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Under the Macroscope
A less accommodative stance looms ahead for US monetary policy as labor market conditions continue to improve, wage inflation inches higher and international economic conditions show tentative signs of strengthening. Yet the timing, pace and target level of interest rate increases remains uncertain and controversial, both among US monetary policy makers and investors. This paper analyzes the prerequisites for interest rate normalization and reasons for and against beginning the interest rate increase cycle around mid-year 2015.
The Global Market Review
Each quarter, our Capital Markets and Thematic Research team recaps the most significant events in global markets, regional economies and monetary policy, and provides quick takeaways of AllianzGI's global macroeconomic outlook.
Risk Appetite Returns to Asian High-Yield Market
Although Asian high-yield bonds underperformed the broader Asian credit market in 2014, CIO Fixed Income Asia Pacific David Tan says they still offer an attractive yield pick-up in today's environment of low global interest rates.
Oil Price Fuels Growth, Especially in Europe
Higher disposable income from falling oil prices is leading to increased private-sector spending in the developed world, says Chief Economist Stefan Hofrichter. For Europe, it's a much-needed tailwind.
Debt-Ceiling Vote Rife With Conflict
Peter Lefkin, head of government and external affairs at Allianz of America, explains why the 2015 debt-ceiling debate could be worse than the one we saw in 2011.
4G Driving Strong Mobile Telecom Growth in China
Demand for speedy 4G technology is set to boost revenues for the China telecommunications industry, according to a recent Grassroots Research survey. China Mobile's head start in 4G should help the company regain market share.