Shows
PathwaysAn erosion of trust in an era of national policy musts?There is a clear shift in global priorities, moving from globalisation to more national interests. This is synonymous with a meaningful shift toward a prolonged fiscal-led era. However, many major economies are starting from a challenging fiscal position, raising concerns about debt sustainability, exacerbated by a high cost of capital and lingering inflation fears.If this major shift in priorities were not enough for markets to grapple with, the hasty and abrasive execution of these fiscal initiatives by the US has also roused an erosion of trust. This raises questions about the continuation of US exceptionalism, as...
2025-06-1240 min
PathwaysBrave new fiscal world?Markets are complex systems with many intertwined factors driving outcomes. Many participants and commentators however like to simplify these factors and embrace persuasive narratives to justify all market movements. As we approach the middle of 2024, there are two narratives we believe to be the most compelling and prevailing: The artificial intelligence revolution is here. Fiscal policy is back. Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 02 of our Fixed Income Strategic Forum 2024.© 2024 Macquarie Group Limited [3631897]Relevant disclaimers and other information can be found here.
2024-07-0325 min
PathwaysTo hold or to fold?When we met for the first Strategic Forum of 2024, the focus was on the notion of whether "To hold or to fold?" on to our economic outlook views. Issue 01 explores the potential scenarios facing fixed income investors at the start of another year. Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summarises Issue 01.© 2025 Macquarie Group Limited [4260069]Relevant disclaimers and other information can be found here.
2024-03-0535 min
The Portfolio Construction PodcastEP 60: Fixed income investing: exploring the opportunities and challenges for 2024 - Macquarie Asset ManagementIn this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investments at Netwealth, interviews to Brett Lewthwaite, Chief Investment Officer and Global Head of Fixed Income at Macquarie Asset Management. They explore the current and future dynamics of bond markets, inflation and interest rates, and how they shape the global economic outlook and financial conditions. They also discuss the implications of these factors for monetary policy, such as quantitative easing and tightening, and how they affect the risk and return profiles of fixed income investors in today's market.
2024-01-0441 min
PathwaysHigher rates, tighter credit, and less liquidity matterAs we gathered for Issue 03 of the Fixed Income Strategic Forum, the backdrop was one in which investors appeared to have increasingly embraced the possibility of a soft landing or no landing for the US and the global economy. Meanwhile, the evidence supporting the likelihood of a recession – higher rates, tighter credit, less liquidity – has continued to build and we remain of the view that the question is not if but rather when a recession will occur and how hard it will be.Listen as Brett Lewthwaite, CIO and Head of Fixed Income for Macquarie Asset Management, summ...
2023-11-0627 min
PathwaysRecession: Everything and all at once?One of the challenges with investment management is balancing the short-term noise of financial markets with a longer term assessment of the investment and economic landscape. The Macquarie Fixed Income Strategic Forum is held three times a year, comprising more than 130 investment professionals, and operates to establish our medium-term views and strategic portfolio positions. Listen as Brett Lewthwaite, CIO and Global Head of Fixed Income, recaps the latest edition of the Macquarie Fixed Income Strategic Forum.Related content: Recession: Everything and all at once? - Investment summary© 2023 Macquarie Group Limited [2934051]Relevant d...
2023-07-0723 min
Think AgainRecession: Everything and all at once?Listen as Brett Lewthwaite, CIO and Head of Fixed Income, recaps key investment themes and asset class outlooks from the latest edition of the Macquarie Fixed Income Strategic Forum.Related content: Recession: Everything and all at once? - Investment summary© 2023 Macquarie Group Limited [2932809]Relevant disclaimers and other information can be found here.
2023-07-0606 min
PathwaysDelayed reaction, liquidity contractionThe Macquarie Fixed Income Strategic Forum is held three times a year, comprising more than 130 investment professionals, and operates to establish our medium-term views and strategic portfolio positions. One of the challenges with investment management is balancing the short-term noise of financial markets with a longer term assessment of the investment and economic landscape. Listen as Brett Lewthwaite, Global Head of Fixed Income, CIO, recaps the latest edition of the Macquarie Fixed Income Strategic Forum.© 2025 Macquarie Group Limited [4269666]Relevant disclaimers and other information can be found here.
2023-03-0622 min
Think AgainDelayed reaction, liquidity contractionInflation is slowing across the globe and central banks have been slowing down the magnitude of the rate hikes. However, the significant tightening of monetary policy in 2022 has yet to reveal its impact on the economy and markets... Listen as Brett Lewthwaite, CIO and Global Head of Fixed Income, recaps the latest edition of the Macquarie Fixed Income Strategic Forum and discusses whether it is a case of go with recent sentiment and join the “dash for trash” or, as is usually the case with tightening cycles, mind the lags?© 2024 Macquarie Group Limited [3436109]Relevant disclaimers and ot...
2023-03-0623 min
Think AgainThe bigger they are, the harder the fallOver the past two years, Macquarie Fixed Income (MFI) analysis has determined that the economic environment was largely being defined by first the pandemic shock and then later by the energy price shock resulting from the war in Ukraine. However, at our September 2022 MFI Strategic Forum, our analysis pointed to the outlook being increasingly defined by the aggressive stance by central banks to tame inflation. Listen as Brett Lewthwaite, CIO and Global Head of Fixed Income, recaps, Related content: The bigger they are, the harder the fall© 2022 Macquarie Group Limited [2453332]Relevant disclaimers and o...
2022-10-2537 min
The Portfolio Construction PodcastEP 49: What does inflation mean for fixed income portfolios? - Macquarie Asset Management2022 has finally seen a surge in inflation across developed countries and the big question now is whether this is structural or more transitory. In this episode, we chat with Brett Lewthwaite, Senior Managing Director, Chief Investment Officer, and Global Head of Fixed Income at Macquarie Asset Management, to discuss supply shocks, the changing role of central banks and what it all means for bond markets and fixed income portfolio positioning. Macquarie Investment Management Australia Limited (ABN 55 092 552 611 AFSL 238321) the issuer and responsible entity of the Funds referred to in this podcast. This is general information only and...
2022-06-0940 min