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How Can Transformation Lead to Opportunity in 2022?
Asset Allocation Outlook for 2022
December CPI Data Suggests U.S. Inflation May Be Stabilizing, But Hasn’t Peaked Yet
While the overall pace of core U.S. inflation in December 2021 remained strong, underlying details in the Consumer Price Index (CPI) data suggested some stabilization from the recent reacceleration.
2022 Focus: Expanding the Opportunity Set
Cyclical Outlook Key Takeaways: Investing in a Fast‑Moving Cycle
This post discusses key trends across global economies, policies, and investment sectors that inform our outlook for the coming year along with high-level portfolio strategy. This blog post summarizes our views.
Fed Focused on Getting Back Toward Neutral
Since the previous FOMC meeting in early November, several important macro developments likely prompted Fed officials to shift their outlooks.
U.S. Inflation Data Appears Consistent With Faster Fed Tapering and Interest Rate Hikes
While we continue to expect U.S. inflation to moderate next year, the risks of more persistent inflation have grown in recent months.
3 Trends in the Age of Transformation
Asset Allocation Views: Opportunity Amid Transformation
As we look ahead to 2022, our base case is for positive global growth and elevated inflation in the near term. Though we see inflation moderating during the year, there are upside risks to our outlook.
5-Year Outlook: Asset Classes to Consider
Finding Unexpected Opportunities in Core Bonds
Our Take on Short-Term Rates
Energy Volatility Shows Power of Commodities to Influence Inflation
Inflation Risks Put the Fed in an Uncomfortable Place
As expected, the U.S. Federal Reserve announced the first reduction in its monthly pace of bond purchases at the November FOMC meeting.
Secular Outlook Takeaways: Age of Transformation
This post will discuss ongoing market disruptors as well as three trends that may drive a major transformation of the global economy and markets.
Positioning for Today’s Interest Rate Climate
Idiosyncratic Risk in China Real Estate: What Does it Mean for the Property Market and Banks?
Given recent developments, Pimco has updated their outlook for China real estate and its potential impact on the banking sector.
Fed Policy Amid Elevated Inflation Concerns
FOMC members signaled at September’s meeting their intent to announce the first reduction in the monthly pace of bond purchases as soon as the November FOMC meeting.
A Dizzying Summer in D.C. as U.S. Debt Ceiling Looms Again
A busy summer on the fiscal front in Washington that’s seen progress on budget and infrastructure legislation could soon give way to another showdown over the U.S. statutory debt ceiling, potentially signaling volatility for investors in the months ahead.
Commercial Real Estate: The Office Market in a Post‑COVID World
The pandemic accelerated the secular work-from-home trend, creating winners and losers in office real estate assets. This post discusses PIMCO team members market views, particularly within the office sector.
Fed’s New Repo Facility Should Ease Future Stress, With Caveats
The Federal Reserve continues to prepare for the next liquidity disruption. PIMCO thinks their latest facility would likely help, both psychologically and practically.
Substantial Further Progress? Not Yet, Says the Fed
The statement and press conference following the July FOMC meeting reinforced PIMCO’s outlook that in the second half of this year the FOMC will announce its plans to begin to wind down its large-scale asset purchases.
ECB: New Inflation Target, Old Tools
The Race to Net Zero: Challenges and Opportunities
More and more investment is being channelled toward achieving net zero carbon emissions. To understand the scale of the task, consider what net zero means.
Leveraged Loan Issuers: Just Do It (Transition to SOFR)
Despite prompts from regulators and market participants, the U.S. leveraged loan market has been slow to embrace SOFR, even while other fixed income sectors issue new SOFR-referencing contracts.
Repressed Repo Rates: Sifting Through the Noise
The most recent hike in the RRP rate was likely to prevent the possibility of any “soft” closes at money-market funds, since investing at 0 bps would likely become uneconomical in the long run.
Top Five Insights from PIMCO’s 2021 ESG Investment Summit: Financing a More Sustainable Future
PIMCO’s annual ESG Summit – hosted virtually this year – aimed to help participants keep pace with the rapidly evolving landscape of environmental, social and governance issues within the world of investing, with a particular focus on the transition to net-zero emissions.