Pimco has a nice piece on Seven Macro Themes for 2020
SUMMARY
Recession risks have diminished, and we are more confident in our baseline forecast of a moderate recovery in global growth this year.But monetary policymakers now have even less space left to guard against future recessions.Thus, while “time to recession” has likely increased with last year’s monetary easing, so has “loss given recession.”Considering the outlook, we seek to invest with a bias to higher-quality positions, a very close focus on portfolio liquidity, and a diversified approach to generating income.
As a turbulent year for the global economy, financial markets, and politics recedes in the rear view mirror, we look ahead into 2020, mapping out both the likely path and the potential roadblocks for the economy and investors.
