PIMCO’s one ray of sunshine in the economy.
Or, more precisely, the one ray of sunshine in a broadly pessimistic view of the economy.
PIMCO’s Mohammed El-Erian’s Bagehot lecture
Yet it is also important to remember that the risks are not one-sided. There are also upside possibilities, albeit less imposing than the set of downside risks. Whether it is driven by idle capital and sidelined cash or a series of significant innovations, better policy cooperation could unleash forces that shape a completely different outlook – the sudden emergence of sunshine, if you like.