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Group CIO Dan Ivascyn discusses PIMCO’s base case forecast that inflation will remain contained despite near-term risks to the upside, and also highlights the relatively low cost of hedging those risks.
For an extended discussion of our outlook for growth, inflation, and where we see opportunities in markets, please watch, “Positioning for a Growth Rebound,” with Group CIO Dan Ivascyn.
Group Chief Investment Officer
The dearth of homes for sale has underpinned the housing market’s surprising resilience and may further lift home prices despite reduced affordability.
As banks pull back from many types of lending, demand for capital is outpacing supply, providing the best potential opportunities in private credit since the GFC.
U.S. inflation cooled more than expected, and bond markets rallied, but the Fed is likely to remain in a long pause.
In our 2024 outlook, bonds emerge as a standout asset class, offering strong prospects, resilience, diversification, and attractive valuations compared with equities.
We see meaningful value in high quality, more liquid bonds that offer compelling yields and potential price appreciation should the economy weaken.
Tighter financial conditions prompted Federal Reserve officials to take a step back from data dependence, and suggest a higher bar for future hikes.
The ECB may raise rates further, but we believe the yield sell-off makes European duration increasingly attractive.
Our outlook for the global economy and markets over the next year
“Restrictive for longer” is now the mantra as monetary policymakers seek to bring inflation reliably to target.