Marc Seidner, CIO of Nontraditional Strategies at PIMCO, and Pramol Dhawan, head of the emerging market investment business at PIMCO, delve into the current market dynamics shaped by tariffs and a weakening dollar. They discuss the importance of global diversification and the challenges posed by evolving U.S. macro trends. Insightful strategies for asset allocation are shared, addressing whether a classic 60/40 approach still holds. Advisors will find valuable tips to help navigate market complexities and enhance portfolio resilience as we approach the end of 2025.
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insights INSIGHT
Dollar Structural Weakness Insight
The U.S. dollar is structurally weakening due to tariffs, declining interest rate differentials, and fiscal concerns.
This has led to significant currency depreciation and a shift in global asset valuations.
insights INSIGHT
US as Emerging Market Insight
The U.S. is behaving increasingly like an emerging market by questioning core institution stability.
Potential Fed chair changes cause market uncertainty, steepening curves, and currency weakness.
volunteer_activism ADVICE
Barbell Strategy for Allocation
Maintain a barbell portfolio with healthy equities and high-quality, intermediate-duration bonds.
Avoid long-duration bonds due to fiscal and curve steepening risks.
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In this extra credit episode, PIMCO’s Marc Seidner and Pramol Dhawan sit with host Greg Hall for their Q3 PIMCO Perspectives discussion. They unpack the current market environment shaped by tariffs, a weaker US dollar, and fiscal challenges while spotlighting the value of global diversification and intermediate-duration bonds. Tune in for practical knowledge to help advisors build resilient portfolios and steer through market swings for their clients in the second half of 2025.
Part 1. Introduction
Part 2. The Global vs. U.S. Opportunity Set Today
Part 3. The Future of the Fed
Part 4. Asset Allocation: 60/40 or Something Else?
Part 5. How U.S. Macro Trends Could Play Out
Part 6. How Advisors Can Navigate Current Complexity
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