Insights

On this month’s Talking Markets podcast, Jeff Schulze of ClearBridge Investments discusses the potential for Fed interest-rate cuts and why he's leaning a bit hawkish. He also compares today's market dynamics to the late 1990s tech boom and shares his thoughts on the Magnificent Seven and global equity performance.

Whether a stock market bubble is forming has become a key debate for investors. ClearBridge Investments believes a boom may be ahead, driven by a favorable policy mix and a healthy consumer supporting earnings growth.

On this month’s Talking Markets podcast, Jeff Schulze of ClearBridge Investments shares his take on the August payroll figures and reviews the Recession Risk Dashboard which is currently holding with an overall green signal. He also covers why he thinks we may see three interest rate cuts from the Federal Reserve this year.

ClearBridge Investments: We believe the underlying health of the labor market remains solid, despite the recent shocks. As the impacts from these shocks fade, the resilience of the US economy will once again shine through as we move into 2026 in the form of a pickup in job creation.

On this month’s Talking Markets podcast, ClearBridge Investments' Jeff Schulze provide his insights on the US labor market–reviewing the latest job report and past payroll revision figures. And, he covers why his views about potential Fed rate cuts in 2025 have shifted.

ClearBridge Investments: With clarity on tariffs emerging, a major source of macro and market uncertainty is waning. Combined with a tax and fiscal boost from new legislation, corporate animal spirits are poised to pick up.

On this month’s Talking Markets podcast, we hear from Jeff Schulze of ClearBridge Investments on the chances of a recession, why investors may need to recalibrate their views on what a normal level of job growth is in the United States, and he reviews what's happening on the tariffs and trade front.

ClearBridge Investments believes positive forces from One Big Beautiful Bill Act passage and future interest rate cuts should soon outweigh negative forces of tariff actions.

On this month’s Talking Markets podcast, ClearBridge Investments’ Jeff Schulze reviews the two indicator upgrades on the Recession Risk Dashboard and shares his views on tariffs, US Treasuries, and why equity markets may see some choppiness over the next few months.

ClearBridge Investments believes periods of substantial uncertainty could offer an opportunity for individuals and professionals alike to gain an investment edge by lengthening their time horizon.

On this month’s Talking Markets podcast, Jeff Schulze of ClearBridge Investments discusses the US labor market, reviewing the April jobs report and sharing his thoughts on GDP growth for the year. He also provides an update on the Recession Risk Dashboard and the potential opportunities within US equities.

ClearBridge Investments: Trade truces with China and the United Kingdom are just what the economy and equity markets needed to neutralize the effects of elevated policy uncertainty.

ClearBridge Investments believes the degree to which a recent plunge in “soft” survey data, which typically occurs during recessions, translates into weakness in actual “hard” data in the coming months will be crucial in determining the health of the economy.

On this month’s Talking Markets podcast, we speak with Jeff Schulze of ClearBridge Investments about the updates in the Recession Risk Dashboard and learn why he believes the odds of a potential recession have increased to 50%. And, he discusses the current position of the Federal Reserve, provides his base case on tariffs and covers how diversification is making a comeback.

ClearBridge Investments: The economy and markets are entering uncharted waters and policy uncertainty appears likely to remain elevated in the near term. This only further underscores the benefits of diversification for equity investors.

In our latest “Talking Markets” podcast, Jeff Schulze of ClearBridge Investments provides an update on the health of the US economy, explores the current dynamics of US equities, and reviews the potential effects of tariffs on markets. Plus, he’ll break down the latest changes on the Recession Risk Dashboard following two indicator downgrades.

ClearBridge Investments believes surging policy uncertainty has dented consumer and investor sentiment, raised inflation expectations and stalled the US equity market rally.

This month’s “Talking Markets” podcast offers perspective from ClearBridge Investments’ Jeff Schulze on tariffs and the US equity complex. We also review the two individual indicator upgrades that January brought on the Recession Risk Dashboard.

ClearBridge Investments: The emergence of a lower-cost AI model from DeepSeek and ongoing tariff gyrations have shaken US equity market leadership, with investors facing the prospect of a more durable inflection if these potential catalysts evolve into “show me” moments.

ClearBridge Investments: The 10 largest companies in the S&P 500 Index present an opportunity for active managers who tend to do better when the average stock is outperforming.

ClearBridge Investments believes accelerating policy-driven investment and AI-driven data center growth are unlocking a multi-decade growth opportunity for listed utilities globally.

ClearBridge Investments: Despite recent strong performance for listed infrastructure versus equities, infrastructure valuations are still attractive on a risk adjusted basis, and could have room to run.

ClearBridge Investments: A new regime of tariffs will likely create the need for more infrastructure to support reshoring, while utilities' lack of exposure to international trade may bolster their defensiveness.

ClearBridge Investments: Demand for renewable energy will continue to be strong regardless of policy changes due to factors such as AI, as we think the market overlooks the changing electricity demand for renewable energy.

ClearBridge Investments believes the drivers of strong performance for midstream energy infrastructure in 2024 look to be just as relevant for 2025 and beyond.

ClearBridge Investments: While Donald Trump’s presidential victory has dominated global headlines, several key election results outside the United States could have significant impacts on international markets going forward in 2025.

ClearBridge Investments: Opportunities continue to be widespread across the infrastructure landscape, with strong fundamentals and the market still massively underestimating the growth in electricity demand driven by AI and data growth.

The potential of AI and data growth to drive significant infrastructure investment represents an emerging long-term thematic driver for the listed infrastructure asset class, according to ClearBridge Investments.

While the emergence of generative AI has sparked debate and uncertainty, ClearBridge Investments believes long-term investors should focus on the fundamental value proposition of software in driving business efficiency and innovation.

As we navigate an era of rapid technological advancement and increasing emphasis on sustainability, infrastructure emerges as a crucial investment opportunity. Find out more from ClearBridge Investments.

US market leadership is likely to broaden beyond the “Magnificent Seven” mega-cap stocks to include areas such as small caps and value stocks.

ClearBridge Investments believes reshoring and improving efficiencies leaves high-quality less-than-truckload (LTL) companies and rail stocks attractively positioned for a macro rebound.

According to research from ClearBridge Investments, infrastructure has historically outperformed global equities over several time periods after the last rate hike.

ClearBridge Investments believes regulated utilities are entering into an elevated capex cycle over the coming decades, and regulators are broadening their allowed returns to help utilities finance that growth.

ClearBridge Investments: While public funding for renewables may face increasing policy risk, regulators will continue to provide attractive returns for regulated utilities supporting the energy transition.

ClearBridge Investments: The accelerating pace of power demands among AI aspirants is underappreciated and will involve a rising pull on already stretched energy resources.

ClearBridge Investments: Infrastructure’s inflation pass-through worked well in 2023, supporting earnings, while its defense and diversification could make it valuable in 2024.

Despite challenging global economic and market conditions, there are compelling opportunities within global listed infrastructure, according to Shane Hurst, Portfolio Manager with ClearBridge Investments. He explores how the trends of decarbonization, reshoring and 5G evolution are impacting the space, and how the nature of listed infrastructure can offer some insulation against high inflation.

ClearBridge Investments: Infrastructure’s defensiveness and ability to provide long-term capital growth make it stand out in an environment of macroeconomic uncertainty and higher bond yields.

ClearBridge Investments believe infrastructure’s focus on cash flows and underlying earnings makes it a prudent investment as economic conditions deteriorate, and a recession looms.

ClearBridge Investments: While the new US administration’s policies are creating uncertainty in sustainability issues, particularly for tax-reliant wind and solar, many sustainable business criteria remain unchanged.

ClearBridge Investments: How companies manage their environmental and social impacts and governance will remain a fundamental concern for investors, companies and governments around the world in 2025.

ClearBridge Investments: As AI develops and hits multiple inflexion points over the next few years, companies will need to negotiate a variety of sustainability-related AI opportunities and risks.

ClearBridge Investments: For clean energy, human rights, biodiversity, responsible AI and sustainability-focused regulation, 2024 promises to be an ambitious growth year.

ClearBridge Investments: The push to halt biodiversity loss is increasingly demanding attention alongside climate change as a major environmental concern for investors.

ClearBridge Investments encourages assessment and disclosure of nature-related impacts and dependencies across the value chain.

ClearBridge Investments: There are meaningful things that companies can do to reduce biodiversity harm that can also be revenue opportunities.

ClearBridge Investments: Clarity over customs clearance and IRA capture rules as well as deflation in the supply chain should help utility solar bask in the sun.

On this month’s Talking Markets podcast, Jeff Schulze of ClearBridge Investments discusses the potential for Fed interest-rate cuts and why he's leaning a bit hawkish. He also compares today's market dynamics to the late 1990s tech boom and shares his thoughts on the Magnificent Seven and global equity performance.

Whether a stock market bubble is forming has become a key debate for investors. ClearBridge Investments believes a boom may be ahead, driven by a favorable policy mix and a healthy consumer supporting earnings growth.

ClearBridge Investments believes accelerating policy-driven investment and AI-driven data center growth are unlocking a multi-decade growth opportunity for listed utilities globally.

US equities underperformed global markets in the first six months of 2025, but continue to trade at a premium to foreign markets. ClearBridge Investments outlines the case for global diversification.

ClearBridge Investments believes macro and technological shifts are driving a wider dispersion of outcomes, highlighting the need for active management.

ClearBridge Investments believes dividend growers possess three attributes for an environment marked by inflation and policy risk: potential for downside protection, current income and growth.

ClearBridge Investments: Since the pandemic, the volatility of returns between growth and value has surged, which we believe is emblematic of a shift toward a new, value-led market regime.

Putnam Investments believes the success of their investment strategy is not as simple as finding the highest dividend yields.

ClearBridge Investments: Sam Peters suggests valuation excesses remain hidden, but are quickly growing too large to ignore, creating three distinct 2025 possibilities: Goldilocks, cyclical inflation and recession.

With interest rates moving lower and meaningful economic and geopolitical uncertainty impacting the markets, the role of dividends for investors may be especially important in coming quarters. Franklin Equity Group Portfolio Manager Matt Quinlan explores the critical role dividends can play in fueling total return and helping reduce overall volatility for equity investors.

Bottom-up research must go beyond traditional metrics, as relying solely on measures like price-to-book ratios can misclassify value due to accounting issues with intangibles, especially in the software and digital services sector, according to Templeton Global Equity Group.

US market leadership is likely to broaden beyond the “Magnificent Seven” mega-cap stocks to include areas such as small caps and value stocks.

ClearBridge Investments: Given extreme concentration and low volatility, as long-term investors, we are poised to adapt to surprises that would wake a complacent market.

ClearBridge Investments: Dividend growers have trailed the broader market to a degree rarely seen over the past three decades; past instances of similar underperformance have been followed by a strong bounce-back for dividend growers.

ClearBridge Investments: The accelerating pace of power demands among AI aspirants is underappreciated and will involve a rising pull on already stretched energy resources.

The Value Equity team at ClearBridge Investments assigned probabilities to three broad scenarios for 2024: a recession, a soft landing and a no landing where inflation re-accelerates.

ClearBridge Investments suggests value provides investors with strong advantages in the face of growing extremes, offering potential downside protection against market declines and relative return potential.