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[NEW YORK] Bond giant Pacific Investment Management Co said on Thursday it expects global growth to accelerate in 2015 to around 2.75 per cent from around plus 2.5 per cent this year, based on the view that supply-driven declines in oil prices were fundamentally positive.
In its year-end Cyclical Forum outlook report, Pimco, which oversees US$1.87 trillion in assets under management, said former Federal Reserve chairman Ben Bernanke backed Pimco's view that the outlook for the US economy is incrementally positive,"reflecting improving household finances and confidence as well as increasing evidence that the economic recovery is becoming self-sustaining and broad-based.'
"... Bernanke suggested that monetary policymakers are likely to remain deliberate. They will look past the drop in headline inflation in the US next year, and will remain focused on the level and momentum of real growth as well as the progress of core inflation toward target in determining the proper future course of monetary policy," Pimco said.
Mr Bernanke participated in Pimco's Cyclical Forum at its Newport Beach, California, headquarters last week, on Wednesday, the Federal Reserve offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep rates near zero for a "considerable time" in a show of confidence in the US economy.