Another Lockdown Already Baked Into Markets: Pimco's Browne

The transcript discusses the potential impact of shutdowns in New York on investors, highlighting that investors are now accustomed to disruptions. It anticipates more restrictions during the holiday season due to rising COVID-19 cases. The discussion includes projections of economic growth slowing in the short term but normalizing as vaccine adoption increases in 2021. PIMCO expects a return to pre-COVID productivity levels by the second half of 2021, ahead of Europe and other developed markets.

What expectations does PIMCO have regarding productivity and output levels in 2021?

In what ways do the expectations for economic recovery in the U.S. differ from those in Europe?