PIMCO bullish on stocks on U.S. soft landing hopes, cautious on inflation

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Bond-focused asset manager warns new government policy could place upward pressure on prices

An optimistic outlook on the U.S. economy is prompting U.S. bond giant PIMCO to favor stocks and some other risk assets, while seeking protection against inflation as the new U.S. government could implement policies that put upward pressure on prices.

However, it is also cautious on the trajectory of inflation, partly due to possible fiscal and trade policies under the impending new administration of U.S. President-elect Donald Trump. “Trade policies, such as tariffs, and deglobalization trends could also pressure inflation higher,” they said. At the same time, recent strong economic data as well as expectations of inflationary policies under Trump, such as tariffs and a clamp down on illegal immigration, have prompted traders to trim bets on how deeply the U.S. central bank will be able to ease rates.

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