PIMCO CIO Daniel Ivascyn warned there is a strong chance of a significant economic downturn in the U.K. next year.
"We do think there's potentially more hard landing risks,” said Ivascyn. “The U.S. economy has proven to be surprisingly resilient in 2023, but the U.K. and Europe risk a more significant deterioration.”
Ivascyn was betting more on U.K. government bonds than U.S. ones because he believed the U.K. would experience more economic hardship, as reported by the Financial Times.
The U.K. economy unexpectedly contracted in October, falling by 0.3% following a 0.2% growth in September. The Bank of England revised its prediction for economic growth in ...Full story available on Benzinga.com
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