Richard Clarida
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Macro at PIMCO: Beyond Duration Calls
PIMCO leverages its deep understanding 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.
High quality fixed income yields have reached their highest levels in decades, presenting an exciting opportunity for investors – and a return to our roots.
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.
Gain insights on how investors can adapt to today’s market landscape from a panel discussion at our recent Alternatives Investor Conference.
“Restrictive for longer” is now the mantra as monetary policymakers seek to bring inflation reliably to target.