Stocks aren't going to look like an attractive asset class anytime soon with a recession set to rattle the US economy in 2023, according to PIMCO.
Recessions weigh on stocks because they trigger a slowdown in consumer spending, reducing companies' profit levels – but PIMCO believes that's not yet reflected in the earnings per share guidance issued by companies on the benchmark"Equities appear richly priced.
Investors should now be prioritizing bonds and fixed-income funds over stocks in their portfolios, according to PIMCO.
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