Peder Beck-Friis
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Peder Beck-Friis, an economist at PIMCO, charts rising government debt and its implications for the U.S. dollar and longer-term Treasury yields.
In the post-pandemic fiscal landscape, government debt trajectories may be volatile, but appear broadly sustainable.
Despite its cyclical and secular challenges, we believe Europe is a good diversifier for duration in global portfolios.
Debt-financed fiscal policy is driving much of today’s high inflation, but as pandemic-era measures fade, central banks will likely return to their key role in managing price levels.