CPD: The Fragmentation Era

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In our 2024 Secular Outlook, “Yield Advantage[1],” we argued that central banks had largely tamed inflation and would soon start cutting interest rates. We said risks were shifting from growth

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19 Jun 2025

Key takeaways from PIMCO’s Secular Outlook: Five pivot points to watch

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In a world of insecure stability, investors must prepare for 5 policy pivots that will test markets. In PIMCO’s recently published Secular Outlook, Pivot Points, authors Richard Clarida, Andrew Balls and

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13 Jun 2017

Fed Statement: Let the dots – and the dissents – do the talking

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Going into yesterday’s Federal Open Market Committee (FOMC) meeting, the question was in what way – or ways – the statement and the accompanying Summary of Economic Projections (SEP) would signal

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23 Sep 2016

The Fed: Silent on September

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When Fed Chair Janet Yellen spoke in Cambridge, Mass. on 27 May, she outlined conditions to justify a rate hike: “The economy is continuing to improve … growth looks to be

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29 Jul 2016

Fed statement: In Yellen we trust – But markets must verify

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Anticipating the Fed statement yesterday, I wanted to see how the FOMC (Federal Open Market Committee) would address the key questions it needs to answer before deciding when next to

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17 Jun 2016