The war in Iran and spike in oil prices have threatened the generally strong U.S. economy and elevated volatility in the markets. In this episode of Macro Markets, Portfolio Manager Evan Serdensky and U.S. Economist Matt Bush discuss our outlook and portfolio strategy in this environment, and provide insights from our latest Quarterly Macro Themes publication.

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1Q 2026 Quarterly Macro Themes

Research spotlight on what’s next.

Read 1Q26 Macro Themes

1Q 2026 Corporate Credit Quarterly

A Record Supply Year Is Taking Shape on Solid Ground

Read Corporate Credit Quarterly

Macro Markets Podcast Episode 82: The Next Test for Equities?

Equity market opportunities and risks, plus some of the advantages of unit investment trusts.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments may not be suitable for all investors. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. 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 distributed 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 but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions 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. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 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 investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

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U.S. Economist Matt Bush and Market Strategist Maria Giraldo join the latest episode of Macro Markets to discuss insights from our new white paper, “AI’s Promise and History’s Lessons.” They explore how artificial intelligence is driving innovation and long-term productivity gains, even as it creates short-term disruptions in labor markets and deepens economic divides. Learn how investors can position for the challenges and opportunities ahead.

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AI’s Promise and History’s Lessons

Our new paper addresses the economic and market implications of AI in the context of investment opportunities across infrastructure, equity, and credit markets.

[Read Now]

Macro Markets: Fixed Income Outlook: Sunny with a Chance of Tail Risks

Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to review current market conditions for bonds and discuss our economic outlook and portfolio strategy for the coming year.

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First Quarter 2026 Fixed-Income Sector Views

Our investment team evaluates sectors across the fixed-income market.

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Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. 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. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed 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 but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions 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. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. 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 investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

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