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The ECB: A Little More Easing Before a Thorny Exit
by Andrew Bosomworth of PIMCO, 10/21/16

Ensuring a smooth exit from extraordinary monetary policy will be no enviable task.

U.S. Inflation Still on Track to Hit 2%
by Tiffany Wilding of PIMCO, 10/19/16

Today’s CPI release was a bit of a mixed bag, but overall it doesn’t change our view that headline year-over-year inflation should accelerate toward 2.0%–2.5% over the coming year.

Active ETFs for Liquidity Management and Capital Preservation
by Jerome Schneider, Natalie Zahradnik of PIMCO, 10/13/16

As reform alters the landscape, investors look beyond money market funds.

Money Market Reform: DC Plans Adapt to Sweeping Change
by Brett Gorman, Brian Leach of PIMCO, 10/12/16

The SEC’s sweeping changes will likely make money market funds less risky – but far less attractive – to participants in defined contribution plans.

As New SEC Rules Take Effect, It May Be Time to Look "Under the Hood" of Your Money Market Fund.
by Jerome Schneider of PIMCO, 10/7/16

As new SEC rules take effect, it may be time to look “under the hood” of your money market fund.

The Fundamentals of RAE: Pitfalls of the "Alpha Mirage"
by Robert Arnott, Christopher Brightman of PIMCO, 10/1/16
With the soaring popularity of smart beta strategies, we see lots of investors flocking to whatever strategies have the best three-, five- and 10-year performance – and performance-chasing may ultimately be value-destroying. Some popular strategies’ historical success is little more than an “alpha mirage,” attributable mainly – and in some cases, entirely – to rising relative valuations. We favor a systematic process that results in dynamic factor exposures while still delivering broadly diversified, economically representative portfolios.

What Lies Beneath
by Joachim Fels, Andrew Balls of PIMCO, 9/28/16
In our outlook for the remainder of this year and for 2017, we discuss the likelihood of continued economic expansion while assessing the underlying risks to growth.

Rising Leverage in Emerging Asia: Where Is It Headed?
by Roland Mieth, Tomoya Masanao of PIMCO, 9/27/16
Japan offers lessons for investors worried about rapidly rising debt levels in emerging Asia, especially China.

Fed Statement: Let the Dots – and the Dissents – Do the Talking
by Richard Clarida of PIMCO, 9/23/16
Going into today’s Federal Open Market Committee (FOMC) meeting, the question was in what way – or ways – the statement and the accompanying Summary of Economic Projections (SEP) would signal the committee’s conviction that it expects to hike rates later this year.

The Rising Costs of Capital Preservation
by Jerome Schneider, Andrew Wittkop, Nathan Chiaverini of PIMCO, 9/19/16
An investment in money market funds since the beginning of 2009 would have decreased purchasing power by more than 14% on a cumulative basis.

The New Neutral Yield Curve: A New Framework for the Bank of Japan
by Tomota Masanao of PIMCO, 9/14/16
The Bank of Japan (BOJ) is at a crossroads. Despite a 3.5-year unprecedented experiment with unconventional policy tools, a war against deflation is still unwon. Meanwhile, the BOJ appears to be aware of its current policy limit or at least admits there are side effects. So what now?

A World of Pure Imagination
by Team of PIMCO, 9/13/16
A review of the month’s market-moving events across countries and asset classes.

After Record USDA Projections, Where Are Corn Yields Headed?
by Gillian Rutherford of PIMCO, 9/12/16
Reports of what could be the biggest U.S. corn crop ever have put pressure on prices in recent weeks.

Listening for the Market's Bell
by Harley Bassman of PIMCO, 9/9/16
The old Wall Street expression is “They don’t ring a bell at the top.” This snarky adage is usually employed by those saddened financial managers who ride a successful investment to a peak and then watch in horror as it reverses course to a level below their cost basis. They lay the blame at the feet of the amorphous market that failed to signal it was time to exit the ride.

UK Corporate Bonds: Tailwinds from the BOE
by Ketish Pothalingam of PIMCO, 9/8/16
Sterling investment grade corporate bonds have rallied by around 5% more than the equivalent UK gilts since the Brexit vote. While the quick gains may be over, we still see value – thanks to technicals as much as fundamentals.

ECB Preview: More Easing Expected In December
by Andrew Bosomworth of PIMCO, 9/6/16
We expect the European Central Bank (ECB) to leave policy unchanged at the 8 September Governing Council meeting.

Libor Rising and Money Market Reform: Five Key Questions
by Jerome Schneider of PIMCO, 9/2/16
Anticipation of U.S. money market reform in October has pressured short-term funding rates higher. What are the implications for banks and investors?

Disruptive Regulation: A Secular Investment Opportunity
by Christian Stracke, Tom Collier of PIMCO, 8/31/16
It’s been nearly a decade since the global financial crisis prompted an onslaught of regulations intended to abolish excessive risk-taking and make the financial system safer. Yet the implementation of reforms – and their disruptive effect on financial business models – will peak only over the next few years.

Credit Markets Still Supported By Global Trends
by Mark Kiesel of PIMCO, 8/26/16
Even after this year’s rally, credit remains one of the more appealing sources of income in financial markets.

Deceptive Calm: Investing Globally in Stable But Not Secure Markets
by Mihir Worah, Geraldine Sundstrom of PIMCO, 8/24/16
As the year progresses, markets are displaying a strange dichotomy. Thirty percent of sovereign debt globally now offers negative yields, suggesting investors are increasingly focused on certainty and capital preservation even as several major central banks seek to stimulate growth and risk-taking.

Asia-Pacific: Investment Implications of Our 2016 Secular Outlook
by Eric Mogelof, Alan Isenberg of PIMCO, 8/22/16
PIMCO’s 2016 Secular Outlook highlights a world that, over the next three to five years, will be stable but not secure.

With Decisive Policy, Bank of England Stacks Odds in Its Favour
by Mike Amey of PIMCO, 8/17/16
Look for very easy UK monetary policy to be with us for the cyclical horizon.

A Constructive Case for Emerging Markets
by Michael Gomez, Lupin Rahman, Francesc Balcells, Pramol Dhawan, Luke Spajic of PIMCO, 8/15/16
Improving fundamentals in emerging markets warrant a more optimistic investment approach.

High Yield Municipals Find a Sweet Spot
by David Hammer, Sean McCarthy of PIMCO, 8/10/16
PIMCO believes the macro environment remains supportive of the municipal asset class. We see a U.S. economy that continues to expand, which is generally good for municipal credit fundamentals. Municipal defaults generally remain low. Historically, high yield municipal default rates have been significantly lower than high yield taxable counterparts. Moving forward, credit selection remains key. We continue to see value in MSA (Master Settlement Agreement) tobacco bonds; we believe risks to most Puerto Rico governmental bonds remain skewed to the downside, but we continue to assess the opportunities in the Territory.

Asset Class Valuations: The Perceived Price of Certainty
by Geraldine Sunstrom of PIMCO, 8/4/16
Comparing P/E ratios across asset classes shows the perceived certainty of U.S. Treasuries coming at an expensive price.

Libor: A Small Move Marks a Big Change
by Nathan Chiaverini, Andrew Wittkop of PIMCO, 8/4/16
New U.S. money market fund rules have been both an albatross for money market investors and a beacon for ultrashort bond funds since they were announced by the SEC two years ago.

Targets and Tactics: Overcoming Lower Return Expectations
by Michael Cudzil, Rene Martel, Mohit Mittal of PIMCO, 8/3/16
As consensus grows on the prospect of lower asset class returns, investors are taking a fresh look at the potential consequences and solutions.

Catching Up With the Medians
by James Moore of PIMCO, 8/2/16
Saving for retirement: How well is the “median” U.S. family doing?

The BOJ Hit Its Limit: A Summer Relief for Banks
by Tomoya Masanao of PIMCO, 8/1/16
The message was clear: The Bank of Japan (BOJ) finally admitted that its current policy framework hit the limit. Disappointed? Well, at least the BOJ’s decision on 29 July provides some relief for Japanese banks, insurance companies and pension funds.

Detecting a ‘Smart’ Investment Strategy
by Andrew Pyne, Markus Aakko of PIMCO, 7/22/16
How to pick smart-beta strategies using methods similar to those for selecting active managers.

Losses on Italian Non-Performing Loans: Severity and Solutions
by Joshua Anderson of PIMCO, 7/21/16
Losses look manageable over time, but a prompt solution now seems likely.

King, Keynes and Knight: Insights Into an Uncertain Economy
by Joachim Fels of PIMCO, 7/20/16
The concept of “radical uncertainty” helps shed light on macro analysis in a world of insecure stability.

Managed Futures and Multi-Strategy Funds: The Search for Diversification
by Justin Blesy, Ashish Tiwari, Chris Santore of PIMCO, 7/18/16
Manager selection is critical: Only a subset delivered when it counted most.

Are You Cashing In With ETFs?
by Jerome Schneider, Natalie Zahradnik of PIMCO, 7/14/16
How getting active may beat being passive in today’s market environment.

National Monetary Policies Often Correlate, Sometimes Coordinate, Rarely Cooperate
by Richard Clarida of PIMCO, 7/13/16
International monetary policy cooperation could pose a threat to the credibility and public support.

Commodity Investing: A New Take on Equities Versus Futures
by Nicholas Johnson, Klaus Thuerbach of PIMCO, 7/6/16
A combination of commodity futures and broad stocks seems to provide better return per unit of risk than natural resource equities.

Brexit: What’s Next for Markets, the UK and the Global Economy
by Andrew Balls, Mike Amey, Philippe Bodereau of PIMCO, 6/30/16
In the following Q&A, portfolio managers Andrew Balls, Mike Amey, and Philippe Bodereau discuss PIMCO’s outlook for the UK and the European Union amid Brexit, and assess global ramifications.

U.S. Real Estate: A Storm Is Brewing
by John Murray, Anthony Clarke of PIMCO, 6/20/16
Prices could decline amid volatility, creating opportunities for nimble investors.

Eurozone Secular Outlook: Europe’s Fragile Environment Spells Caution for Investors
by Nicola Mai of PIMCO, 6/17/16
With our baseline view of 2%–3% nominal growth over the next three to five years, Europe’s economic, fiscal, social and political environment will remain fragile. Investors should be cautious.

Come What May
by Team of PIMCO, 6/16/16
A review of the month’s market-moving events across countries and asset classes.

China and the New Global Monetary Order
by Tony Crescenzi of PIMCO, 6/9/16
China’s integration into the world economy began decades ago, but its integration into the global financial system is relatively new.

The Global Outlook: Stable But Not Secure
by Andrew Balls, Richard Clarida, Daniel Ivascyn of PIMCO, 6/2/16
Good investment opportunities remain, but investors must be compensated for growing and heightened uncertainty and risks of policy exhaustion.

Liquidity Management and Arbitrage: An Opportunity for Defined Benefit Plans
by Rene Martel of PIMCO, 5/25/16
Markets offer the prospect of defeasing near-term liabilities at a discount.

The Downside of Central Bank Independence
by Joachim Fels of PIMCO, 5/19/16
Here’s a secular question for you: What if central banks weren’t independent?

April Cools
by Team of PIMCO, 5/16/16
A calmer tone prevailed across markets in April despite major central banks choosing to pause from adding substantial support. Mixed economic data underscored a tepid fundamental backdrop. The market rally continued in April, though underlying sentiment may have cooled more than the rally suggested.

Canada’s Monetary Policy Stuck Between a Rock and a Hard Place
by Ed Devlin of PIMCO, 5/4/16
Understanding a central bank’s reaction function to volatile financial and commodity markets can help investors navigate an uncertain environment.

Altitude Adjustment: Investing During a Period of Lower Returns and Higher Volatility
by Mihir Worah, Geraldine Sundstrom of PIMCO, 5/2/16
It can be difficult to adjust to the end of a good run. For years following the financial crisis of 2008, investors benefited from a rally in financial markets facilitated in part by expansionary policies of the Federal Reserve and other central banks around the globe.

U.S. Housing Shines Bright in Global Economy
by Daniel Hyman, Emmanuel Sharef of PIMCO, 4/25/16
Demographics and new housing starts suggest that the U.S. could face a shortage in the near future.

Rumpelstiltskin at the Fed
by Harley Bassman of PIMCO, 4/22/16
Though it seems incredibly farfetched, a massive Fed gold purchase program could echo a Depression-era effort that effectively boosted the U.S. economy.

Corporate Management: Discerning Opportunities and Risks in Asian Credit
by Raja Mukherji of PIMCO, 4/21/16
The annual movement of wildlife across the Serengeti-Mara ecosystem in Africa is one of the greatest spectacles in the natural world. The horizon fills with wildebeest, zebra, eland and gazelle migrating for fresh grass, tracked by Africa’s great predators.
Results 951–1,000 of 1,684 found.