Guggenheim Macro Markets

Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.Related Content:Notes on Tariff TurbulenceUpdate on our macro and market outlook following announcement of new tariff and trade policies.Read Portfolio Strategy Commentary Don’t Let Policy Volatility Overshadow Market OpportunityLong-term signals are positive for fixed income. Read the CIO Outlook Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.Listen to Macro Markets Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered...

Karthik Narayanan joins Macro Markets to discuss the evolution of asset-backed finance, the role it plays in a diversified fixed-income portfolio, and current market dynamics and opportunities.Related Content:Don’t Let Policy Volatility Overshadow Market OpportunityLong-term signals are positive for fixed income. Read CIO Outlook 1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 65: Macro and Micro Views on Credit Opportunities in a Shifting Economy Top-down and bottom-up perspectives on opportunity in the high yield and bank loan market. Listen to Macro Markets Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part...

Strong fundamentals and positive market technicals should support credit performance in an environment characterized by high nominal yields, tight spreads, and elevated policy uncertainty. Maria Giraldo and Rebecca Elkins join Macro Markets to provide top down and bottom up perspectives on opportunity in the high yield and bank loan market. Related Insights:1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 64: The SMA Advantage—Institutional Strategies for Individual Investors Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to explore separately managed accounts (SMAs), a structure that offers many potential benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.Listen to Macro Markets1Q 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.  In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities.  High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.  Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is

Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to discuss separately managed accounts (SMAs), a structure that offers many benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.Related Insights:1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 63: Post-Inauguration/Post-FOMC Analysis—Into the Known UnknownMatt Bush and Evan Serdensky discuss evolving economic and investing conditions, as well as recent A.I.-related volatility. Listen to Macro Markets Podcast1Q 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.SMA strategies discussed herein are available exclusively through third party financial professionals and are not offered directly to the public through Guggenheim Investments. SMA target characteristics and allocations are for illustrative purposes only. Individual account holdings and characteristics will vary depending on the size of an account, cash flows and account restrictions. Individual accounts within the same strategy may have portfolio characteristics and performance that differ from one another. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Investment Risks. The strategies described herein may not be suitable for all investors. All investments have inherent risks. There is no guarantee the manager will be able to implement investment strategies successfully or achieve investment objectives. • The market value of fixed income securities will change in response to interest rate changes and market conditions among other things. In general, bond prices rise when interest rates fall and vice versa. • High yield securities present more liquidity and credit risk than investment grade bonds and may be

The new administration has hit the ground running, the Fed held rates steady at its last policy meeting, and markets have been volatile. Matt Bush, our U.S. economist, and Evan Serdensky, Portfolio Manager on our Total Return team, join Macro Markets to discuss evolving economic and investing conditions, as well as recent A-.I.-related volatility.Related Insights:10 Macro Themes for 202510 trends that will shape credit markets in 2025. Read 10 Macro ThemesMacro Markets Podcast Episode 62: 10 Macro Themes for 2025 (and a Quick Fed Update)Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group joins Macro Markets to discuss our 10 Macro Themes likely to shape monetary policy and investment performance this year. Listen to Macro Markets EpisodeFirst Quarter 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Learn where we’re finding value.Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 63850

Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group, joins Macro Markets to discuss the top 10 Macro Themes we believe will shape monetary policy and investment performance this year. She also discusses December economic data releases, the incoming Trump administration, and the future path of Fed policy.10 Macro Themes for 202510 trends that will shape credit markets in 2025. Read 10 Macro Themes1Q25 Fixed-Income Sector ViewsPlanning begins now for Life and Annuity companies.Read Fixed-Income Sector ViewsThe Power of Private Credit in Fixed-Income PortfoliosDina DiLorenzo, President of Guggenheim Investments, joins CNBC to discuss opportunities across private credit and innovative new products to meet clients’ evolving needs.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.SP 63613

Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Macro Markets after the Fed’s December rate cut to discuss her 2025 economic outlook, and how she navigates heightened uncertainty amid potentially sweeping changes in government policies that could significantly affect economic growth, inflation, and the outlook for certain sectors. Related Content: 4Q24 Fixed-Income Sector ViewsA good time for active fixed-income management. Read Fixed-Income Sector Views 4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. Read High Yield and Bank Loan OutlookCompanies with Access to Capital are Doing Well…and That is Where We Are Investing Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond. Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions...

Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to discuss portfolio strategy and our outlook following the  U.S. election and the Fed’s most recent rate cut.Related Content: 4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. 3Q24 Quarterly Macro ThemesResearch spotlight on what’s next.Companies with Access to Capital are Doing Well…and That is Where We Are Investing Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding,

Where can investors find attractive yield while mitigating risk in the current environment? Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss what makes the sector an important component of our actively managed fixed-income portfolios and where we are finding value now.4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. Read High Yield and Bank Loan Outlook3Q24 Quarterly Macro ThemesResearch spotlight on what’s next.Read Quarterly Macro ThemesCompanies with Access to Capital are Doing Well…and That is Where We Are InvestingAnne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such...

Tad Nygren, Head of Governments and Agencies, joins the podcast to offer insights on the market’s reaction to the Fed’s recent rate cut, economic data releases, and what may come next. Related Content:4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed.High Yield and Bank Loan Outlook3Q24 Quarterly Macro ThemesResearch spotlight on what’s next.Read Quarterly Macro ThemesHigher Quality Fixed Income is ‘the Place to Be’Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability. Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 62773