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Joachim Fels, a global economic adviser at Newport Beach, Calif., said the economic situation will remain the worst in the coming months, with PIMCO worried that the company's reduced cash flow could lead to a sharp tightening of financial conditions.
"We are concerned about possible cracks in the US credit cycle, which is a temporary update to PIMCO's quarterly macro outlook," Firth said in a weekly report to clients in the Sunday roadmap
"We think it's time to be cautious about risky assets and focus on liquidity and capital preservation."
PIMCO expects the fed to cut interest rates by at least another 50 basis points, and the Fed is likely to cut rates to zero and resume asset purchases, Firth said. Futures traders are betting that the Fed will cut interest rates to close to zero by April.
He said that other central banks, including developing countries, may further relax policies in the coming weeks and months to maintain the flow of credit to the enterprise sector.
The Federal Reserve cut interest rates by half a percentage point last week to protect the U.S. economy from the epidemic. According to Reuters statistics, more than 107000 people are infected and 3600 people die in the world


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