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Cyclical Outlook

Growth Holds, Risks Widen

Powerful long-term shifts in geopolitics and technology are shaping the near-term economic and investment outlook, creating resilience in the baseline scenario and wider risks around it.
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The Credit Market Lens

Higher yields have improved bonds’ income and diversification potential, but the same reset is testing weaker borrowers, leveraged AI financing, and rate-sensitive real estate.

Economic and Market Commentary

AI's infrastructure boom is generating significant funding needs. Hear how Mohit Mittal, CIO Core Strategies, and Sonali Pier, Portfolio Manager, assess opportunities across data centers, chip financing, and energy infrastructure while staying focused on resilient cash flows.

Economic and Market Commentary

Agency mortgage spreads remain unusually wide, creating attractive opportunities in high-quality fixed income. Portfolio Manager Daniel Hyman discusses where active managers may find value in agency MBS and why certain market participants can create pricing inefficiencies.

Economic and Market Commentary

Bond yields have moved higher around the world. Portfolio Managers Pramol Dhawan and Sachin Gupta discuss how global fixed income can help investors diversify sources of return while uncovering opportunities across developed and emerging markets.

Economic and Market Commentary

Asia portfolio manager Stephen Chang discusses higher yields, AI-driven data centre growth and China’s uneven outlook, highlighting selective opportunities across Asia Pacific.

Macro Signposts

The Federal Reserve will likely hold rates steady at the next meeting, weighing inflation risks against an economy being reshaped by AI.

The Credit Market Lens

Amid AI disruption risk and elevated refinancing costs, we can expect a valuation gap to persist between software loans and the broader loan market.

Economic and Market Commentary

PIMCO’s Tomoya Masanao discusses the outlook for Japanese bonds, from BOJ policy and higher yields to their role in global fixed income portfolios.

Macro Signposts

Economic resilience depends heavily on continued AI investment to bolster growth, imports, and exports around the world.

The Credit Market Lens

After years of abundant capital and intense competition that produced increasingly borrower-friendly terms, the tide may be shifting.

Cyclical Outlook

Powerful long-term shifts in geopolitics and technology are shaping the near-term economic and investment outlook, creating resilience in the baseline scenario and wider risks around it.

The Credit Market Lens

This year’s energy price shock isn’t exactly following the historical playbook, with markets and economies absorbing much of the impact – though clear risks remain.

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