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.
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.
This week: The June jobs report keeps the Fed on track, the Dow hits a milestone, and a story is developing in South America--not related to the World Cup.
This week: The Fed discloses an end to the taper, eurozone concerns resurface, and a cupcake firm crumbles.
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
©2014 Morningstar Advisor. All right reserved.