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 Core Bond Fund, Putnam Diversified Income Trust, Putnam Global Income Trust, Putnam Income Fund, Putnam Master Intermediate Income Trust, Putnam Mortgage Securities Fund, Putnam Premier Income Trust, Putnam Ultra Short Duration Income Fund, Putnam ESG Core Bond ETF, and 37 Capital's Structured Credit strategies. Previously at Putnam, he served as Co-Head of Fixed Income.
More from the Fixed Income team
Sector views
Fixed income markets experienced widespread declines in the U.S. and globally in the third quarter of 2022, as inflation remained high and became more broad-based.
The Fed walks a line between inflation and financial stability
Given the fragilities in financial markets, the Fed will likely move cautiously in monetary tightening to fight inflation.
How Personalization is changing target-date funds
Traditional target-date funds remain as the qualified default investment alternative (QDIA) of choice for most retirement plans, but newer features of managed accounts (MAs) and advisor managed accounts (AMAs) are bringing innovations to the industry.
Will interest rates go down?
Our base case for our strategy remains that a recession will wipe out excess savings, and the relatively low interest-rate environment will return.