PIMCO CIO predicts tough times ahead for global economy – FT.

(Reuters) – Pacific Investment Management Co (PIMCO) is preparing for a “harder landing” while top central bank chiefs prepare to continue their campaign of interest rate rises, according to Daniel Ivascyn, chief investment officer at the U.S. bond giant. In an interview published on Sunday, Ivascyn told the Financial Times that the market is “too confident in the quality of central bank decisions“. He emphasized that the more tightening that occurs, the greater the uncertainty and risk to the economy.

“The more tightening that people feel motivated to do, the more uncertainty around these lags and the greater risk to more extreme economic outlooks,” Ivascyn told the FT, noting that when rates have risen in the past, a lag of five or six quarters for the impact to be felt has been “the norm”.

(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Muralikumar Anantharaman)

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