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NEW YORK, May 13 (Reuters) - Bond fund giant Pimco said Tuesday in its secular outlook titled "The New Neutral" that the next three to five years suggest an end to bull markets as investors have known them.
In the report released on the firm's website, Pimco said that neutral policy interest rates close to 0 percent suggest "an end to bull markets as we've known them, but no perceptible growling from the bears."
The firm also said that implications are for "low returns yet less downside risk that investors currently expect," and that it expects 10-year Treasuries to be range-bound between 2.5 to 4 percent over the next three to five years.
Reporting by Sam Forgione Editing by W Simon