In this episode, Senior Market Strategist Rick Polsinello, Jr., CIMA® hosts a discussion with Senior Market Strategist Chris Galipeau, and Global Macro Strategist Jason Vaillancourt, CFA.

During the conversation, they touch on many topics, including: 

• The Economy: A macro view of the global economy, including our outlook for real GDP, inflation, and key drivers of growth.
• Equities: Expectations for the S&P 500 in 2023, which investment styles and sectors we favor, how economic and earnings estimates drive our forecasts, and our concerns on valuation.
• Fixed income: A forecasts for U.S. Treasury yields, the strength of the U.S. dollar, likely changes in credit spreads, and the outlook for Fed actions and monetary policy.

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

All investments involve risk, including the loss of principal. You can lose money by investing.  Diversification does not guarantee a profit or ensure against loss. It is possible to lose money in a diversified portfolio.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period; changes in GDP are an indicator of a nation’s overall economic health.

Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk.

The Bloomberg Global Aggregate Bond Index (The Agg) is an unmanaged index of global investment-grade fixed income securities.

The S&P 500® Index is an unmanaged index of common stock performance.

The Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

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You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. This and other important information is contained in the fund’s prospectus available on Putnam.com or by calling 1-833-228-5577. Please read carefully before you invest.

Putnam ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Putnam Investments.

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