The COVID shock has amplified disruptive trends, but we see global investment opportunities in the volatility ahead.

Policy will continue to be carefully calibrated as China walks a tightrope between supporting growth and maintaining financial stability.

We believe the Fed’s mortgage purchase program is helping to bolster economic activity, and accomplishing more than Treasury purchases alone.

Strong money growth in Europe has raised concerns about inflation taking off. We have a different view.

The lack of market reaction suggests that many investors are not convinced that the Fed’s new guidance represents any material shift in policy.

Fed officials seek higher inflation but need help from fiscal policymakers.

Rising prices in July have led PIMCO to raise its core inflation forecast for 2020, but not 2021.

The Federal Reserve wants financial conditions to remain accommodative as it looks to support the U.S. recovery.

European measures applied to mitigate the effects of the pandemic have contained the unemployment rate in Europe more than in the U.S. While recognizing economic risks from the rising number of COVID-19 cases in the U.S., our forecast sees this success ratio reversing before the end of the year.

We expect more stimulus, both monetary and fiscal, will be necessary to support the recovery amid the renewed COVID-19 outbreak.