Market Matters from New York Life Investment Management

4/27/2026

Equity markets are holding near highs even as geopolitical risks remain elevated. Julia Hermann and Sarah Hirsch are joined by Candriam’s Emile Gagna to discuss how the Iran conflict is shaping markets and global growth.

4/20/2026

AI is moving fast, but its macro impact is still unfolding. Julia Hermann and Michael LoGalbo are joined by Steve Friedman, Senior Macroeconomist at MacKay Shields, to explore how competing AI-led forces across productivity, labor markets, and policy may shape inflation and investment outcomes.

4/13/2026

Markets have been moving quickly. In this week’s Market Matters, Julia Hermann and Sarah Hirsch break down how Iran, inflation, and private credit are driving the macro narrative, and what that means for growth, policy, and portfolios.

4/7/2026

Geopolitical tensions are moving into the core macro outlook, with energy markets, inflation, and policy all increasingly interconnected. Tune in as Julia Hermann and Michael LoGalbo break down how their base case has evolved and what it means for portfolios.

3/30/2026

Geopolitical risk is moving from the background to the foreground for investors. In this episode, Julia Hermann and Michael LoGalbo explore how great power politics is changing the global economic order –and why this shift, seen in Iran and beyond, is becoming more important for markets, policy, and portfolio construction.

3/23/2026

Markets have remained relatively calm, but the U.S. conflict with Iran has raised the stakes for the global economy. In this episode, Lauren Goodwin and Michael LoGalbo break down what disruption in the Strait of Hormuz could mean for the U.S. economy, monetary policy, global markets, and investors.

3/16/2026

Markets have broadened so far in 2026, but broader doesn’t necessarily mean better. In the latest episode of Market Matters, Lauren Goodwin and Julia Hermann unpack why broader market performance may not be sustainable if market leadership turns away from profitability leaders.

3/9/2026

The year has started with a tug-of-war between resilient growth and rising policy risk, and the path forward for markets will likely continue to be punctuated by event risk. In this Macro Pulse update, Julia Hermann and Michael LoGalbo discuss how geopolitical regime change, AI concentration, and supportive U.S. policy are shaping the base case.

3/2/2026

There’s no place like home, but for many Americans, homeownership feels further out of reach than ever. In this episode of Market Matters, Julia Hermann and Sarah Hirsch unpack why affordability feels so strained, how decades of housing policy shaped today’s system, and which proposals could move the needle from here.

2/17/2026

Markets are moving fast in 2026, and investor sentiment is shifting with them. In this episode of Market Matters, Julia Hermann and Sarah Hirsch share insights from their recent travels, highlighting how rising volatility, geopolitical headlines, and the next phase of AI are shaping investor thinking. They also discuss what this means for diversification and portfolio positioning.

2/9/2026

Private markets are entering 2026 with renewed momentum. Lauren Goodwin and Sarah Hirsch preview the 2026 Global Private Markets Outlook, sharing their outlook across private markets asset classes and highlighting where investors may find resilience and long-term value.

2/2/2026

In this episode of Market Matters, Lauren Goodwin and Michael LoGalbo explore four black swan scenarios from the 2026 Swan Lake report, including disruptions to U.S. public economic data, a potential U.S. state split, political upheaval in Eastern Europe, and a rethink of Asia’s “dollar recycling”.

1/26/2026

Headline economic data can look steady, even when real strain exists beneath the surface. On Market Matters, Julia Hermann and Michael LoGalbo break down the K-shaped economy, examining who is driving U.S. growth, how wealth effects are shaping consumption, and why market moves themselves have become a key transmission mechanism for economic strength or weakness.

1/20/2026

Why does Federal Reserve independence matter, and how would markets respond if it weakened? On Market Matters, Julia Hermann and Sarah Hirsch break down the Fed’s mandate, its structure, and the early market signals investors would likely see if independence risks grow.

1/12/2026

After a week of conversations with our U.S. wealth teams, a few themes stood out as especially “sticky” for 2026. Lauren Goodwin and Julia Hermann discuss how they’re thinking about AI as a megatrend, what potential challenges to Fed independence could mean for markets, and why developed ex-U.S. equities are becoming a more compelling diversifier.

1/5/2026

With nearly $8 trillion sitting in money market funds, investors face a familiar challenge: how to deploy capital when entry points feel scarce. Lauren Goodwin and Julia Hermann share their latest thinking on deploying new funds in 2026, highlighting marginal shifts in allocation views across small caps, ex-U.S. equities, private markets, and income-oriented credit, all through the lens of diversification and quality.

12/15/2025

‘Twas NYLI before Christmas… and the perfect moment to unwind with our final episode of 2025. Join Julia Hermann as she reads her annual holiday verse, capturing the year’s market highs, lows, and everything in between.

12/8/2025

Is gold becoming the next bubble or just catching up to years of structural demand? In this Market Matters episode, Julia Hermann and “Macro” Mike LoGalbo dissect the drivers behind gold’s outsized move in 2025 and the risks of chasing performance. They discuss why gold works best as a diversifier, not a growth engine, and offer a framework for sizing positions as 2026 approaches.

12/1/2025

Policy support, AI innovation, and profitability are extending the U.S. cycle, but not without risk. This week on Market Matters, Lauren Goodwin and Julia Hermann outline the 2026 Outlook from New York Life Investments’ Global Market Strategy team and how investors can position across equities, credit, and alternatives.

11/17/2025

After 15 years of dominance, the U.S. dollar’s exceptional run is showing its age. This week, Julia Hermann and Lauren Goodwin explore what’s behind the dollar’s recent decline, and how investors can navigate a more balanced currency landscape ahead.

11/10/2025

Recent high-profile bankruptcies have put credit markets back in the spotlight. In this week’s Market Matters, Lauren Goodwin and Sarah Hirsch are joined by Rob Smalley and Cameron White from MacKay Shields and Patrick Koehl from Apogem Capital to go beyond the headlines and decode what’s driving market sentiment.

11/3/2025

AI’s market dominance and transformative potential are undeniable - but is the pace of AI investment sustainable? This week, Lauren Goodwin and Julia Hermann deconstruct the question they’re asked most frequently, with an eye on short-term shifts in the AI investment thesis that may affect long-term conviction.

10/21/2025

Fresh from the road, Julia Hermann and Lauren Goodwin share key insights from global investor conversations, covering shifting investor sentiment around AI, gold’s runup, and the questions around quality in the shifting private credit landscape. Hear what’s driving investor decisions as the credit cycle evolves.

10/13/2025

This week on Market Matters, Julia Hermann breaks down two sets of market-moving political events –  France’s government reshuffle and Japan’s leadership shift – and what they mean for sovereign yield curve behavior.

10/6/2025

The U.S. government has shut down, furloughing federal workers and halting key economic data releases. Julia Hermann and Sarah Hirsch discuss how the data blackout complicates the Fed’s October 28–29 meeting and what it means for markets.

9/29/2025

What does a new era of security-first economics mean for investors? Julia Hermann and Michael LoGalbo break down this element of a broader geopolitical regime shift – diving into current events in Eastern Europe as a prime example.

9/22/2025

After a nine-month pause, the Fed has resumed an easing cycle. Lauren Goodwin and Sarah Hirsch explain why this will be the start of a sporadic, not sustained, easing cycle, and how that shapes the outlook for the economy and markets going forward.

9/15/2025

The Fed is set to deliver its first rate cut in nine months. How will the latest jobs revision and inflation data shape the market outlook ahead? Lauren Goodwin and Julia Hermann break it down in this week’s episode of Market Matters.

9/8/2025

Capital markets have priced out the worst-case scenario from U.S. policy uncertainty, but policy risks remain. Join Julia Hermann and Sarah Hirsch as they discuss the September Macro Pulse, examining what policy risks mean for inflation, the potential path for the Fed, and what it all means for investors.

9/1/2025

From diverging interest rate cycles to policy uncertainty, the first half of 2025 shifted private markets. Lauren Goodwin and Sarah Hirsch share their outlook across private markets asset classes and highlight where investors may find resilience and long-term value.

8/25/2025

The narrative of a global exit from U.S. assets has been loud this year, but the data tells a different story. In this week’s episode of Market Matters, Lauren Goodwin and Julia Hermann explain why investor demand remains strong and what central bank flows reveal.

8/11/2025

Continuing a four-part series on debt sustainability: Europe has a strong legacy of fiscal discipline, but often at the cost of productive investment. Lauren Goodwin and Julia Hermann host Florence Pisani, Chief Economist of Candriam, and Nicolas Jullien, Global Head of Fixed Income at Candriam, to discuss the future of debt sustainability in Europe.

8/4/2025

The team’s series on sovereign debt sustainability continues, this week with a focus on China. Julia Hermann hosts Valentina Chen, Head and Portfolio Manager of the Emerging Market Debt team at MacKay Shields, to discuss how China’s systemic over-leverage influences everything from the country’s economic business model, to the nature and scope of investment opportunities in Chinese credit.

7/28/2025

Julia Hermann hosts Steven Friedman, Managing Director and Senior Macroeconomist at MacKay Shields, for a special recording of Market Matters on the 34th floor of the New York Life building in Manhattan. Join Julia and Steve for a deep dive into the sustainability – or lack thereof – of public debt in the United States. Can the U.S. keep up its pace of spending? What does the Big Beautiful Bill mean for the debt trajectory? Are interest payments spiraling out of control? We answer these questions and more on this week’s episode.

7/21/2025

Join Lauren Goodwin and Julia Hermann for a special recording of Market Matters, on the 34th floor of the New York Life building in Manhattan. Your hosts will launch the team’s latest megatrend research on global debt sustainability: can major economies keep up all this spending? And what do higher sovereign debt levels mean for asset allocation?

7/14/2025

Are markets underestimating the ripple effects of recent tariff changes? Lauren Goodwin and Julia Hermann break down the latest data, policy shifts, and market signals.

7/7/2025

On this week’s episode of Market Matters, Lauren Goodwin and Julia Hermann deliver a midyear macro check-in, breaking down the four key forces shaping the second half of 2025: market complacency, labor market cooling, Fed policy uncertainty, and the sweeping impact of the “One Big Beautiful Bill.”

6/30/2025

Lauren Goodwin and Julia Hermann assess how recent U.S. involvement in the Middle East may affect inflation, commodities, and asset allocation. They offer a practical lens to evaluate risk beyond headlines. Tune in for a thoughtful analysis.

6/23/2025

Lauren Goodwin and Julia Hermann examine a key question hanging over global allocation: do investors want out of the U.S.? This week’s episode explores what recent Treasury auction results and a weaker U.S. dollar reveal about investor sentiment and global capital flows. As diversification gains attention, they examine whether these shifts signal a broader move away from U.S. assets or simply reflect a changing global landscape.

6/16/2025

At the New York Life Investments’ Global Investor Forum, one theme was loud and clear: the global investment landscape is undergoing structural change. And rather than “wait and see” how these structural changes play out, our gathering of global investors focused on action, from assessing geopolitical risk to finding quality across asset classes. In this episode, Lauren Goodwin and Julia Hermann explore allocators’ fresh look at global diversification.

6/9/2025

Lauren Goodwin and Julia Hermann introduce the newest member of the Global Market Strategy team, Sarah Hirsch! Julia and Sarah break down the latest macro data, including how tariff pressures are working their way into consumer activity. They explore what it all means for the Fed, the economic outlook, and investor positioning.

6/2/2025

Bond yields are rising, and tariffs are back in focus. This broader spectrum of policy uncertainty may require investors to adjust. Julia Hermann and 'Macro Mike’ LoGalbo discuss options for duration management and diversification this week on the podcast.

5/19/2025

U.S.–China tariffs have been rolled back – at least temporarily. Lauren Goodwin and Julia Hermann break down what this trade détente means for inflation, markets, and macro risks.

5/12/2025

Geopolitical risk is increasing, becoming a key factor in the macroeconomic landscape. Lauren Goodwin and 'Macro Mike' LoGalbo explore the growing link between politics and portfolios—and how to navigate it.

5/5/2025

Lauren Goodwin is joined by Kee Rabb, Managing Director at Apogem Capital, and Jeremy Held, Managing Director at Bow River Capital, to discuss how near-term market uncertainty is shaping the long-term capital markets.

4/28/2025

The market is changing, and so are the rules. Learn how to navigate the shifting landscape with Julia Hermann on Market Matters.

4/21/2025

Lauren Goodwin and Julia Hermann have been on the road, engaging with U.S.-based investors and gathering their most pressing questions. Tune in to Market Matters for their Fed view, the broader implications of policy uncertainty on portfolio allocation, and more.

4/14/2025

Lauren Goodwin hosts Brian Levitt, Global Market Strategist at Invesco, to discuss how market strategists manage challenging economic backdrops. They discuss top client questions they’re hearing, and the long-term topics they think impact investors most. Stay tuned for the portfolio pause, where Lauren and Julia address how evolving tariff policy affects the team’s macro scenarios and allocation.

4/7/2025

The past few days – and coming weeks – mark a historic moment for global trade and for markets. Lauren Goodwin and Julia Hermann share how the reciprocal tariff impact has altered their economic scenarios for the rest of the year, and how shifting macro expectations affect a holistic asset allocation.

3/31/2025

Lauren Goodwin and Julia Hermann have one topic to cover this week: tariffs. Tune in as we dive into the implications of Tariff Tuesday, including near-term impacts on markets and ways investors can adapt their portfolios to peak policy uncertainty.

3/17/2025

Julia Hermann and Michael LoGalbo explore the recent decline in U.S. equities, driven by soaring policy uncertainty, and examine its implications for economic growth and inflation.

3/10/2025

Host Lauren Goodwin is joined by Emile Gagna, Deputy Head of Economic Research at Candriam, to discuss the latest policy announcements in Europe and the economic outlook.

3/4/2025

Last week’s NVIDIA earnings report may have been stellar, but didn’t alleviate investor jitters. Julia Hermann and Michael LoGalbo discuss what last week’s selloff means for portfolios.

2/25/2025

This week, Lauren Goodwin and Julia Hermann turn to the private markets, where they see four turning points driving capital allocation. Tune in as they discuss the macroeconomic shifts and megatrends contributing to movements in private markets.

2/17/2025

Lauren Goodwin and Julia Hermann dive into the latest inflation figures that shook the market - briefly. Listen for a comprehensive breakdown of the data and its implications for investors.