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.

How have investors adapted to disruptions in daily life due to the pandemic?

• They have become more anxious.

• They have ignored the disruptions.

• They have become accustomed to disruptions.

• They have started withdrawing investments.

What is expected to happen to economic growth in the coming months?

• It will accelerate rapidly.

• It will remain stable.

• It will slow down before normalizing.

• It will decline permanently.

When is the economic recovery expected to begin according to the transcript?

• In the second half of the first quarter of 2021

• In the last quarter of 2021

• In the first quarter of 2021

• In the first half of 2022

What is the expected timeline for returning to pre-COVID productivity levels?

• First half of 2022

• Second half of 2021

• Second half of 2022

• First half of 2021

How does the expected recovery timeline in the U.S. compare to Europe and other developed markets?

• The U.S. is expected to recover later.

• The U.S. is expected to recover earlier.

• The U.S. is not expected to recover.

• The U.S. is expected to recover at the same time.