The handoff from monetary to fiscal policy is well underway, and the size and the scope of fiscal response is bound to have critical implications for both the economic recovery and asset prices. However, we remain cautious on transportation and hospitality, which could face earnings challenges for several years. In our mid-year asset allocation outlook, we observed that despite the massive shock to the real economy, valuations of risk assets appeared close to fair after taking into account the impact of lower discount rates and extraordinary policy support. This in-depth guide to 25 evidence-based programs—aimed at elementary schools and OST providers—offers information about curricular content and programmatic features that practitioners can use to make informed choices about their SEL programs. Article Summary X. Pacific Investment Management Company LLC (“PIMCO”) is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). However, large fiscal injections, climbing government debt, and accommodative central banks could lead to higher inflation in a post-COVID world (see Figure 6). Despite low yields, we are modestly overweight duration as a diversifier to our risk-on positioning in equities and credit. Another potential risk is an inflation surprise. The COVID-Related Tax Relief Act of 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, and the No Surprises Act, all part of the Consolidated Appropriations Act, 2021 (CAA, 2021), which was signed into law on December 27, 2020, contain numerous provisions related to … Portfolio Manager, Multi-Asset Strategies. Watch the Cancer.Net Video Managing Side Effects of Chemotherapy, with Jyoti D. Patel, MD, adapted from this content.. Source: MSCI, FactSet estimates, Bloomberg, and PIMCO calculations as of 31 October 2020. This dynamic has led to attractive valuations for many inflation-linked assets, and we believe it is a good time to add inflation hedges to multi-asset portfolios. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED. With COVID-19 causing widespread school closures, children across the country are being given alternate resources, some online, to study outside of the classroom. Overall within our multi-asset portfolios, we favor a modest overweight to risk assets – both equities and credit. Our community of professionals is committed to lifetime learning, career progression and sharing expertise for the benefit of individuals and organizations around the globe. At PIMCO, we expect the global economic recovery to continue in 2021. In addition to increasing our exposure to cyclical risk, we continue to seek opportunities in sectors that may benefit from longer-term disruption, as we expect significant investment and higher demand in these areas over the next several years. Applying an ‘equity lens’ to bring inequities into focus without a vision to extinguish them is short-sighted. Rumors tied the jet -- and the music star -- … These sectors include technology companies, which are supported by strong fundamentals and stand to benefit further from secular trends accelerated by COVID. CH-020.4.038.582-2 LEI: 549300GHCCJWKY72R127. (For details, please read our blog post on the Fed’s monetary policy framework.) PIMCO Investments LLC (“PIMCO Investments”) is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Lisette Sutherland discusses how to navigate the new world of working as a hybrid team, sharing ideas for what it means to be “present” at … From a regional perspective, we expect cyclically oriented equities – such as in Japan and select emerging markets – to benefit as the recovery continues in 2021 (see Figure 4). The COVID-19 Disorder Tracker (CDT) provides special coverage of the pandemic’s impact on political violence and protest trends around the world, monitoring changes in demonstration activity, state repression, mob attacks, overall rates of armed conflict, and more. We believe traditional fixed income should continue to provide a reliable source of diversification against a growth shock, but low rates and the risk of an inflation shock necessitate broadening the menu of diversifiers. The current earnings yield spread, for both U.S. and global equities, is close to the average level over the past five years. Explore PIMCO’s wide range of tax-advantaged strategies, Timely insights on global markets and macroeconomics. Jones is a recognized expert and frequent speaker on social and emotional learning. Credit spreads have tightened meaningfully since March and April, and while we believe credit is less attractive than equities on a relative basis, we see pockets of opportunity in certain segments. Moreover, we advocated a modest risk-on posture in multi-asset portfolios with emphasis on higher-quality, resilient sectors given a wide range of potential outcomes. To find direction without a compass at night in the Northern Hemisphere, locate the Big Dipper in the sky, which points directly at the North Star and indicates that you're facing north. There were many other firsts: Oil prices temporarily became negative, volatility (VIX) surpassed levels observed during the depth of the global financial crisis, and already robust central bank balance sheets ballooned $7 trillion more. Efforts toward resolution of the health crisis and additional policy support measures have the potential to deliver both upside and downside surprises. This is why, historically, equity markets have generated higher risk-adjusted returns during the early stages of a business cycle. The major near-term risk is that virus containment efforts hinder the economic recovery. Summary. Building upon existing tools in the field, the guide offers a practical, consumer-oriented resource that provides profiles of each program, including the specific skills targeted and instructional methods used. We remain overweight equities in our multi-asset portfolios and select areas of the credit markets and have added exposure to more cyclically oriented sectors and regions.

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