We assess risks and potential opportunities for multi-asset portfolios amid late-cycle dynamics, higher inflation, rising interest rates, and geopolitical uncertainty.
The Bank of Canada embarked on a swift tightening path, but secular forces still weigh on the longer-run interest rate outlook.
Sanctions on Russia’s foreign currency reserves will likely stymie the rise of the Chinese renminbi as a competitor to the U.S. dollar.
Five commercial real estate sectors in markets across the globe have the potential to thrive in this environment.
The countries’ weight in global trade is relatively small, but outsize exports of raw and semi-finished goods may portend price hikes across a variety of industries.
While Beijing has set an ambitious growth target this year with a generous fiscal stimulus plan, new COVID-19 waves are adding to mounting headwinds amid a slowing global economy.
A framework for optimizing liquidity in alternative investments.
Supply chains set to become less dependent on China over time.
Home price fundamentals suggest appreciation will slow but remain resilient.
Their track record in periods of rising interest rates suggests municipal bonds could be well-positioned for this year’s market environment.
Russia’s invasion of Ukraine, the sanctions response, and the gyrations in commodity markets cast an even thicker layer of uncertainty on what already was an uncertain economic and financial market outlook before the onset of this horrific war.
The pandemic hastens the evolution of the DC plan landscape and challenges plan sponsors to evolve.
The U.S. Federal Reserve raised the policy rate at the March meeting and signaled more hikes to come given the risks from high inflation.
Russia’s invasion of Ukraine and the world’s subsequent sanctions and actions to curtail Russia’s access to the global financial system have thrown financial markets into turmoil.
PIMCO’s glide path for target date funds expresses the firm’s collective view on age-appropriate asset allocation that can help prepare defined contribution (DC) plan participants for successful retirements.
Restructured debt has often outperformed the broader municipal bond market as issuers emerge from bankruptcy with higher debt-servicing capacity.
Research Affiliates discusses their approach to managing risks and targeting opportunities in uncertain environments.
Commodities appear attractive amid elevated inflation, lingering supply-demand imbalances and high roll yields.
As uncertainty pervades the markets, we are positioning defensively, increasing liquidity and remaining nimble in an effort to generate income amid bouts of heightened volatility.
The January U.S. CPI (Consumer Price Index) report indicated a higher pace of inflation than many observers expected.
Studies of private market investments tend to focus on the return premium associated with illiquid assets and their appeal relative to traditional public market assets.
Much of the global economy has transitioned quickly from an early-cycle recovery to a mid-cycle expansion that now appears to be rapidly progressing toward late-cycle dynamics.
At the January 2022 meeting, the U.S. Federal Reserve signaled an accelerated timetable to normalize policy, but it will be a long process amid an uncertain environment.
The strong inflation report combined with employment data will likely prompt the U.S. Federal Reserve to begin hiking its policy rate in March.
Uncertainty has become an ongoing theme in markets, economies, and communities everywhere, and in this environment, PIMCO investment professionals gathered – virtually, once again – for our recent Cyclical Forum.
We see attractive investment opportunities in California’s cap-and-trade carbon emissions market.
The Federal Reserve pulls forward rate hike expectations and doubles the pace of tapering in an effort to provide more flexibility to react in 2022.
PIMCO’s Global Advisory Board discusses the longer-term outlook for macro trends and major economies.
Research Affiliates discusses the outlook for U.S. inflation expectations, and explains their business cycle model and how it informs portfolio positions.
The risks of continued elevated inflation likely have the U.S. Federal Reserve considering material changes to its policy path.
Uncertainties that caused U.S. Treasuries to rally and yield curves to undulate in November may persist and could contribute to volatility into year-end.
Disruptive trends and fatter tail risks highlight the importance of selection within asset classes and regions.
The COVID-19 crisis spurs cohesion, but fresh challenges await.
With major central banks likely to exercise patience in the face of price pressures, inflation-linked assets may be attractive allocations.
We offer our view of the most significant outcomes from the UN Climate Change Conference.
As policymakers withdraw fiscal and monetary support, we believe market volatility will rise, presenting investment opportunities.
The recent surge in oil and natural gas prices highlights the interconnected nature of energy markets, as well as the complexities of transitioning away from fossil fuels.
Stronger-than-expected U.S. inflation data in October may prompt the Federal Reserve to consider tapering faster and hiking sooner.
While the recent energy crisis has disrupted China’s economy, we do not expect a significant drag on growth.
The Federal Reserve navigated its tapering announcement without much market volatility, but faces the challenge of managing rate expectations amid elevated inflation risks.
The volatility that has roiled short-term bonds signals a shift in expectations for central bank policy in developed markets.
We believe the municipal markets should remain strong into 2022, although the good news may already be baked into high quality bond valuations.
Combining PIMCO’s innovative ESG (environmental, social, governance) investing approach with its expertise in income investing, this flexible strategy targets a multi-sector, global opportunity set.
Three transformative trends will lead the world into a radically different macro environment over the secular horizon. Read our long-term outlook and implications to consider when investing.
The Fed's more hawkish stance at September’s FOMC meeting, rising upside inflation pressures, and near-term volatility drove Treasury yields higher at the end of the month.
We do not expect widespread contagion across China’s real estate or banking sectors despite the challenging outlook.
Elevated risks to inflation expectations appear to have prompted Federal Reserve officials to revise their policy rate hike projections higher.
The active/passive debate frequently focuses on equities, where active approaches have historically underperformed passive strategies. The story is decidedly different in the world of fixed income, where active managers can more easily exploit mispricing and other inefficiencies.
Value has its day in the sun. But are investors learning the right lessons from it?
