Higher interest rates can challenge any fixed-income market, but rate increases in advanced economies can cause particular difficulty for emerging markets.
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While energy consumption had been relatively stable in the developed world, supply has continued to expand.
The Fed’s rate hike will probably come without warning.
Get the bigger picture of Putnam's views and insights.
The picture in emerging markets is vastly different today than in the mid- to late-1990s, when nearly all EM countries issued debt in U.S. dollars.
Despite the disruption in the high-yield bond sector caused by lower energy prices, it may not be a buying opportunity.
The stronger U.S. dollar can challenge corporate earnings and the ability of companies to pay dividends.
Despite ups and downs in quarterly GDP, we see trends that herald the economy's return to the “old normal,” pre-financial crisis pace of growth.
Pressure on the boards of Japanese companies to increase the return on equity for shareholders is changing the outlook for investing in Japan.
We are concerned about some challenges to U.S. equities — including a potentially difficult environment for earnings growth in 2015.