By Carol Liao, Stephen Chang | Nov 03, 2022 Continuity and Concrete Direction: Takeaways From China’s 20th Party Congress Stability, security and self-reliance were overarching themes from China’s twice-a-decade leadership reshuffle. With few details disclosed on near-term supporting policies, we remain cautious on the Chinese market.
By Alex Zhou, Annisa Lee | Aug 08, 2022 China’s Mortgage Boycott: Could Property Sector Cracks Lead to Systemic Risk? Our stress tests show the Chinese banking sector as a whole can absorb shocks from a severe downside scenario, but mid-sized banks and contagion pose potential risks.
By Munish Gupta, Daniel H. Hyman, Bryan Lazarus | Jul 28, 2022 Agency MBS: Opportunities for Alpha in a Post-QE World Agency mortgage-backed securities (MBS) have faced unique challenges in 2022, but these challenges also create attractive new opportunities for active management.
By Alex Zhou, Annisa Lee | Jun 17, 2022 Chinese Financials Feeling the Squeeze Amid Sluggish Credit Demand Following strong double-digit profit growth in FY2021, we expect Chinese banks will be less profitable this year as COVID-19 lockdowns continue to disrupt China’s economy.
By Annisa Lee, Frank Chen | May 05, 2022 China’s Property Sector Slump: Is Recovery on the Horizon? In the absence of immediate and substantive policy easing at the national level, we believe that the sector could pose a serious risk to the government’s GDP growth target in 2022.
By Vinayak Seshasayee, Allison Boxer | Apr 28, 2022 Bank of Canada: Hike More Now, Less Later The Bank of Canada embarked on a swift tightening path, but secular forces still weigh on the longer-run interest rate outlook.
By Stephen Chang, Annisa Lee, Jingjing Huang | Sep 30, 2021 Idiosyncratic Risk in China Real Estate: What Does it Mean for the Property Market and Banks? We do not expect widespread contagion across China’s real estate or banking sectors despite the challenging outlook.
By Frank Chen | May 04, 2021 China Property Sector Remains Robust Despite Policy Headwind While the market should remain relatively stable this year, we are monitoring three themes that could have a significant impact over the longer term.
By Mike Cudzil, Daniel H. Hyman | Sep 22, 2020 Should the Fed Buy Treasuries or Agency MBS During QE? Yes We believe the Fed’s mortgage purchase program is helping to bolster economic activity, and accomplishing more than Treasury purchases alone.
By Daniel J. Ivascyn | Aug 04, 2020 Finding Opportunity Amid Uncertainty Group CIO Dan Ivascyn discusses the opportunities in fixed income markets amid an uncertain investment environment.
By Mike Cudzil, Daniel H. Hyman, Tiffany Wilding | Apr 06, 2020 Finding the Right Level of Support for Capital Markets and Mortgage Rates The Fed has moved aggressively to stabilize core assets, including mortgages. Yet several market indicators are still concerning.
By Daniel H. Hyman, Ryan Murphy | Mar 20, 2020 Mortgage Market: With a Little Help From the Fed We believe Federal Reserve and U.S. Treasury efforts to improve overall market liquidity will have a positive effect on U.S. mortgage pricing, bringing opportunity to investors.
By Mike Cudzil, Daniel H. Hyman | Mar 03, 2020 The Fed Has Another Lever to Pull The Fed could give the economy a powerful boost by maintaining the mix of assets on its balance sheet.
By Mike Cudzil, Daniel H. Hyman | Oct 17, 2019 Could the Fed Pivot on Balance Sheet Policy for Mortgage Securities? The Fed has another lever to pull to ease monetary policy, one that could increase savings rates and create more disposable income.
By Daniel J. Ivascyn, Tina Adatia | Jul 19, 2019 Secular Outlook 2019: Implications for Investors PIMCO experts discuss economic and market conditions and what investors can expect over the next three to five years.
By Daniel H. Hyman | Apr 02, 2019 U.S. Housing: Potential Opportunity Amid Cautious Economic Outlook Even as the probability of a recession in the near-term remains low, we believe investors should look to sectors that are likely to be resilient in periods of higher volatility.
By Munish Gupta, Ryan Murphy | Jan 15, 2019 Agency MBS: Time to Rethink Prepayments In our view, a combination of positive macroeconomic factors is likely to keep prepayment speeds higher than the market projects.
By Daniel H. Hyman | Oct 12, 2018 Quick Takes: Will Rising Rates Hurt the Housing Market? Daniel Hyman, co-head of PIMCO’s agency mortgage portfolio management team, provides insight into the factors that inform our favorable view of the housing market.
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Alex Zhou Allison Boxer Annisa Lee Bryan Lazarus Carol Liao Daniel H. Hyman Daniel J. Ivascyn Frank Chen Jingjing Huang Kent Smith Libby Cantrill Mike Cudzil Munish Gupta Ryan Murphy Sonali Pier Stephen Chang Tiffany Wilding Tina Adatia Vinayak Seshasayee
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