The U.S. economy will have a tough time at the start of 2020, Pimco CEO Emmanuel Roman said at DeliveringAlpha.
"We see the U.S. economy slowing down," Roman said at the Delivering Alpha conference presented by CNBC and Institutional Investor. "We are slightly above 1% for the first half of 2020 and, obviously the big elephant in the room is the trade war with China and how it will resolve itself."
It has also led to increased volatility in markets. The S&P 500 has posted more than 30 moves of at least 1% in 2019. Roman spoke on a panel featuring Mary Callahan Erdoes, CEO of J.P. Morgan Asset & Wealth Management, Luke Ellis, CEO of Man Group, and Bruce Richards, CEO of Marathon Asset Management. The discussion was about finding investment returns around the world.Bond yields have fallen sharply this year as global central banks continue to ease policy in a bid to sustain economic growth. On Wednesday, the U.S. Federal Reserve cut interest rates for the second time this year.
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