Explore our thinking about today's financial markets
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Why Gaza war has not yet caused an oil price spike
November 22, 2023 | Fixed income
The calamity of war in Gaza since early October has so far had a more muted impact on oil prices than might have been expected. We analyze the market and share our outlook.
Capital Markets Outlook

Driving with the rearview mirror
October 12, 2023 | Capital Markets Outlook
With the economic outlook causing wide-ranging debate, we consider what stock and bond valuations indicate.
Fixed Income Outlook

Sticky inflation and Treasury supply likely to push yields higher
November 1, 2023 | Fixed Income Outlook
Stay informed on fixed income markets in the fourth quarter. Get timely updates on currency, credit, and the yield curve.
Equity Insights

Balance and ballast: A strategy for uncertain markets
November 1, 2023 | Equity Insights
With heightened uncertainty in the financial markets, we believe it is an attractive time to invest in balanced funds, thanks to uncorrelated asset class returns and the ballast provided by the fixed-income portion of their portfolios.
![ESG Materiality: A North Star for multi-asset investors [2023]](https://www.putnam.com/static/img/blogs/perspectives/334257_1200x627.jpg)
ESG Materiality: A North Star for multi-asset investors [2023]
The concept of financial materiality serves as a “North Star” that can guide activity across asset classes. Illuminating this concept, Putnam experts in equities, fixed income, and asset allocation have produced a comprehensive exploration of ESG materiality across asset classes.

What's next for the traditional 60/40 portfolio
Volatility in both stock and bond markets persisted in Q3 2022, with equity markets making new year-to-date lows and interest rates reaching the highest levels since 2008. 2022 has also presented challenges for the traditional 60% equity/40% fixed income portfolio.

Slowing economic growth and fixed income performance
As a follow up to the piece we published in July that focused on decelerating economic growth and equity returns, we thought it made sense to look at how some fixed income sectors fared during the same periods. We researched this concept to better understand the historical relationship between an economic slowdown, credit spreads, and total returns.

Consumer sentiment and forward market performance
In light of decades-high inflation, the Federal Reserve tightening monetary policy, and concerns about an economic slowdown, U.S. consumer sentiment has plummeted.. This year, sentiment is historically low, according to the University of Michigan Survey of Consumers.

Style and factor performance during economic deceleration
Investors are concerned about decelerating economic growth and what this could mean for future equity returns. We researched this question to understand the historical relationship between an economic slowdown, earnings degradation, and any subsequent style or factor performance.

Yield curve inversion and market performance
At its March meeting, the Federal Reserve raised the federal funds rate by 25 basis points. The central bank also indicated that this is likely the start of a tightening cycle, as policymakers attempt to dampen the elevated levels of inflation seen since the start of the pandemic.