PIMCO recently published its Cyclical Outlook  for global growth, inflation, trends and transitions likely to affect the investment landscape in 2017. Here are some key takeaways.

We wonder if market participants – like business and consumer survey respondents – may be too focused on Trump’s pro-growth policies and not focused enough on the more controversial aspects of his agenda.

With Donald Trump’s election as U.S. president, we have entered a new phase that I call a “cold currency war.”

We think the recent modest deceleration in core inflation is an artifact of residual seasonality, holiday discounting and some deceleration in medical costs that may prove temporary.

The Fed’s “dot plot” moved unmistakably in the hawkish direction for 2017.

We see four key themes for U.S. equity market investors in 2017.

PIMCO interprets the ECB’s decision to lower the asset purchase rate as acknowledgement that 2% is an ambitious inflation target to achieve.

We believe the impact on balances and prices ultimately will depend on five key variables.

The “No” vote has cost Italy a chance to make its political system leaner and more conducive to reforms.

The decline in the jobless rate makes it very likely that the Federal Reserve will increase its policy rate next week.

The ECB must decide on the minimum amount of quantitative easing (QE) needed to return inflation to target – and in what size doses it should be administered.