positioning of Putnam’s fixed-income portfolios. Mr. Salm specializes in investment strategies related to mortgage and structured credit products and interest-rate and volatility derivatives. He joined Putnam in 1997 and has been in the investment industry since 1989. Mr. Salm is a portfolio manager of Putnam Diversified Income Trust, Putnam Global Income Trust, Putnam Fixed Income Absolute Return Fund, Putnam Income Fund, Putnam Master Intermediate Income Trust, Putnam Mortgage Securities Fund, Putnam Premier Income Trust, Putnam Ultra Short Duration Income Fund, and 37 Capital's Structured Credit strategies. Previously at Putnam, he served as Co-Head of Fixed Income.

Mutual Funds

Fact sheet Annual Semi annual
Diversified Income Trust
Fixed Income Absolute Return Fund
Global Income Trust
Overall Morningstar RatingTM among 193 funds in the Global Bond category.
10-year Morningstar RatingTM among 133 funds in the Global Bond category.
Income Fund
Overall Morningstar RatingTM among 568 funds in the Intermediate Core-Plus Bond category.
10-year Morningstar RatingTM among 359 funds in the Intermediate Core-Plus Bond category.
5-year Morningstar RatingTM among 505 funds in the Intermediate Core-Plus Bond category.
Mortgage Opportunities Fund
Mortgage Securities Fund
Ultra Short Duration Income Fund
3-year Morningstar RatingTM among 214 funds in the Ultrashort Bond category.

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U.S. recession ifs and whens

The U.S. will likely avoid a recession in 2022, in our view. That risk rises next year as the Fed raises rates and China decelerates.

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U.S. households and asset prices are at tipping point as Fed lifts rates

In a supply-constrained world, reducing asset prices may be the only way for central banks to bring demand and inflation lower.

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