Macro Strategists Juhi Dhawan and Thomas Mucha break down the busy first half of 2025, discussing DOGE, tariffs, taxes, immigration, deregulation, and more.

2:30 – Tariffs are a tax
8:30 – Highs and lows of the new tax bill
16:25 – Economic boosts in AI and deregulation?
20:30 – Immigration policy and productivity
23:05 – A wait-and-see Fed
25:20 – Investment implications of a disruptive geopolitical landscape

Host Amar Reganti is joined by head of financial reserves management Alyssa Irving to discuss the state of commercial real estate lending, focusing on CMBS, private credit, and evolving market dynamics.

2:00 What is financial reserves management?
3:05 Early days of the commercial real estate lending
5:30 Similarities and differences with the current CMBS market
7:45 Effect of private credit
9:50 Valuations and risks of CMBS
13:00 How can investors gain exposure?
14:30 Esoteric securitizations

Portfolio managers John Smallcomb and Ed Baldini explain what extension strategies are, how they might benefit investors, and why interest in these strategies has been ticking up.

3:15 – What are extension strategies?
6:15 – Rising interest and room for growth
9:50 – Relative risk
13:35 – Role in asset allocation
15:30 – Extension strategies and the current market

Macro strategist Mike Medeiros joins host Amar Reganti to dissect the Trump administration's policy moves to date and what they may mean for the US economy going forward.

2:35 - What would happen under full tariffs?
4:20 - Historical path to deglobalization
5:45 - Impact of tariffs on inflation and growth
9:00 - Has DOGE been effective?
10:55 - Reconciliation bill trajectory and effects
16:00 - What are policymakers missing?

Strategists Thomas Mucha and Johnny Yu discuss US-China strategic decoupling, trade tensions, and the implications for global markets and supply chains.

2:25 – Pause of US “reciprocal” tariffs on China
6:00 – National security concerns and market takeaways
10:10 – Impact on global supply chains
15:20 – Effects on other strategic allies and international relationships
23:10 – US self-isolation and long-term investment themes

Fixed income portfolio manager Connor Fitzgerald joins host Amar Reganti to discuss the potential effects of tariffs and other fiscal decisions on the bond market.

2:20 Liberation Day fallout
5:10 Tariffs as taxes
7:40 Breaking down market impacts
10:10 Structural increase in term premia
12:45 Inflation breakeven signals
15:55 Probability of recession
19:00 Managing fixed income portfolios

The bond market is critical for moving credit through the global financial system. So how will global bond markets respond amid today's volatility? How have the first 100 days of the Trump administration changed the calculus? In the first episode of Wellington Management's new InvestorExchange podcast, host Amar Reganti, fixed income strategist, talks to Campe Goodman, head of multisector credit investing, about what's next for bond markets and how investors may be able to navigate them.

1:50 How the bond market reflects the current economic environment
4:30 Are we headed for a recession?
7:00 Effect of policy uncertainty on opportunities in credit
10:20 What do credit allocators overlook?
12:10 The rise of private credit
15:50 Tail risks and key lessons learned

Strategists Thomas Mucha and Nick Wylenzek discuss the regime shift in European markets, focusing on deglobalization, tighter monetary policy, and increased government intervention. They explore the impacts on sectors like defense, energy, and the evolving relationship with China.

Key topics:
1:45 - Unpacking the European economic regime shift
7:00 - Alpha potential of European markets
9:15 - National security concerns among EU governments
12:50 - A potential NATO split?
15:20 - Sector outlooks for European equities
16:45 - Europe and China relations

Nick Samouilhan, co-head of Wellington’s multi-asset platform, joins host Thomas Mucha to discuss the importance of adapting portfolios to rising macro volatility, geopolitical changes, and structural shifts.

Key topics
2:00 – Drivers of macro volatility
4:05 – Inflation, diversification, and stress testing
8:15 – Company and currency dispersion
10:25 – Regime diversification
12:15 – Role of hedge funds
14:45 – Private market opportunities
17:00 – Navigating geopolitical risk
20:25 – New rules for investing

On the latest episode of WellSaid, fixed income strategist Amar Reganti joins host Thomas Mucha to explore the potential effects of tariffs, ongoing geopolitical conflicts, China's economic recovery, the growth of private credit, and much more on 2025's fixed income markets.

In this episode:
1:55 – History and impact of tariffs
6:15 – Geopolitical conflict and inflation
12:15 – China’s economic recovery
16:00 – US/China great-power conflict
18:45 – Currency risk: Japanese yen
20:00 – US equities: Is it all just one trade?
22:05 – Housing market
24:25 – The growth of private credit