Morningstar's Bob Johnson sizes up the several stimulus measures announced by the European Central Bank Thursday.
The stock market remains very bullish on the economy, but the bond market is telling investors to be cautious.
May was the worst month in over a year for flows to U.S. equities, while many core bond funds are receiving inflows as rising-rate concerns abate.
During his keynote presentation at the Morningstar Investment Conference, the PIMCO manager made the case that high debt levels and a need for financial stability mean that central banks should keep real rates close to zero for some time.
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