The Great “Hollowing Out” of the U.S. Job Market
In assessing the strength of the U.S. labor market since the global financial crisis, it is important to consider the quality of the jobs that have been created. PGIM Fixed Income’s research finds that the jobs created through the current expansion have a distinct “barbell” feature consisting of a remarkable “hollowing out” of jobs in the middle of the income distribution.
Russia’s Path to Credit Strength Amid Biting Sanctions
Given the state of the Russian economy and the uncertainties that lie ahead, PGIM Fixed Income analyzes how Russia has coped with biting sanctions imposed by the United States and the European Union, what might lie ahead in the coming months and years, and how this might affect its strong credit profile going forward.
Countdown to Zero—The Final Chapters
The recent reduction in global growth, inflation, and long-term interest rates occurred faster than we expected. Therefore, our prior, already-below consensus long-term interest-rate forecast appears too high. As the countdown to zero across the developed markets progresses (more in real terms in the U.S. and more in nominal terms in core Europe and Japan, for example), this paper looks at the factors that have continued to push the interest-rate equilibrium lower and the market implications of an even lower-for-longer rate environment.
The Outlook for Escalating Trade Tensions
Recognizing that uncertainties regarding U.S./China trade tensions have multiplied, PGIM Fixed Income provides their perspective on recent developments, which are based on the question of: “what do we actually know?”