PIMCO’s Cyclical Outlook (Oct 2025), led by Tiffany Wilding and Andrew Balls, outlines how three structural forces are reshaping the global economy and investment strategy.
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Tariff pressures are set to slow growth in 2026 as post-tariff stockpiling fades and trade frictions intensify, with rising unemployment risk in the U.S. and constrained fiscal space globally.
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The AI investment boom continues to cushion weakness, driving capex cycles in the U.S. and China while altering labor dynamics and corporate productivity.
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For investors, bond yields offer long-term value: PIMCO favors duration exposure, global diversification, and high-quality credit across the public–private continuum as policy rates decline.
What portfolio shifts can capture yield while hedging policy and trade volatility? Read the full outlook for strategy guidance.
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