Explore research-driven analysis of evolving market themes


Looking for impact in CEO compensation

Looking for impact in CEO compensation

It’s important for investors to be able to understand how a company’s performance relates to CEO compensation.

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What could extend the equity rally?

What could extend the equity rally?

Valuation levels alone are not a reason to stay away from equities.

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Global growth quickens without inflation

Global growth quickens without inflation

Beyond the United States, the global economy is growing in a synchronized fashion and firing on many cylinders.

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Goldilocks environment to persist, but valuations limit upside

Goldilocks environment to persist, but valuations limit upside

The market appears to have little confidence in tax reform, and little concern about North Korea or Fed policy.

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How the Japan election may influence global interest rates

How the Japan election may influence global interest rates

The Japan election could have consequences for the future leadership of the Bank of Japan and the country's impact on global interest rate trends.

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Growth marches on

Growth marches on

As the summer winds down, the outlook for Fed policy, the North Korea crisis, and the questions surrounding U.S. tax reform remain the chief areas of uncertainty for the global macro picture.

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Using and enhancing ESG investment data

Using and enhancing ESG investment data

ESG data is having investment impact but is still evolving, and stands to benefit from feedback offered by fundamental analysts.

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The transition from tranquility

The transition from tranquility

While the fundamentals of the global economy remain positive, an uptick in real interest rates offers a taste of the potential for policy error.

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Europe plays catch up

Europe plays catch up

In the United States, we see an increasing amount of evidence pointing toward late-cycle economic conditions.

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Positive fundamentals may be tested by policy uncertainty

Positive fundamentals may be tested by policy uncertainty

For U.S. equity investors, the second quarter offered a number of familiar themes: relatively low volatility, new record highs for major indexes, and a modest advance for stocks.

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Calm before the storm

Calm before the storm

In the United States, the economic cycle may be coming to its natural end. What happens next may be a deepening of global risk.

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Why Brazil's crisis creates new concerns

Why Brazil's crisis creates new concerns

The revelations of May 17 may pose a threat to President Temer's administration, and therefore a threat to Brazil's short- and medium-term economic outlook.

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New configurations

New configurations

The immediate threat to eurozone stability is over, but new risks are rising in other political theaters.

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Pillars of global growth

Pillars of global growth

As the domestic U.S. policy outlook dims, markets take their cue from more substantive signs of change.

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A braver new world

A braver new world

The global economy is close to firing on all cylinders, but coming changes at the world's major central banks warrant caution ahead.

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Global divergences

Global divergences

Global growth continues to diverge, but little seems likely to ignite a corporate or consumer spending boom — whether in the United States or Europe.

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Real rhetorical deals

Real rhetorical deals

The business of making or breaking deals under Trumponomics may carry big risks for the economy.

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See the dove in the Fed's dot plot

See the dove in the Fed's dot plot

The market sees a more hawkish Fed in the December 2016 rate hike, but we see see signs of a dove in the Fed's dot plot.

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Diversifying stable value with traditional GICs

Diversifying stable value with traditional GICs

Stable value portfolios that avoid traditional GICs may be missing a diversification opportunity that also offers liquidity.

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Negative interest rates may have unforeseen consequences

Negative interest rates may have unforeseen consequences

Today's experiments with negative interest rates in Europe and Japan have potential negative consequences for government bonds and the banking sector.

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Recognize the value of flexibility as central banks experiment

Recognize the value of flexibility as central banks experiment

Unconstrained diversification may be valuable for fixed-income investors as markets monitor possible changes in central bank policies around the globe.

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Proceeding toward Brexit: The risks for investors

Proceeding toward Brexit: The risks for investors

With the United Kingdom beginning to move forward with Brexit, we see risks to the economy, the pound, and the markets.

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Italy's bank troubles challenge EU

Italy's bank troubles challenge EU

Troubled banks in Italy pose a new challenge to the EU, one that has been compounded by the U.K.'s vote in favor of Brexit.

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Can government reform brighten EM growth outlook?

Can government reform brighten EM growth outlook?

Our research has identified both near- and long-term investment opportunities in EM countries that may benefit from a combination of policy reform, policy independence, and insulation from falling commodity prices.

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Reassess risk as interest rates creep up

Reassess risk as interest rates creep up

Historically when the Fed raises rates, Treasury rates have tended to move higher — a dynamic that poses risk to today's benchmark-oriented portfolios.

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Don’t underestimate this economy

Don’t underestimate this economy

Despite worrisome headlines about the economy, recent data show only a modest loss of momentum.

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Constrained credit threatens growth

Constrained credit threatens growth

Stock market rallies often need to climb a wall of worry, and we see that wall getting higher.

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How alts have performed in the long run

How alts have performed in the long run

Comparing the long-term returns and volatility of alternative investments can provide clues on their potential for diversifying a portfolio.

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The fixed-income risks that we favor

The fixed-income risks that we favor

We see more attractive fixed income risks outside of interest rates, in part because U.S. economic growth may warrant more rate hikes by the Fed.

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Value opportunities gain traction in turmoil

Value opportunities gain traction in turmoil

Beneath dire headlines about plunging markets, we are seeing value opportunities assert themselves.

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Shedding light on alternatives

Shedding light on alternatives

Classifying alternative investment strategies by objective can help to illuminate the benefits they offer to portfolio diversification.

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Tilting toward risk assets

Tilting toward risk assets

Despite ominous headlines, economic growth appears reasonably stable, which may be supportive of risk assets.

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Assembling the global growth mosaic

Assembling the global growth mosaic

Putnam's macroeconomic research identifies factors that point to continued weakness in the long-term growth potential of several major developed countries.

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New research road tests alternatives

New research road tests alternatives

New Putnam research offers insights to help to set performance expectations for alternative strategies under actual market conditions.

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Markets sharpen focus on fundamentals

Markets sharpen focus on fundamentals

Concerns linger that the causes of the August market selloff could continue to trouble markets, but it's important to consider fundamentals.

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