In this episode, Chris hosts a discussion with Global Macro Strategist Jason Vaillancourt regarding the key topics that are shaping the market for the second half of the year.

During the conversation, they touch on many topics, including: 

• Fed policy and inflation
• The likelihood, timing, and magnitude of a recession
• Adding duration to portfolios: what signals to look for and how to add duration most efficiently

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure.

Earnings per share (EPS) is found by taking the net income and dividing it by the basic or diluted number of shares outstanding, as reported. If you do this for each quarter and then add them up, you’ll get the trailing EPS.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period; changes in GDP are an indicator of a nation's overall economic health.

The Phillips curve represents the historical inverse relationship between the rate of inflation and the unemployment rate whereby periods of high unemployment showed low wage growth and periods with low unemployment showed rapidly rising wages.

Duration measures the sensitivity of bond prices to interest-rate changes. A negative duration indicates that a security or fund may be poised to increase in value when interest rates increase.

Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                           AD2995377    7/23

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.