Commentary

What the Pandemic Taught Us About Target Date Funds

Target date funds should be designed to reduce the risk of rash selling.

Commentary

Fiscal Spending Could Cause a U.S. Growth Spike – Compounding Investors’ Concerns on Inflation

A large fiscal package geared toward pandemic relief will likely boost U.S. growth even further in 2021, but long-term inflationary risks are still balanced.

Commentary

Municipal Bond Outlook: Recovering at Different Speeds

Political change, continued fiscal support will drive municipal markets in 2021, although outcomes are likely to vary.

Commentary

Fixed Income: Low Yields Don’t Tell the Whole Story

It’s tempting these days for some investors to question the role of fixed income in portfolios. After all, real yields have plunged, potentially leading to less income today and smaller capital gains tomorrow.

Commentary

Monthly Municipal Market Update, January 2021

A brief monthly update on what's happening in the municipal bond market.

  • Tax-exempt municipal bonds generated solid performance in January, with high yield munis gaining more than 2% on the month.
  • Municipal yields rose early in the month on expectations for higher rates and additional fiscal stimulus.
  • Although issuance was relatively light in January, the municipal market experienced strong demand, with four consecutive weeks of fund inflows.
Commentary

Avoiding Turbulence: Fed Policy and Communication in 2021

A clear communication strategy is crucial to managing market expectations around changes in Federal Reserve asset purchases and interest rate policy.

Commentary

LDI Programs: Finding a Better Replacement for Treasury STRIPS

A holistic LDI portfolio may provide a superior liability hedge.

Commentary

Beyond Brexit: Outlook and Risks for the U.K. Economy

Despite seeing major market swings following the 2016 Brexit referendum, we don’t expect Britain’s departure from the European Union (EU) to have any major economic effects in our baseline outlook for 2021 and beyond. Far more important are COVID-19, fiscal policy, and bigger questions around future productivity growth.

Commentary

Tail Winds Provide Lift for Emerging Markets Investments

A confluence of dynamics are set to accelerate global capital flows to emerging markets amid attractive valuations.

Commentary

Monthly Municipal Market Update, December 2020

A brief monthly update on what's happening in the municipal bond market.

Commentary

Don’t Drop the Baton in Retirement: Managing the “Handoff” From Saving to Spending

PIMCO’s “Income to Outcome” framework offers strategies to navigate retirement’s stumbling blocks.

Commentary

Cyclical Outlook Takeaways: Bounded Optimism on the Global Economy

Global output and demand are likely to rebound strongly in 2021, but we see risks that call for careful portfolio positioning.

Commentary

A Narrowly Democratic Congress Could Boost Spending and Growth

With a narrowly Democratic Congress, U.S. fiscal spending is likely to increase on economic relief from the pandemic, infrastructure, and healthcare, boosting the economic rebound.

Commentary

Asset Allocation Views: Early Cycle Investing

In this abridged version of our latest Asset Allocation Outlook, we discuss the opportunities and risks of investing in an early cycle recovery.

Commentary

Today's Credit Opportunities in 5 Charts

How can credit markets help active investors achieve their goals in the present low yield environment? Here are 5 ideas.