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.
In this special midyear presentation, Morningstar's Christine Benz demonstrates how to gauge the viability of your current plan, evaluate positioning, troubleshoot risk factors, and much more.
Increasing demand, tightening supply, and expectations for higher rates and inflation should bring better muni returns in the coming years, says Nuveen's John Miller, Puerto Rico notwithstanding.
Fixed-income investors should consider playing defense because of potential credit problems or a spike in rates, but there's a risk of being too conservative, as well, says Morningstar's Russ Kinnel.
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
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