Capsule: Christopher J. Molumphy, Franklin Templeton Investments

The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said.
JAN 04, 2009
CHRISTOPHER J. MOLUMPHY Executive vice president and chief investment officer for fixed income Franklin Templeton Investments San Mateo, Calif. Assets under management: $404.6 billion General outlook: The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said. Still, "we feel that the fixed-income markets are poised for a fairly strong rebound," Mr. Molumphy said. Municipal bonds are especially attractive: They're cheap, despite the fact they "represent an asset class which is of extremely high quality, and fairly low risk," he said. Next big trend: Deleveraging will continue. Biggest concern: That the current recession ends up being deeper than anticipated. Reading, watching, listening to: Book: "Hot, Flat, and Crowded: Why We Need a Green Revolution and How It Can Renew America" by Thomas L. Friedman (Farrar Straus & Giroux, 2008). Newspaper: The Wall Street Journal. TV: PBS. Website: bloomberg.com

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