Market Matters from New York Life Investments

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. 

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. 

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. 

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.  

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. 

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. 

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. 

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. 

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.  

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. 

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. 

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. 

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. 

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. 

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.  

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.  

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?  

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.