The Macro Report | December 2018
The U.S. economy’s slow fizzle
In Europe, France and Spain are grappling with political stresses as Italy’s economy shrinks and the European Central Bank weighs monetary policy. Political uncertainties keep bubbling up, reflecting popular dissatisfaction with the status quo. The eurozone’s reform agenda and economic growth continue to struggle against the difficult backdrop. Adding to the global malaise are falling oil prices. Weakness in oil prices forced OPEC and its allies to try to stabilize the market with production cuts as the United States reimposed economic sanctions on Iran.
U.S. growth poised to cool
There are indications the economy is losing momentum, including a weaker housing market and lowing corporate investment.
Europe’s political divide
Opposition to productivity reforms and budget compromises compound debt issues as the European Central Bank weighs monetary policy.
About the macro report
The Macro Report is written by members of Putnam’s Fixed Income team. With backgrounds in applied economics, currency and interest-rate analysis, and sovereign and local bond market dynamics, this group conducts macroeconomic research in support of Putnam’s global fixed-income strategies.
Michael Atkin, Portfolio Manager
Investing since 1988
Sovereign debt, global growth analysis
Albert Chan, CFA, Portfolio Manager
Interest-rate derivatives, government debt, risk analysis
Onsel Emre, PhD, Analyst
Inflation, risk analysis, global growth dynamics
Sterling Horne, Analyst
Politics and economics
Irina Solyanik, CFA, Analyst
Quantitive analysis, growth forecasting
Izzet Yildiz, PhD, Analyst
Labor market analysis, global growth dynamics