Karthik Narayanan, Head of Structured Credit for Guggenheim Investments, and Danny Gibbs, a portfolio manager on our Total Return team, join Macro Markets to give an overview of the structured credit market.Related Insights:Learning from Turning Points in Monetary PolicyThe case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.Read Portfolio Strategy Commentary1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan Outlook11 Macro Themes for 202411 Trends that will shape credit markets in 2024.Read 11 Macro ThemesInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. 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,...

Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss the latest FOMC meeting and the January jobs report, update our monetary policy outlook, and review relative value in the fixed-income market.Related Insights:Learning from Turning Points in Monetary PolicyThe case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.Read Portfolio Strategy Commentary1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan Outlook11 Macro Themes for 202411 Trends that will shape credit markets in 2024.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 Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 60258

Matt Bush, Guggenheim Investments’ U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our top 11 Macro Themes likely to shape monetary policy and investment performance this year. Related Insights:11 Macro Themes for 202411 trends that will shape credit markets in 2024. Read 11 Macro ThemesPolicy Conditions Are Tighter Than They AppearAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.Positioning for the Fed PivotSteve Brown shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 60019

Anne Walsh, CIO for Guggenheim Partners Investment Management, joins Macro Markets to discuss opportunities and risks in what promises to be an eventful 2024. A weakening economy, pivoting monetary policy, volatile geopolitics, and a presidential election form the backdrop that is tailor-made for active fixed-income management.Related Content:Policy Positions Are Tighter Than They AppearAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.Watch Video4Q23 Fixed-Income Sector ViewsConsistent strategy through volatility. Read Fixed-Income Sector ViewsPositioning for the Fed PivotSteve Brown, Chief Investment Officer, Total Return and Macro Strategies, shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward. Watch VideoInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. 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...

Maria Giraldo, Investment Strategist, discusses the performance of the corporate credit sector this year and the rationale for our cautiously optimistic outlook for 2024. Related Insights:4Q23 Fixed-Income Sector ViewsConsistent strategy through volatility. Read Fixed-Income Sector Views4Q23 High-Yield and Bank Loan OutlookCredit challenges to come as the economy slows. Read High-Yield and Bank Loan Outlook3Q23 Quarterly Macro ThemesResearch spotlight on what’s next.Read Quarterly Macro ThemesInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59577

Adam Bloch, Portfolio Manager on our Total Return team, and Matt Bush, Guggenheim Investments' U.S. Economist, update our economic and market outlook following the November meeting of the Federal Open Market Committee and the latest employment report. Related Insights:4Q23 High-Yield and Bank Loan OutlookCredit challenges to come as the economy slows. Read High-Yield and Bank Loan Outlook3Q23 Quarterly Macro ThemesResearch spotlight on what’s next.Read Quarterly Macro ThemesAttractive Bond Yields While Being Patient and DefensiveAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59355

Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape. He shares how active management allocation decisions within a long-term investment outlook are designed to avoid risk and identify opportunity in this period of heightened volatility and uncertainty.Related Insights:3Q23 Quarterly Macro ThemesResearch spotlight on what’s next. Read Quarterly Macro Themes3Q23 Fixed-Income Sector Views Technical tailwinds support the market. Read Fixed-Income Sector ViewsAttractive Bond Yields While Being Patient and DefensiveAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59013

U.S. Economist Matt Bush, Investment Strategist Maria Giraldo, Investment Strategist Chris Squillante, and Economist Jerry Cai join Macro Markets to discuss the second issue of Quarterly Macro Themes, which takes a deep dive into issues helping shape our baseline economic views.Related Insights:3Q23 Quarterly Macro ThemesResearch spotlight on what’s next. Read Quarterly Macro Themes3Q23 Fixed-Income Sector Views Technical tailwinds support the market. Read Fixed-Income Sector ViewsUse this “Goldilocks Market” to Prepare for Its Eventual EndThe Fed is not done. Read Portfolio Strategy Commentary Investing 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58778

Jenny Marler, Head of Guggenheim Real Estate, provides insight into the $21 trillion commercial real estate market, a critical asset class for the economy. Performance has varied for each of the principal sectors, but the office sector, beset by tepid post-pandemic back-to-work trends, high mortgage rates, and capital rationing, is struggling. She discusses monitoring and managing risk and where she is seeing value in the sector. Related Insights:3Q23 Fixed-Income Sector ViewsTechnical tailwinds support the market.Read Fixed-Income Sector ViewsUse This ‘Goldilocks Market’ to Prepare for Its Eventual EndThe Fed is not done.Read Portfolio Strategy Commentary3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan OutlookInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58466

Matt Bush, Guggenheim Investments U.S. Economist, and Evan Serdensky, Portfolio Manager on our Total Return team, share their updated outlook following some recent surprises in the economic data. They discuss the likelihood of a soft landing, the possible path of monetary policy, market dynamics, and investment strategy and positioning.Related Insights:Use This ‘Goldilocks Market’ to Prepare for Its Eventual EndThe Fed is not done.Read Commentary3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan Outlook"It’s a Good Time to Be Thoughtful About Risk"Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve’s ongoing inflation battle. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58258

Karthik Narayanan, Head of Structured Credit for Guggenheim Investments, and Tom Nash, a director on our Commercial Mortgage-Backed Securities (CMBS) sector team, join Macro Markets to discuss drivers of performance, current conditions in real estate, and where they are finding value in CMBS and in other types of structured credit. Related Insights:3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan Outlook2Q23 Quarterly Macro ThemesA new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.Read Quarterly Macro ThemesIt’s a Good Time to Be Thoughtful About RiskAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve’s ongoing inflation battle. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58304

Matt Bush, US Economist; Maria Giraldo, Investment Strategist; and Paul Dozier, Economist, join Macro Markets to discuss the first issue of our newest Thought Leadership publication, Quarterly Macro Themes. We also answer listener mail. Related Insights:2Q23 Quarterly Macro ThemesA new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.Read Quarterly Macro ThemesFixed Income Is Now a Buyer’s MarketSteve Brown, CIO for Macro and Total Return Strategies, discusses the Improved value proposition in credit.Read Portfolio Insight2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertainty.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57188

Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, analyzes the economic and credit cycles, evaluates market opportunities, opines on drivers of returns going forward, and shares portfolio strategies. Rising idiosyncratic risk, she says, calls for active fixed-income management. She also offers advice to young women looking to make a career in asset management.Related Content:Fixed Income Is Now a Buyer’s MarketImproved value proposition in credit.Read Portfolio Strategy Commentary2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertaintyRead Fixed-Income Sector Views2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57586

Allen Li, Managing Director and Head of Guggenheim Investments’ Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value. U.S. Economist Matt Bush updates the economic outlook.Related Content:2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertaintyRead Fixed-Income Sector Views2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57470

Tom Hauser, Co-Head of Corporate Credit for Guggenheim Investments and senior portfolio manager for the firm’s high yield and leveraged loan portfolios, discusses his team’s analytical process, the importance of credit selection, and his current views on opportunity in leveraged credit. Take a deep dive with Tom into the fundamental and technical drivers of performance, his default outlook, and getting paid for taking credit risk. Economist Paul Dozier updates on the latest economic data.Related Content:2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookA Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed’s next move and beyond. Read Macroeconomic CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy CommentaryInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57291

Adam Bloch, Portfolio Manager for Guggenheim Investments, checks in with Macro Markets to discuss opportunities, tactics, and strategy in today’s uncertain economic and market environment. With the relatively high level of income available in the market today, it pays to be patient, and diversified, with an eye towards becoming a liquidity provider in the future.Related Content:2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookA Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed’s next move and beyond. Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57078

Justin Takata, Head of Investment Grade Corporate Credit for Guggenheim Investments, discusses the interplay between primary issuance and trading volumes, developments in credit fundamentals, and where he is seeing risk and opportunity. U.S. Economist Matt Bush updates the Fed outlook following recent economic data. Also, we answer listener mail.Related Content:A Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed’s next move and beyond. Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy CommentaryInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56855

Matt Bush, Guggenheim Investments’ U.S. Economist, and Evan Serdensky, a Portfolio Manager on our Total Return team, share their perspectives and outlook following two eventful weeks in markets and the economy. They discuss the future path of monetary policy, the effects of a possible credit crunch, and investment strategy and positioning.Related Insights:A Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed’s next move and beyond.Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy Commentary Investing 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56637

Karthik Narayanan, Head of Securitized for Guggenheim Investments, gives a master class in structured credit, including where he is finding attractive absolute and relative value in mortgage-backed securities, asset-backed securities, and collateralized loan obligations. U.S. Economist Matt Bush discusses the resilience of recent economic data and what it means for the Federal Reserve’s inflation fight. (Structured credit is complex and may not suitable for all investors.)Related Insights:1Q23 Fixed-Income Sector ViewsValuations have reset after a volatile year. Read Fixed-Income Sector Views1Q23 High-Yield and Bank Loan OutlookMove up in quality ahead of any recession-driven market volatility.Read High-Yield and Bank Loan OutlookMarket Commentary: Investors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Market Commentary Investing 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56400

Steve Brown, Chief Investment Officer for Total Return and Macro Strategies for Guggenheim Investments, shares a CIO’s unique perspective on active portfolio management in a time of higher yields and macroeconomic complexity. He discusses recent economic data, relative value opportunities, and the importance of making asset allocation decisions for a range of different outcomes. Related Insights:Market Commentary: Investors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Market Commentary 10 Macroeconomic Themes for 202310 charts illustrate the macroeconomic trends we believe are most likely to shape the investment environment in 2023. Read 10 Macro Themes1Q23 High-Yield and Bank Loan OutlookMove up in quality ahead of any recession-driven market volatility.Read High-Yield and Bank Loan OutlookInvesting 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56209

Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, discusses the Fed rate decision, recent inflation, labor, and GDP data, and possible next steps for monetary policy. He also provides key takeaways for investors from our 10 Macroeconomic Themes for 2023.Related Insights:10 Macroeconomic Themes for 202310 charts illustrate the macroeconomic trends we believe are most likely to shape the investment environment in 2023. Read 10 Macro Themes1Q23 High-Yield and Bank Loan OutlookMove up in quality ahead of any recession-driven market volatility.Read High-Yield and Bank Loan Outlook“Right Now, the Fixed-Income Story is a Good One”Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joined CNBC in Davos to discuss her outlook for Federal Reserve (Fed) policy, the coming recession, and the positive backdrop for bonds. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56000

Scott Minerd, Global CIO for Guggenheim Partners and Chairman of Guggenheim Investments, joins the year-end episode of Macro Markets on Fed Day for a wide-ranging discussion of the Federal Reserve’s execution of monetary policy, economic conditions, the investment landscape for risk assets, portfolio strategy, and more.Related InsightsGlobal CIO Outlook: That Sound You Hear is the Fed Breaking SomethingThe Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. October will test the Fed’s resolve.Read Global CIO OutlookCIO Outlook: For Lessons on Fighting Inflation, Skip Over Volcker to 1946Clues from history on how to successfully end the current surge in prices.Read Global CIO OutlookInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Karthik Narayanan, Head of Securitized for Guggenheim Investments, discusses the structure and value in the residential mortgage-backed securities market and other ABS sectors. Anne Walsh, Chief Investment Officer for Fixed Income, answers a listener question on liquidity. Jerry Cai, an economist in our Macroeconomic and Investment Research Group, brings the latest on the labor picture and an update on China.

Anne Walsh, Chief Investment Officer for Fixed Income, joins the podcast to give her analysis of where we are in the economic and credit cycle, and her views on risk and opportunity across the fixed income landscape.Related InsightsFourth Quarter 2022 Fixed-Income Sector ViewsMarket and value updates by sectorRead Fixed-Income Sector ViewsThe Jobs Data Trend Is Duration’s FriendOctober jobs data suggests a cooling labor marketRead Macro AlertMarkets Rally After Weak CPI DataScott Minerd, Guggenheim Partners Global CIO and Chairman ofGuggenheim Investments, joins CNBC to discuss markets on CPI day.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 55046  

Investment Strategist Maria Giraldo takes us through the fixed-income market to evaluate risk and return prospects with spreads near their historical wides and bond prices at levels not seen in decades. Jerry Cai, an economist in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail.Related Content:Global CIO Outlook: That Sound You Hear is the Fed Breaking SomethingThe Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. Read CIO Outlook “A Once in a Generation Opportunity for Investors”Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joined CNBC to discuss opportunities for investors in a market beset by policy and economic challenges. Watch Video2022’s Upside: The Fed Has Put the Income Back in Fixed IncomeAnne Walsh, Chief Investment Officer for Fixed Income at Guggenheim Investments, joined Asset TV to discuss macroeconomic conditions, risk, and relative value in the bond market. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 54708

Steve Brown, Chief Investment Officer for Total Return and Macro Strategies for Guggenheim Investments, gives a CIO’s unique perspective on managing portfolios and market dynamics in a complex macro environment. He discusses credit performance, relative value in corporate and structured credit, duration strategy, risk management, and more. Paul Dozier, a Director in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail.Related Insights:Global CIO Outlook: That Sound You Hear is the Fed Breaking SomethingThe Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. October will test the Fed’s resolve.Read CIO Outlook“We Are Seeing Cracks All Over the Place”Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joins CNBC to discuss ramifications of aggressive Fed tightening.Watch Video3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead ReportInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

In the newest episode of our award-winning podcast, Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, covers a lot of ground in his analysis of the Federal Reserve’s third straight 75 basis point rate hike. He discusses how monetary policy is intended to tame inflation, the Fed’s reaction function going forward, and possible recession timing, as well as the U.S. dollar’s relative strength and foreign central bank responses. With the Fed now embracing a “hard landing,” what should investors be thinking about?Fed Day: The Argument for 100 Basis PointsScott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day (September 2022)Watch Video3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read Report3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead ReportInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.  

Jim Pass, head of project finance for Guggenheim Investments, and Kate Newman from the World Wildlife Fund talk about the most recent research collaboration between Guggenheim and WWF, a survey of infrastructure investors and developers. Read the report here.Related Insights:3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead Report3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read ReportStocks Are in Trouble if S&P Fails To Break Above its 200-day Moving AverageDeeper losses for equities may lay ahead.Read Macro AlertInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. 

Matt Bush, Guggenheim’s US economist, discusses the fast-moving economic data and what it might mean for the future course of monetary policy. Aditya Agrawal, head of the Agency MBS Sector Team, reports on developments in his sector, which is directly affected by the Fed's balance sheet management.3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-incomesectors.Read Fixed-Income Sector ViewsThe Inflation Moderation We Expected Should ContinueLower July CPI inflation is likely the beginning of a trend.Read Macro Alert CIO Mid-Year OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead.Watch Video Investing 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Jenny Marler, head of Guggenheim Real Estate, focuses on hotels and hospitality, one of the real estate sectors hardest hit by the pandemic. Jerry Cai, a Vice President in the Guggenheim Investments Macroeconomic and Investment Research Group provides an update on latest Federal Reserve decision and other macro developments. We also answer a listener’s question. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Insights:3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read Quarterly Market ReviewCIO Mid-Year OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead.Watch Video Investing 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. 

Episode 18: Investment-Grade Corporates and the Macro BackdropThursday, July 21Justin Takata, head of Guggenheim’s Investment-Grade Sector Team, discusses the technical and fundamental drivers of value in his market. Guggenheim’s U.S. Economist Matt Bush reviews the latest CPI and jobs data, and outlines his views on recession timing and the possible progression of monetary policy. We also answer a listener’s question about fixed-income funds in retirement plans. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Content1. Recession Signals Flashing Red The latest data suggest we may already be in a recession.Read Macro Alert2. CIO Midyear OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook MasterClass to discuss multi-asset solutions for the market ahead.Watch Video Investing involves risk, including the possible loss of principal.This material is distributed or presented 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 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. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. 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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. 

In Episode 17: “Fixed Income in Retirement Plans” (July 6, 2022), portfolio manager Adam Bloch, a managing director and a leader of our total return team, discusses economic and market conditions in fixed income, and offers perspective on considerations for plan sponsors, advisors, and plan participants when evaluating the bond allocation in retirement accounts. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Insights:Recession Signals Flashing RedThe latest data suggest that we may already be in a recession.Read Macro AlertInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Brian Smedley, Guggenheim’s Chief Economist and Head of Macroeconomic and Investment Research, discusses the impact of the Fed’s 0.75% rate hike on markets and the economy.If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.comRelated Insights:Macro Markets Podcast: Episode #15Paul Dozier on how stocks have performed in midterm election years, and head of foreign exchange Cameron Crosby discusses the currency markets.Listen to Macro Markets Podcast Ep. 15Credit Returns in the Upcoming Fed Hiking CycleThe outlook for credit amid rising inflation, monetary tightening and war in EuropeRead High-Yield and Bank Loan ReportInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Paul Dozier, a Director in the Guggenheim Investments Macroeconomic and Investment Research Group discusses the performance of equity markets during mid-term election years and provides an update on the latest economic data. Head of Guggenheim’s foreign exchange and derivatives trading desk, Managing Director Cameron Crosby, shares the latest on the currency markets. We also answer a listener’s question about the neutral rate.If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.comRelated Insights:Macro Markets Podcast: Episode #13U.S. Economist Matt Bush analyzes the latest Fed announcement and labor and inflation data, Investment Strategist Maria Giraldo discusses credit risk while the Fed tightens, and Managing Director Chris Keywork updates on the bank loan market.Listen to Macro Markets Podcast Ep. 13Fed Aggressiveness Following Delayed Liftoff Sets Up 2023 CollisionThe risks of tightening into a downturn.Read Macro AlertCredit Returns in the Upcoming Fed Hiking CycleThe outlook for credit amid rising inflation, monetary tightening and war in EuropeRead High-Yield and Bank Loan ReportInvesting 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.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 Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Matt Bush, Guggenheim Investments’ U.S. Economist, provides an update on the macroeconomic outlook, including his analysis of the minutes from the last FOMC meeting. We also answer listener questions.

Matt Bush, a Managing Director and Guggenheim’s US Economist analyzes the latest Fed announcement and labor and inflation data, and offers his views on what investors can expect as policy starts to take hold. Maria Giraldo, a Managing Director and investment strategist in the Macroeconomic and Investment Research Group, discusses the fundamentals, relative value, and future prospects for credit risk while the Fed tightens. And the head of Guggenheim’s bank loan desk, Managing Director Chris Keywork, provides an update on his sector, which remains a market favorite and a positive outlier in the fixed-income universe.

Allen Li, Managing Director and Head of Guggenheim’s Municipal Bond Sector Team, discusses technical and fundamental drivers of the taxable and tax-exempt municipal market, and why it might be a good time to buy. Also, with the Fed poised to ramp up policy tightening and ongoing supply disruptions from lockdowns in China and the war in Ukraine, Paul Dozier, a Director in the Macroeconomic and Investment Research Group, brings us up to date on the economic outlook.

Karthik Narayanan, Head of the Structured Credit group for Guggenheim Investments, and Jared Drucker, a Director and senior member of the group, join Head of Thought Leadership Jay Diamond for a timely discussion of ABS, MBS, and CLOs, how the market has been responding to rapidly changing market conditions, and where they are finding value now. Matt Bush, US Economist for Guggenheim Investments, looks under the hood of the latest CPI release and shares his take on the Minutes from the March FOMC meeting.

Steve Brown, Assistant Chief Investment Officer for Guggenheim Investments, discusses the drivers of first quarter market volatility, portfolio management decision making, and the case for bonds now. Also featuring Aditya Agrawal, Head of the Agency MBS Sector Team, and Jerry Cai, a Vice President in the Macroeconomic and Investment Research Group.

Brian Smedley, Chief Economist for Guggenheim Investments and Head of our Macroeconomic and Investment Research Group, joins Jay Diamond, Head of Thought Leadership, to discuss the economic and market impact of the FOMC decision, war in Ukraine, and much more.

Anne Walsh, Guggenheim Investments CIO for Fixed Income, discusses risk, opportunity, and the benefits of active portfolio management. Also featuring Jenny Marler, head of Guggenheim Real Estate, with an update on the retail sector, and Paul Dozier, a director in the Macroeconomic and Investment Research  Group, does a deep dive on developments in Ukraine and recent economic data releases.

An update on the investment grade corporate bond market in the wake of the latest CPI inflation data and the expected removal of monetary policy accommodation. Featuring Justin Takata, Managing Director and Head of Investment Grade Corporate Credit Sector Team, and Paul Dozier, Director in the Macroeconomic and Research Group.

Floating rate assets and credit should perform well as monetary policy changes course. Featuring Matt Bush, U.S. economist and a managing director in our Macroeconomic and Investment Research Group; Adam Bloch, portfolio manager and one of the leaders of our Total Return team; and Karthik Narayanan, managing director and head of Guggenheim’s Structured Credit Team.

Topics include an economic update with a focus on inflation data, a report on the yield curve and rates, and a discussion of sustainable infrastructure. Featuring Tad Nygren, managing director and head of Guggenheim’s Rates Sector Team; Jerry Cai, a vice president in the Macroeconomic and Investment Research Group; and Jim Pass, a senior managing director and head of project finance in conversation with Jay Diamond, Head of Thought Leadership.

Discussion of the economic and market backdrop to today’s Fed decision, and themes for next year. Featuring Assistant Chief Investment Officer Steve Brown and Chief Economist Brian Smedley.

Topics this week include the pace of QE tapering and the omicron variant, fundamentals in municipal bonds, and developments in the bank loan market, which is an important asset class for Guggenheim’s Floating Rate Strategies Fund, which just achieved its 10-year anniversary. Featuring Allen Li, Managing Director and Head of Guggenheim’s Municipal Bond Sector Team; Paul Dozier, a Director in the Macroeconomic and Investment Research Group; and Brian DePaulo, a Director and Portfolio Manager for corporate loan strategies, in discussion with Jay Diamond, Head of Thought Leadership.

In this week’s podcast, our experts discuss recent inflation data and its potential impact on monetary policy, record deal flows in real estate, and the outlook for credit risk and return. Featuring Matt Bush, Director and U.S. economist; Jenny Marler, Senior Managing Director and Head of Guggenheim Real Estate; Maria Giraldo, Managing Director and investment strategist in the Macroeconomic and Investment Research Group in discussion with Jay Diamond, Head of Thought Leadership.

Justin Takata, Managing Director and Head of Investment Grade Corporate Credit Sector Team; Paul Dozier, Director in the Macroeconomic and Research Group; Adam Bloch, Managing Director and Portfolio Manager discussion with Jay Diamond, Head of Thought Leadership.