Richard Clarida
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In the post-pandemic fiscal landscape, government debt trajectories may be volatile, but appear broadly sustainable.
Explore key themes from our Secular Outlook, including fiscal policy, geopolitical risks, AI, and upcoming elections, and learn how these factors could shape the future of fixed income markets.
Discover how starting yields in high-quality fixed income can set a solid foundation for multi-year returns and how active management works to boost these yields even further.
PIMCO leverages its deep understanding of macroeconomics, policy, and industry nuance to construct portfolios primed to uncover opportunity and manage risks.
A timely discussion on the term premium, which may be signaling the possibility of rising compensation for bond investors as the yield curve potentially re-steepens.
Yield Advantage
The post-pandemic inflation shock and rate-hiking cycle produced a generational reset higher in bond yields, creating a compelling multiyear outlook for fixed income as inflation recedes and risks build in other markets.
Various methods to estimate this key bond market gauge differ on details but appear to signal rising investor compensation.
Recent signals from major central banks suggest challenges ahead with easing monetary policy amid above-target inflation.
Debt levels will likely continue to rise absent policy changes, and the yield curve is likely to steepen.