Old thinking in China raises doubts
A recent public spending plan in China suggests authorities may be revisiting old habits.
Putnam Perspectives
Research insights from active investors
New market tone may make investor inertia costly
A number of developments in early 2013, including the long deadlock in Italian politics following the March elections, and the brinksmanship surrounding the EU bailout for Cyprus’s banking system,...
U.S. bond opportunities still stack up
We continue to be cautiously optimistic on the U.S. economy, which has been gradually improving. Clearly, there are a number of long-term fiscal issues that the federal government needs...
Facing down the fiscal cliff (replay)
How much might the fiscal cliff disrupt the economy? Improving trends in the U.S. private sector — from housing prices to consumer confidence — contrast with the possible negative...
Europe’s debt crisis — gauging the risks
While the European Central Bank has made progress, we believe, on managing near-term liquidity risk, long-term structural issues remain.
Fixed-income markets returning to normal
The level of market distress surrounding global macro risks has declined in the latter half of 2012, helping sentiment and trading conditions in fixed-income markets return to more normal...
Markets put macro risks in perspective
Since the 2008 market dislocation, fixed-income investors have been prone to anticipate another major macroeconomic crisis, but there are signs developing that macro risks may be easing and more...