Bond giant Pimco has warned the fallout from a trade war launched by Donald Trump could drive Eurozone interest rates back down towards “emergency levels” as policymakers seek to soften the blow on the bloc’s struggling economy.
Andrew Balls, chief investment officer for global fixed income at the $2tn-in-assets manager, said he expected there to be “multiple rounds of the game” when it comes to tariffs, a policy repeatedly threatened by the US president-elect.
“The worst version of the trade situation would be difficult” for Europe, Balls told the Financial Times. “I tend to think that we’re pricing in a fairly benign path.”
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