A theory is developed for the single-particle spectra of the symmetric Anderson model, in which local moments are introduced explicitly from the outset. Dynamical coupling of single-particle processes to low-energy spin-flip excitations leads, within the framework of a two-self-energy description, to a theory in which both low- and high-energy spectral features are simultaneously captured, while correctly preserving Fermi liquid behaviour at low energies. The atomic limit, non-interacting limit and strong-coupling behaviour of the spectrum are each recovered. For strong coupling in particular, both the exponential asymptotics of the Kondo resonance and concomitant many-body broadening of the Hubbard satellite bands are shown to arise naturally within the present approach.