Research & Insights

MP3 policies were very successful in stimulating a rapid recovery from the pandemic. But this stimulation was applied for too long, resulting in persistent inflation and the need for central banks to slow the economy through aggressive tightening. Explore our research on the current challenges this new environment presents for investors.
Because environmental, social, and governance considerations affect how economies are evolving and how markets are priced, we seek a deep understanding of the ESG issues that are pertinent to our investment approach. We also partner with institutional investors seeking to achieve financial outcomes and have environmental and social impacts within large, liquid, multi-asset portfolios.
Bridgewater has been visiting and studying the evolution of China’s economy and financial markets for more than 30 years. Over that time, decades of reform in China have resulted in one of the greatest economic transformations of our lifetimes. Explore Bridgewater's research on the topic.
Bridgewater is focused on understanding the historical cause-effect relationships of complex economic situations. As we look back at the events of 2008, we invite you to explore some of the crisis-era research and decision making that enabled our investment team to understand what drove the market and helped us weather the greatest financial storm of a generation.
Over twenty years ago Bridgewater Associates pioneered portfolio balancing concepts that came to fruition with the creation of the All Weather asset allocation strategy in 1996. Read more about the concept of balance that lies behind the Risk Parity approach.
The economy is like a machine. At the most fundamental level it is a relatively simple machine, yet it is not well understood. Below we explain timeless insights of how it works and share long term perspectives that illustrate these forces playing out.

Our Research Process

Throughout our history, Bridgewater has focused on building the best possible understanding of global economies and markets. These unique insights drive our innovative investment engine, deliver returns for our clients, and inform global economic policy.

On a mission to uncover timeless and universal investment principles, our unique meritocratic culture and cutting-edge technology allow us to systematize and compound our insights over time so that our collective understanding is greater than that of any individual.

As a global macro-investment manager, we take a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, we develop insights and design strategies to deliver value to our clients through any economic environment.

Selected Insights from Our Research Library
September 12, 2022
Co-CIO Greg Jensen speaks at the SALT New York forum about the biggest risks he's seeing in markets, Bridgewater's systematic approach to investing, and the big picture dynamics impacting markets and economies today.
September 1, 2022
Richard Okello, Peter Orth, Jim Haskel
Bridgewater alums Richard Okello, co-founder of Sango Capital, and Peter Orth, co-founder of 4DX Ventures, discuss Africa's investment opportunities, its risks — and how they've changed, and its potential to provide valuable diversification.
August 25, 2022
Bob Prince, Aaron Goone, Atul Narayan
Equities are discounting higher interest rates but not the tightening’s impact on growth and earnings or the possibility that even more tightening will be needed to bring inflation down.
August 2022
Chief Investment Strategist Rebecca Patterson sits down with Pensions & Investments for the return of their “Face to Face” series featuring the best minds on Wall Street. In part one, Rebecca shares her outlook of prolonged stagflation, the Fed’s unenviable position, and Bridgewater’s efforts in helping clients navigate their biggest challenges. In part two, Rebecca unpacks currency risk and geopolitics as areas of concern for investors, her reflections on Bridgewater, and advice for up-and-coming investors and strategists.
August 25, 2022
Co-CIO Greg Jensen joins “Bloomberg Markets” to discuss the Fed’s dilemma and its implications for the economy, assets, and portfolios. He also talks through the impact of quantitative tightening, and the challenges facing Chinese and European policy makers.
August 19, 2022
Co-CIO Bob Prince and Evercore ISI Chair Ed Hyman join Bloomberg’s “Wall Street Week” to discuss the big imbalances in the economy and what they mean for investors.
August 18, 2022
Kevin Brennan, Danny DeBois
Europe’s energy supply shock is creating a painful stagflation, and policy makers face a difficult set of choices. Looking forward, structurally higher energy prices will be a long-term competitiveness challenge for Europe.
August 16, 2022
Chief Investment Strategist Rebecca Patterson talks to “Bloomberg Surveillance” about how investors can approach protecting their portfolios — and particularly equity allocations — from the risk stagflation poses to asset returns.
July 29, 2022
On Bloomberg’s “Wall Street Week,” Chief Investment Strategist Rebecca Patterson breaks down the macro factors driving what we think will be persistently above target inflation and slowing growth; a very different outcome than the goldilocks scenario markets are pricing.
July 25, 2022
Bob Prince
The economy is in transition, and the path forward depends on how central bankers play their hand. What we see as likely and what the markets are discounting are very different scenarios, signaling the strongest near-term probability of stagflation (too-high inflation and too-low growth) in 100 years. What are the impacts of stagflation on financial markets? Co-CIO Bob Prince shares Bridgewater’s analysis on what’s transpired and what’s yet to come.
July 15, 2022
In a piece published by the Financial Times, Co-CIO Bob Prince explains how environmental biases shape asset returns and how investors can prepare.
June 27, 2022
In an interview on CNBC’s “Squawk on the Street,” Chief Investment Strategist Rebecca Patterson discusses how the Fed tightening and slowing economic growth is likely to be a downward pressure on corporate earnings and equity returns.
June 17, 2022
Greg Jensen, Atul Narayan, Karina Franke
Co-CIO Greg Jensen and members of Bridgewater’s research team examine the downward pressure on asset pricing, driven by the rapidly expanding liquidity hole and Fed tightening.
June 16, 2022
In an interview on “Bloomberg Markets,” Co-CIO Greg Jensen discusses the implications of rising interest rates, the growing liquidity hole, and how the Fed’s policies are impacting different financial assets.
June 9, 2022
In an interview with Bloomberg Markets, Co-CIO for Sustainability Karen Karniol-Tambour shares her outlook on rising inflation and slowing economic growth, the dilemma this presents for policy makers, and how investors can work to protect their portfolios in the current environment.
May 31, 2022
David Gordon, Rutendo Chigora, Andrei Cretu
Assets are facing significant headwinds from inflation and Fed tightening, but not holding assets is not an option. This raises the question — how should investors think about holding beta in the current environment?
May 23, 2022
Greg Jensen, Joe Weisenthal, Tracy Alloway
Greg joins Bloomberg’s "Odd Lots" podcast to discuss the impact of rising interest rates on the economy, why the Fed is increasingly facing a difficult choice between inflation and growth, and how to build a portfolio in today’s environment.
May 19, 2022
In a wide-ranging conversation with "The Money Maze Podcast," Co-CIO for Sustainability Karen Karniol-Tambour breaks down today’s challenging investing environment. Drawing on lessons from the past, she explores where investors can find inflation protection, China and the importance of geographic diversification, Bridgewater’s fundamental and systematic approach to sustainable investing, and much more.
May 17, 2022
Ray Dalio, Jeremy Grantham, Jim Haskel, Alex Shahidi
The founders of Bridgewater and GMO discuss the big risks they’re watching, including inflationary pressures, political conflict, asset bubbles, and climate change — and what investors can do to protect themselves.
May 6, 2022
Co-CIO Bob Prince and Evercore ISI Chair Ed Hyman join Bloomberg’s Wall Street Week to discuss the current economic environment, recent market moves, and the challenges facing investors.
May 2, 2022
At the Milken Institute’s 2022 Global Conference, Chief Investment Strategist Rebecca Patterson joins a panel to discuss what the next year will look like for the global economy, what policy makers should do in response, and what opportunities these turbulent and uncertain times present for investors.
April 26, 2022
Karen Karniol-Tambour, Carsten Stendevad, Jake Davidson, Jim Haskel
Co-CIOs for Sustainability Karen Karniol-Tambour and Carsten Stendevad discuss how the Ukraine invasion has changed the sustainable investing landscape, what the energy price rally has meant for global climate policy, and how they think about building a diversified portfolio that can also have a positive sustainability impact.
April 27, 2022
Greg Jensen, Nina Lozinski, Rob Hurn
Earnings are priced in to keep rising while inflation is priced in to fall. Co-CIO Greg Jensen and Bridgewater's research team explore why it rarely works out that way.
April 19, 2022
Ray Dalio, Bob Prince, Greg Jensen
MP3 (coordinated monetary and fiscal policy) produced massive injections of money and credit into economies, leading to high nominal growth, leading to self-reinforcing inflation, leading to a tightening of monetary policy which is now just beginning. Stagflation is the big risk and the war in Ukraine has added to that. Co-CIOs Ray Dalio, Bob Prince, and Greg Jensen share their perspective and outlook on economies and markets today.
March 18, 2022
Greg Jensen, Jim Haskel
Co-CIO Greg Jensen shares how he’s processing the war in Ukraine as an investor, the implications of deglobalization and the weaponization of finance, and the risk of stagflation.
March 15, 2022
Karen Karniol-Tambour
Co-CIO for Sustainability Karen Karniol-Tambour joins panelists at The Council on Foreign Relations to discuss the economic impact of the Russian invasion of Ukraine, the use of sanctions by the US and other countries, and the rates of inflation around the world.
March 15, 2022
Karen Karniol-Tambour
With rising energy prices and inflation the highest we've seen in decades, political appetite for curbing climate change by further raising energy prices will continue to decline. Co-CIO for Sustainability Karen Karniol-Tambour describes how we must shift to using tools that target reducing the cost of "green" energy: green fiscal spending and R&D supporting tech advancements.
March 4, 2022
Richard Falkenrath, Karen Karniol-Tambour, Larry Cofsky, Jim Haskel
This podcast features Chief Administrative Officer Richard Falkenrath discussing where the Russia-Ukraine crisis stands and Co-CIO for Sustainability Karen Karniol-Tambour and senior investor Larry Cofsky assessing the economic and market impacts.
February 3, 2022
Bob Prince
Co-CIO Bob Prince describes how too much delay in monetary policy tightening risks a much bigger response as the central bank catches up with inflation.
February 5, 2022
Rebecca Patterson
Chief Investment Strategist Rebecca Patterson joins Bloomberg’s Barry Ritholtz for a wide-ranging conversation about her path to Bridgewater, the firm’s approach to investing, and her views on global markets and economies today.
January 2022
We are now facing the greatest potential for a sustained rise in inflation in 40 years. For policy makers, this would be challenging enough on its own. But the pandemic, fiscal uncertainty, and asymmetric ability of central banks to tighten versus ease make the coming choices especially difficult.
January 14, 2022
Karen Karniol-Tambour, Ross Tan, Dina Tsarapkina, Joe Sondheimer, Will Barnes
Exploring the different ways institutions are gaining exposure to cryptocurrencies and how these exposures are likely to play out over time.
January 12, 2022
In an interview with Bloomberg, Director of Investment Research Rebecca Patterson says markets haven’t fully priced in rising inflation, and explains the global investment opportunities this creates for investors.
January 12, 2022
Bob Prince, Aaron Goone
As the Fed transitions toward tightening, it will be increasingly important for investors to understand the drivers of a bear market in equities and the approaches to managing through it.
December 10, 2021
Greg Jensen, Atul Narayan, Sam Green
As the Fed has shifted toward tapering and a slowing in the flood of liquidity has begun to get priced in, we are seeing cracks emerge in the bubbliest segments of the market.
December 2, 2021
Karen Karniol-Tambour, Daniel Yergin, Atul Lele, Andrew Foote, Elena Gonzalez Malloy, Jim Haskel, Jake Davidson
Pulitzer Prize-winning author Daniel Yergin joins Co-CIO for Sustainability Karen Karniol-Tambour and our investment team for a conversation on the green energy transition, the key dynamics driving energy markets, and how the politics of energy are impacting international relations.
November 19, 2021
Daniel Hochman, Josh Lewin, Eric Hubble, Karen Karniol-Tambour, Carsten Stendevad
The transition to green energy will be an increasingly important driver of economies and markets. In this research, we stress test the impact on investor portfolios of four broad mechanisms that could accelerate the climate transition.
October 28, 2021
A discussion with Lior Susan and Aidan Madigan-Curtis of Eclipse Ventures on what is driving supply shortages, what it will take to solve them, and how long it will take. The conversation further investigates how strong demand is straining supply and driving inflation across different sectors of the economy. Madigan-Curtis is a Bridgewater alum and partner at Eclipse Ventures, a VC firm founded by Susan.
October 19, 2021
Greg Jensen, Melissa Saphier, Steve Secundo
Monetary Policy 3 created a self-reinforcing demand explosion that is getting harder, not easier, for supply to keep up with.
October 8, 2021
Erin Miles, Jason Cheal
Co-Lead of Equities Research Erin Miles describes the vulnerabilities we see in pockets of the equity market, especially the US, as central banks wind down their quantitative easing.
October 6, 2021
In this podcast, New York Times Columnist Thomas L. Friedman sits down with Kerry Reilly and Andrew Foote from our commodities team, and Bridgewater’s Co-CIO for Sustainability Karen Karniol-Tambour, for a wide-ranging discussion on the current energy supply shortage — what’s driving the rise in energy prices and what it means for the Iran deal, Russia’s leverage over Europe, and the future of climate politics.
October 8, 2021
In an article published by the Financial Times, Co-CIO Bob Prince unpacks the Fed’s limited ability to combat rising inflationary pressures without disrupting the economy and markets.
September 15, 2021
Ray Dalio
Bridgewater Founder and Co-CIO Ray Dalio joins CNBC’s Andrew Ross Sorkin at the SALT global thought leadership forum, discussing where we are on debt monetization, internal political conflicts, and the rise of China — and what these forces mean for investors.
August 20, 2021
Kevin Rudd, Rebecca Patterson, Jim Haskel
In this conversation, Director of Investment Research Rebecca Patterson and former Australian Prime Minister Kevin Rudd focus on understanding China, its goals, and how recent Chinese policy moves connect to those goals.
August 2021
Co-CIO Greg Jensen joins co-hosts Grant Williams and Bill Fleckenstein for a wide-ranging discussion on the current macro environment, what’s next for inflation and the dollar, and how to think about bond pricing in an era of central bank intervention.
August 26, 2021
Bob Prince
Co-CIO Bob Prince describes why bond markets have been a poor predictor of changes in Fed policy.
August 25, 2021
Karen Karniol-Tambour, Elena Gonzalez Malloy
Under current policies, we expect no decline in oil consumption for years. Pay attention to whether government action going forward will meaningfully reduce demand for oil — through carbon taxes or subsidies for alternative energy sources.
July 15, 2021
Greg Jensen, Jason Rotenberg, Nina Lozinski
We think the 2020s are unlikely to be anything like the 2010s, and yet, that is what is discounted when we look at the combination of low rates and inflation.
July 8, 2021
Jeff Gardner, Jim Haskel
Most investors are used to equities and bonds being negatively correlated and highly diversifying, but that relationship is unstable and may reverse, especially if easy fiscal and monetary policy flows through to higher-than-expected inflation. In this discussion, Bridgewater Daily Observations Editor Jim Haskel and Senior Portfolio Strategist Jeff Gardner explore the cause-and-effect dynamics at play.
August 3, 2021
Karen Karniol-Tambour
Co-CIO for Sustainability Karen Karniol-Tambour joins the "Invest Like the Best" podcast for a wide-ranging discussion covering equities, currencies, sustainable investing, and more. They also discuss Karen’s approach to building great teams and what it means to be a great mentor.
July 15, 2021
Karen Karniol-Tambour, Nikunj Jain
Have investors already piled into the companies most aligned with environmental and social goals, creating an ESG bubble? In a column published by the Financial Times, Co-CIO for Sustainability Karen Karniol-Tambour and Investment Associate Nikunj Jain explain why we suspect the shift into ESG stocks is only just beginning.
July 14, 2021
Karen Karniol-Tambour, Carsten Stendevad
At Bloomberg’s Sustainable Business Summit Global conference, CIOs for Sustainability Carsten Stendevad and Karen Karniol-Tambour discuss Bridgewater’s systematic approach to building portfolios that incorporate sustainability goals.
June 21, 2021
In a Bloomberg interview at the Qatar Economic Forum, Bridgewater Founder and Co-CIO Ray Dalio and former Treasury Secretary Larry Summers share their thoughts on the risk of inflation, what’s next for the US dollar, and the Fed’s difficult dilemma.
May 21, 2021
Erin Miles, Nassim Fedel, Jason Cheal
This stage of a recovery is usually bullish for equities because stronger growth outweighs tightening liquidity. In this research, Co-Lead of Equities Research Erin Miles and Investment Associates Nassim Fedel and Jason Cheal explain why today may be different.
May 12, 2021
In an interview with Bloomberg TV just moments after April’s historically strong CPI print, Co-CIO Greg Jensen discusses the growing inflationary pressures, likely policy responses, and implications on markets and economies going forward.
May 21, 2021
In an interview with Bloomberg TV, Director of Investment Research Rebecca Patterson breaks down recent Bitcoin volatility, its path to becoming “digital gold,” the risk of rising inflation, and the evolving correlation between stocks and bonds.
May 7, 2021
As part of a Barron’s centennial roundtable discussion, Co-Chief Investment Officer for Sustainability Karen Karniol-Tambour sheds light on how investors should think about the next 100 years. In this wide-ranging discussion with Tom Slater and Yahoo! Co-Founder Jerry Yang, Karen describes the role of government and policy, evolving geopolitical climate, digital revolution and future of money, and a shift toward impact investing.
April 5, 2021
Karen Karniol-Tambour, Melissa Saphier, Rob Hurn
While there is nothing magical about geographic disparities, we find them to be a good way to illustrate how different pockets of the economy have performed over the recent expansion. By excluding the booming coastal cities from the rest of the US, it is easier to see just how large the “shortfalls” from maximum employment are in the bulk of the country.
April 8, 2021
Jim Haskel
In a conversation with The Scoop Podcast, Senior Portfolio Strategist Jim Haskel unpacks pandemic-driven market trends including how some investors are viewing Bitcoin as a potential storehold of wealth and inflation hedge.
April 1, 2021
Bob Prince
In an interview with Bloomberg TV, Co-CIO Bob Prince discussed the current economic environment, his outlook on the policy response and inflation, and the benefits of diversification between East and West.
April 30, 2021
Greg Jensen
Co-CIO Greg Jensen recently joined Bloomberg's "What Goes Up" Podcast to discuss the recent Federal Reserve meeting in the context of the broader paradigm shift in central banking, including a discussion of how this shift has supported assets, whether certain financial markets are now in a bubble, and what the risks ahead are for economies and markets.
March 13, 2021
Co-CIO Bob Prince warns that the recent sell-off in US government bonds could accelerate if the Fed bumps into constraints, in a shift that threatens high-flying assets including blank check companies and cryptocurrencies. Bob explains that a new phase of the downturn in the $21tn Treasury market or risks to the dollar could loom as economic growth improves and inflationary pressures push the Federal Reserve into having to choose between keeping bond yields from rising or letting them go.
March 16, 2021
Karen Karniol-Tambour
Large, liquid public markets present many opportunities for investors seeking to incorporate environmental and social goals in their portfolios and create impact at institutional scale. Co-CIO for Sustainability Karen Karniol-Tambour discusses how investors can consider implementing sustainability assessments across asset classes at Top1000Funds Sustainability Digital 2021.
February 2021
Co-CIO Greg Jensen spoke at the MIT Sloan Investment Conference to discuss Bridgewater’s systematic decision making approach, the role of artificial intelligence in investment management, and the impact it will have on financial markets and economies going forward.
March 8, 2021
Director of Investment Research Karen Karniol-Tambour joined CNBC’s "Closing Bell" to explain how the prospect of a strong post-virus recovery has created a dilemma for the Federal Reserve.
January 2021
Bob Prince, Ray Dalio, Greg Jensen
We invite you to explore excerpts from our 2021 Global Outlook, in which we lay out the key dynamics in markets and economies that we think will be particularly important in the coming years. We explore how the COVID-19 crisis has accelerated the transition into a new paradigm of zero interest rates, coordinated monetary and fiscal policy, and heightened internal and external conflict — and what this means for economies, markets, and investors.
February 2, 2021
Ray Dalio
Are we in a stock market bubble? Bridgewater Founder and Co-CIO Ray Dalio unpacks the framework he developed to answer this question when faced with changing markets.
January 28, 2021
Ray Dalio, Rebecca Patterson
With bond yields near zero and pressure on policy makers to diminish the value of fiat currencies, investors are increasingly looking for alternative storeholds of wealth. Bitcoin, the original cryptocurrency, has received a lot of attention as a potential candidate especially with its recent ascent to new historic highs. Our research team explores this topic.
January 27, 2021
Bob Prince
Co-CIO Bob Prince joins Bloomberg TV to discuss how the depreciation of cash and unattractive rates have created a risk of significant wealth destruction, forcing investors to look elsewhere for returns and causing a massive rebalancing of wealth between the East and West.
December 17, 2020
Take a look inside our weekly research meeting where Bridgewater’s co-CIOs and senior investors discuss some of the major questions we’re wrestling with. You will hear a brief discussion between Co-CIO Greg Jensen, senior investors Larry Cofsky and Jason Rotenberg, and Senior Portfolio Strategist Jim Haskel, on the different paths for Federal Reserve policy in 2021 given the economic recovery and the distribution of the COVID-19 vaccine. They also debate the future shape of the yield curve and implications for inflation-hedge assets such as gold.
November 2020
Ray Dalio, Kevin Rudd, David McCormick, Jim Haskel
The US-China relationship will undoubtedly be the most important bilateral relationship impacting the world over the next decade. In this three-part series, Bridgewater Founder and Co-CIO Ray Dalio, former Prime Minister of Australia Kevin Rudd, and Bridgewater CEO David McCormick put the US-China relationship in context. They explain how it has developed, what the major points of competition are, and how the evolution of this relationship may impact investors.
Directors of Investment Research Karen Karniol-Tambour and Rebecca Patterson and Co-Lead of Equity Research Erin Miles join CEO David McCormick to discuss our latest research initiatives and offer advice from their journeys to the top of Bridgewater’s investment team.
November 17, 2020
Co-CIO Greg Jensen joined Reuters’ “The Exchange” podcast with Anna Szymanski to discuss the paradigm shift the US faces as the era of monetary policy dominance ends and fiscal action becomes the major driver of growth. Greg describes the macroeconomic landscape, geopolitical tensions, and storeholds of wealth, encouraging investors to rethink their approach to asset classes.
The lack of volatility following the 2020 US election can be attributed to dominant forces shaping today’s markets and economics. Co-CIO Bob Prince joined “Squawk on the Street” to discuss these conditions, why the benefits of the liquidity don't affect all assets equally, and why a shift in politics is unlikely to ease these pressures.
November 10, 2020
Larry Cofsky, Richard Falkenrath, Kiran Rao, Yusuf Jailani
On the heels of promising vaccine news, we share perspective on the news itself and its ripple across markets. Chief Administrative Officer Richard Falkenrath and Head of COVID Task Force Kiran Rao discuss how the news is significant and the broader state of the pandemic right now. Richard is a former senior White House official who was at the center of the response to the SARS outbreak, and Kiran is a medical doctor who has previously done significant epidemiology work with the Gates Foundation and World Health Organization.
November 3, 2020
Bob Prince, Melissa Saphier
While the election is very important across many dimensions, it’s worth keeping in mind that the dominant forces shaping economic and market conditions remain the same — the virus is a huge and ongoing drag on spending, monetary policy is at the end of the line, policymakers are making cash as unattractive as they can, and the shift of economic power from West to East has accelerated. Co-CIO Bob Prince and senior investor Melissa Saphier explore where we stand with regard to these key conditions.
In an appearance on Bloomberg TV, Co-CIO Bob Prince asserted that the dynamics of the current prevailing economic forces will persist, and reiterated the importance of geographic diversification as the East and West continue to see divergent outcomes with respect to the impacts and response to COVID-19.
September 10, 2020
Greg Jensen, Melissa Saphier, Josh Lewin, Nikolai Doytchinov
Is the gold rally behind us? Why hold an asset that doesn’t offer any yield? Is it really wise to add exposure to such a small market? Greg Jensen and our research team address these questions, share some perspective on gold, and explore its unique role in protecting portfolios in the new paradigm — a world of ongoing pressure for policymakers across the globe to print and spend, zero interest rates that make bonds more or less dead weight, tectonic shifts in where global power lies, and conflict.
September 30, 2020
Jason Rotenberg, Kate Dunbar, Simiao Li
Though every global economy and market was largely subjected to the same first-order effects of the pandemic, China’s economy and assets have performed very differently than the rest of the world. This divergence highlights the value of geographic diversification, especially with regards to Chinese markets. Given its size, rapidly opening capital markets, unique position in the business cycle, and non-zero rates, tracking China closely has never been more important, and the diversification it offers has never been more valuable.
September 9, 2020
Karen Karniol-Tambour, Melissa Saphier, Yusuf Jailani, Jeremy Fraenkel
Even before the COVID-19 crisis, it was clear that traditional economic measures had increasingly diverged from social outcomes. Despite a decade of economic expansion and falling unemployment, social conditions deteriorated across a variety of measures. COVID-19 has brought these pressures to a head. Looking ahead, social conditions will have rising impacts on markets as policy evolves to more explicitly consider such issues in evaluating its goals. Fiscal policy is likely to take on a greater role in the decade to come, and is inherently distributional. The Fed, too, is increasingly taking into account social disparities.
August 6, 2020
Greg Jensen, Jason Rotenberg, Jim Haskel
In the wake of the COVID-19 crisis, we have built out our framework for understanding economic policy going forward: what we call Monetary Policy 3. In short, with interest rates around the world at zero and traditional methods of monetary stimulus now ineffective, policy makers have been forced to turn to coordinated monetary and fiscal policy in order to engineer any hope for a sustained recovery. Senior Portfolio Strategist Jim Haskel sits down with Co-CIO Greg Jensen and senior investor Jason Rotenberg to discuss how we’re tracking MP3 implementation around the world, the divergences we’re seeing between countries, and the challenges policy makers are facing.
July 9, 2020
Greg Jensen, Mark Dinner, Melissa Saphier, Riley Edmunds
The rapid policy response to the COVID-19 pandemic has resulted in an unprecedented speed of asset reflation. What took almost two years to achieve during the 2008 financial crash and almost four years during the Great Depression has unfolded in only one month during the current crisis. Co-CIO Greg Jensen and members of our research team explore the unique lengths and the potential limits of policy makers’ efforts to stimulate the economy.
June 19, 2020
Ray Dalio, Jim Haskel
The coronavirus has accelerated a new paradigm of coordinated monetary and fiscal policy where central banks are printing money to finance large budget deficits and spark spending. Senior Portfolio Strategist Jim Haskel and Co-CIO Ray Dalio explore why the by-product — zero or near-zero interest rates across the developed world — is a critical issue for investors to understand and how similar moments in history can provide valuable lessons to navigate volatility.
March 30, 2020
Greg Jensen, Jason Rogers
We have been describing an impending paradigm shift in economies and markets as the forces that drove the environment over the last decade have reached their limits. Co-CIO Greg Jensen and Jason Rogers from our research team examine how the shock of the coronavirus has accelerated a shift that we expected would unfold much more gradually over time.
Founder and Co-CIO Ray Dalio's study on the rises and declines of past leading empires puts today’s economic, political, and policy situation into perspective of the big picture.
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