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PIMCO Sees More Muddling, Higher Rates Ahead

PIMCO's investment committee expects more sluggishness for the U.S. and global economy, the Fed to hike rates once or twice this year, and headwinds on U.S. dollar strength, says managing director Mihir Worah.

Eric Jacobson: Let's carry forward on the macro theme. Obviously we talk all the time about what PIMCO's macro views are. But things have been moving fast and furious over the last few months. Take us up to date if you would, sort of on where we are right now and then I'll follow up with another question about TIPS in relation to that.

Mihir Worah: There are two things going on the macro framework. As you know we just, the reason I talked about that is just we went through our secular three- to five-year outlook, that's on the margin starting to influence. It's a long-term view. It doesn't influence what do we do week-to-week. But it's starting to influence how we think about portfolio construction.