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Latin America: The Rise and Fall of Populism
by Michael Hasenstab of Franklin Templeton Investments, 1/26/17

In the latest edition of “Global Macro Shifts,” the Templeton Global Macro team explores Latin America’s failed experiments with populism and the important lessons those experiences have for the developed world.

Hasenstab: US Election Rhetoric vs. Realities
by Dr. Michael Hasenstab of Franklin Templeton Investments, 11/10/16

As the election results were confirmed late Tuesday night in the United States (around midday Wednesday in Asia), there was a pretty violent reaction in many markets and across asset classes and regions. Michael Hasenstab, CIO of Templeton Global Macro, opines on the drivers and meaning of today’s market twists and turns.

Snapshot View: Fed Remains on Hold
by Michael Hasenstab of Franklin Templeton Investments, 9/22/16
If the United States is actually experiencing a 'new normal' where growth remains lower long term, then the Fed risks fueling real or asset-price inflation by being too lax with monetary policy going forward.

Global Macro Shifts: Mapping the Opportunities
by Michael Hasenstab of Franklin Templeton Investments, 7/14/16
Perhaps the most important step that emerging markets have taken to reduce their vulnerability to financial crises is the remarkable deepening of domestic financial markets over the past decade. In many countries, the development of a reliable domestic investor base has benefited from the rise of a broad middle class.

A Global Macro View of Brexit Implications
by Michael Hasenstab of Franklin Templeton Investments, 6/27/16
I think it’s important to break the UK Brexit referendum vote into two components: the first being the permanent effects it will likely have on the United Kingdom, Europe and the global economy; and the second being the more temporary factors.

Post-Brexit Implications for Investors
by Michael Hasenstab of Franklin Templeton Investments, 6/25/16
While the knee-jerk market reactions to the United Kingdom’s decision to leave the European Union (EU) fade, some longer-term ramifications could continue to create market uncertainty. Dr. Michael Hasenstab, CIO of Templeton Global Macro, provides his take on the implications of the UK’s decision to leave the EU—and what it could mean for investors.

Global Macro Imbalances and Opportunities
by Michael Hasenstab of Franklin Templeton Investments, 6/23/16
From a labor market perspective, we think it is hard to justify maintaining interest rates at zero or to pursue a negative-interest rate policy in the United States. We would argue the Fed should be raising rates sooner rather than later to avoid losing credibility.

This Is Not 2008
by Michael Hasenstab of Franklin Templeton Investments, 2/23/16
The risk aversion across emerging markets appears to have reached a maximum state of unwarranted pessimism, in our view, and we see a vast set of valuation opportunities amid the volatility.

Inflation: Dead, or Just Forgotten?
by Michael Hasenstab of Franklin Templeton Investments, 2/12/16
We believe that widespread underestimation of future inflation, together with the prospective normalization in the relationship between long-term interest rates and nominal GDP growth, sets the stage for a significant correction in Treasury yields.

Why We’re Not Panicking about China
by Michael Hasenstab of Franklin Templeton Investments, 1/9/16
Templeton Global Macro CIO Michael Hasenstab’s response to the latest news from China? Don’t panic.

Japan’s Demographic Challenges Dampen Growth
by Michael Hasenstab of Franklin Templeton Investments, 12/3/15
Demographics have played—and continue to play—a key role in holding back Japan’s growth performance. Japan’s population keeps aging at a rapid pace.

Japan: The Quest for Growth and Inflation
by Michael Hasenstab of Franklin Templeton Investments, 11/10/15
Abenomics [in Japan] constitutes a true regime change and has already had a significant impact—but the road to sustainably higher growth and inflation is still long.

Hasenstab Sees Once-in-a-Multi-Decade Opportunities
by Michael Hasenstab of Franklin Templeton Investments, 10/9/15
There are a handful of countries that are being caught up in the current market turmoil that we think are the diamonds in the rough—multi-decade opportunities, once-in-the-history of some of these countries—opportunities.

A Macro View of Recent Market Volatility
by Michael Hasenstab and Sonal Desai of Franklin Templeton Investments, 8/26/15
When we look at how much market panic there has been, you’d be under the impression China is headed full-speed into full-blown recession. That is not our call. We expect moderation in China’s growth and continue to see it as healthy.

China: Searching for a New Equilibrium
by Michael Hasenstab of Franklin Templeton Investments, 7/16/15
Overall, based on our detailed analysis, we believe China will remain on course … while the economy shifts toward consumption, services and higher value-added manufacturing. This could have important implications for the global economy.

Unconstrained Global Investing in an Extraordinary Monetary Policy Enviornment
by Michael Hasenstab of Franklin Templeton Investments, 6/25/15
As we see it, it is only a matter of time before US wages start to rise to levels where inflation is triggered. Using the Fed’s own estimates, we are quite close to what’s considered to be full employment. To us, this does not justify 0% interest rates.

Hasenstab on Global Growth: Headwinds or Tailwinds?
by Michael Hasenstab of Franklin Templeton Investments, 2/27/15
While some forecasters predict gloomy global growth this year, the contrarian-minded Dr. Michael Hasenstab, chief investment officer, Templeton Global Macro Group (formerly known as Templeton Global Bond Group), has a different view. He aims to counter what he sees as “excessive pessimism” surrounding the global economy and outlines why he believes the recent plunge in oil prices could prove a tailwind, not only for economic growth in the United States, but also in Europe. He also offers his scorecard regarding Japan’s monetary policy experiment dubbed “Abenomics.”

Global Economic Perspective: January
by Christopher Molumphy, Michael Materasso, Roger Bayston, Michael Hasenstab, John Beck of Franklin Templeton Investments, 1/28/15
After a much better-than-expected annualized growth rate of 5% in the third quarter of 2014, the stars would seem to be fairly much aligned for continued US growth in the months ahead. Job growth has continued apace, interest rates and energy prices have remained low, and consumer and business confidence has been buoyant. As we start the new year, the main areas of uncertainty would seem to be the pace of growth and the implications of recent price and employment trends for the timing of monetary tightening by the US Federal Reserve (Fed).

Global Economic Perspective: December
by Christopher Molumphy, Michael Materasso, Roger Bayston, Michael Hasenstab & John Beck of Franklin Templeton Investments, 12/27/14
With 321,000 jobs added, the initial US nonfarm payroll report for November was much stronger than markets expected and brought job growth this year close to levels last seen in the late 1990s. Added to upward revisions in September and October jobs data, the nonfarm payrolls data reinforces the view that whatever is occurring in the rest of the world, the US economy appears to remain firmly on track to record reasonably strong growth in the months ahead. And while fourth-quarter gross domestic product (GDP) growth this quarter for the United States is expected to be lower than the third-quart

Global Economic Perspective: November
by Christopher Molumphy, Michael Materasso, Roger Bayston, Michael Hasenstab & John Beck of Franklin Templeton Investments, 11/26/14
Steady improvements in US employment and relatively good economic growth figures mean that debate over when the US Federal Reserve (Fed) will begin to tighten policy continues to be the order of the day. US job growth increased at a fairly brisk pace in October, and numbers for the previous two months (already good) were revised higher. Since the start of 2014, US employers have added more than 220,000 workers on average each month, which should be sufficient to sustain economic momentum after an initial reading showed annualized gross domestic product (GDP) growth of 3.5% in the third quarter

The Implications of Easing
by Mark Mobius, Michael Hasenstab of Franklin Templeton Investments, 11/21/14
Just as the US Federal Reserve (Fed) announced the conclusion of its long-running quantitative easing (QE) program, the Bank of Japan surprised markets by announcing the expansion of its own easing regime. Mark Mobius, Executive Chairman, Templeton Emerging Markets Group, and Michael Hasenstab, Chief Investment Officer, Global Bonds, Franklin Templeton Fixed Income Group, weigh in on the implications of these central bank actions, as well as current European Central Bank (ECB) policy, and what they could mean for investors on both the equity and fixed income side.

Rethinking Core Fixed Income in a Rising-Rate Environment
by Michael Hasenstab of Franklin Templeton Investments, 10/9/14
Michael Hasenstab, chief investment officer, Global Bonds, Franklin Templeton Fixed Income Group, says it is time for fixed income investors to think outside traditional boxes. He believes that with todays market environment and the prospect of rising US interest rates on the horizon, investors need to rethink their core fixed income portfolio. He makes the case for an actively managed, global, unconstrained fixed income strategy.

Perspectives from the Franklin Templeton Fixed Income Group
by Christopher Molumphy, Michael Materasso, Roger Bayston, Michael Hasenstab, and John Beck of Franklin Templeton Investments, 7/19/14
In early July, there was a noticeable disconnect between the median forecast of Fed officials for interest rates by end-2015 and the markets forecast, as expressed in the federal funds futures rate. But if unemployment continues to decline and inflation to pick up in the coming months, the danger for bond market participants is that their predictions for interest rates may be too low and will have to be adjusted.

Hasenstab: Separating the Wheat from the Chaff
by Michael Hasenstab of Franklin Templeton Investments, 4/23/14
Fixed income investors have dealt with a number of headwinds in early 2014, including unrest in Eastern Europe, the prospect of rising interest rates in the United States and fears about slowing growth in China. Michael Hasenstab, executive vice president and CIO, Global Bonds, Franklin Templeton Fixed Income Group, has been on a global tour to assess conditions in select countries first-hand, looking beyond what the media headlines portray.

Hasenstab in Ukraine, on Ukraine
by Michael Hasenstab of Franklin Templeton Investments, 4/17/14
Ukraine is a country both rich with potential and strategically well positioned. While recent events have been very difficult for many, the people of Ukraine have shown their strength. It?s also been heartening to see the proactive support from the international community. Michael Hasenstab, chief investment officer, Global Bonds, Franklin Templeton Fixed Income Group, shares his view on the long-term potential of this unique country after a recent visit to Kiev.

Unleashing Africa?s Potential
by Michael Hasenstab of Franklin Templeton Investments, 3/26/14
Many investors who have never traveled in Africa probably have preconceived ideas about it, perhaps as a land of safaris and political strife, rich in coveted natural resources that have failed to bring widespread wealth and development to the continent. Many also might not realize how diverse the landscape, the economies and the people are on the continent, which boasts more than 1,000 languages spoken in more than 50 countries and climates ranging from hot deserts and tropical rainforests to frozen glaciers.

Hasenstab: Standing One's Ground
by Michael Hasenstab of Franklin Templeton Investments, 1/27/14
When the masses are against you, its hard to stand your ground. Going against the crowd is familiar turf for Michael Hasenstab, who manages Templeton Global Bond Fund and co-manages Templeton Global Balanced Fund, and certainly knows the virtue of patience. He has staunchly defended his investment theses over the years, tuning out the naysayers and market noise time and again.

Hasenstab: Fed Tapering Was Inevitable
by Michael Hasenstab of Franklin Templeton Investments, 1/10/14
The US Federal Reserve (Fed) announced its decision to reduce its $85 billion monthly asset purchase program by $10 billion starting in January 2014. What might the eventual end of the Feds policy of aggressive money printing mean for fixed-income investors? Michael Hasenstab, Ph.D, executive vice president, chief investment officer, Global Bonds, Franklin Templeton Fixed Income Group, believes theres no reason for investors to panic. He outlines why he thinks thats the case, and where on the map hes spotting fixed income opportunities.

Much Ado About Fed Tapering
by Michael Hasenstab of Franklin Templeton Investments, 10/4/13
In the past few months, the global markets seem to have been fixated on the US Federal Reserves words and actions (or lack thereof). Will the Fed wind down its longstanding quantitative easing (QE) program, and when? Will the money tap dry up, and, with it, global liquidity? In more recent days, US markets in particular have been focused on a looming government shutdown, adding a dose of uncertaintyand volatility.

Hasenstab: Emerging Out of the Consensus Trade
by Michael Hasenstab of Franklin Templeton Investments, 7/12/13
Just when is a potential long-term reward worth the short-term risk? Investors are often most focused on the short-term pain of a particular event (hard to blame them), losing sight of possible outcomes farther out into the future. That could partially explain whats going on in the emerging markets right now, at least according to Michael Hasenstab, co-director of the International Bond Department, Franklin Templeton Fixed Income Group.

Riding Out Recent Volatility
by Michael Hasenstab of Franklin Templeton Investments, 6/28/13
Major central bank policy turns are naturally going to cause some market dislocations. Hasenstab says its pretty clear the Fed couldnt continue printing money forever, and while some investors are panicking about what the end of the Feds easy money policy will mean, Fed tapering doesnt equate to Fed tightening.

A New Years Vantage Point: Michael Hasenstab
by Michael Hasenstab of Franklin Templeton Investments, 1/10/13
As we ring in a new year, it's a good time to gain some perspective on where we've been, and where we might be headed. In the first few weeks of January, Beyond Bulls & Bears will be featuring a series of investment commentaries from select Franklin Templeton investment management teams. These professionals provide their insights on the market ups and downs of 2012, and the potential challenges and opportunities that may lie ahead from their respective vantage points. Today we hear from Michael Hasenstab, portfolio manager and co-director of the International Bond Department.

The Winds of Market Change
by Mark Mobius, Michael Hasenstab of Franklin Templeton Investments, 9/11/12
As we cross the mid-way point of the year, you might say the equity and fixed income markets have been a lot like the recent weather in much of the world: uncertain, and tending toward extremes. The perception of a stormy economic climate has driven some equity valuations to extremely low levels, particularly in Europe, and investors have been pouring into fixed income despite extremely low yields.

No Armageddon, but Consequences
by Michael Hasenstab of Franklin Templeton Investments, 7/20/12
In a time of severe stress and crisis, its easy to come to the conclusion that Armageddon is upon us. Those who believe the European Union is going to split up and Chinas growth will come to a screeching halt are probably building bunkers and sharpening their survival skills right about now. Hasenstab isnt in panic mode. In fact, hes optimistic the eurozone will survive, and that no, China wont move back into the feudal age.

Hasenstab on a Possible Grexit
by Michael Hasenstab of Franklin Templeton Investments, 6/1/12
The Greek debt drama looks to be entering its final act. On June 17, Greek citizens will cast their votes to either elect a pro-austerity government that would keep the economically eviscerated country in the eurozone, or leave the union and go it alone. Dr. Michael Hasenstab expects either option is going to be painful for Greece, so the big question in his mind is whether the world is prepared for either outcome. A summary of some of Dr. Hasenstabs thoughts on what Greeces next move may mean for investors.
35 results found.