US market to hit all-time highs in 2026 - Tony Crescenzi | PIMCO

6 snips

May 8, 2025

Tony Crescenzi, Executive Vice President at PIMCO, shares his expertise on the US market's resilience and his prediction of all-time highs by 2026. He discusses the impact of tariffs on economic conditions and emphasizes the evolving monetary landscape. With a focus on fixed income, he highlights investment opportunities in ETFs and explains the advantages of mortgage-backed securities for defensive positions. Crescenzi provides insights into liquidity, credit quality, and the renewed interest in fixed income amid market uncertainties.

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ANECDOTE

Morning Market Check Ritual

Tony Crescenzi starts his day by checking the S&P 500 futures to see how US markets will open.
He considers this a key indicator of overnight news and overall market sentiment.

INSIGHT

Event Risk vs. Systemic Scars

Recent market turmoil resembles event risk rather than systemic scars.
Historically, markets bounce back quickly from events like assassinations and attacks, unlike systemic crises.

INSIGHT

Tariffs: Short Pain, Long Hope

Tariffs cause near-term economic disruption like supply chain halts and empty shelves.
Long-term, US political change and capitalist forces will adapt and likely drive the market higher.

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Tony Crescenzi is an Executive Vice President at PIMCO, a multi-trillion dollar fixed income investor.

Joining us from New York, Tony shares with us:

How Tony sees tariffs impacting markets
How, despite the worries, he believes the US market will hit all-time highs next year
Why we need to pay attention to the world's changing monetary order
Where PIMCO sees opportunity in today's market
How retail investors can access fixed income opportunities

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Thank you to PIMCO for sponsoring this episode and helping us keep all of our content free.

PIMCO have launched a range of new Cboe-listed ETFs in Australia:

Global Bond Active ETF (PGBF),
Australian Bond Active ETF (PAUS),
Diversified Fixed Interest Active ETF (PDFI),
Global Credit Active ETF (PCRD)

Learn more on the PIMCO website.

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