Firm points to higher yields and expectations inflation has peaked
U.S. bond giant PIMCO said on Wednesday it was bullish on the performance of long-term bonds over the next year due to higher yields and expectations inflation has peaked.
U.S. economic growth is expected to slow the remainder of 2023 and next year, “hovering between stagnation and mild recession,” it said. PIMCO said much of this year’s resilience was due to fiscal support, with deficits widening and U.S. households still benefiting from pandemic-related stimulus measures. But it sees that support waning next year at the same time as inflation keeps eroding households’ excess savings.PIMCO, which manages about $1.
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