Cenário Global

PIMCO resumiu bem o cenário global:

Financial markets have priced in the “synching lower” theme and central bank dovishness with a sustained move lower in global yields, while risk assets are generally back to or close to their early December levels. We continue to be concerned about the ongoing secular potential for “rude awakenings” and market disruption as the result of recession risks, shifts in the balance between monetary and fiscal policy, trade tensions and political populism. Therefore, we continue to think this is an environment in which it makes sense to stay fairly close to home in terms of top-down macro risk factors, to generate income without relying excessively on corporate credit, and to emphasize flexibility and liquidity in our portfolio construction, keeping powder dry to be put to use during periods of higher volatility and market dislocation.

https://www.pimco.com.br/en-br/insights/economic-and-market-commentary/cyclical-outlook/2019/03/flatlining-at-the-new-neutral