'At some point we're going to have to pivot,' said the Allianz chief economic advisor. 'But investors right now are just happy focusing on the short-term.'
"We are living in this wonderful world of liquidity," the Allianz chief economic advisor said on CNBC's "." "But be careful. There is an end at some stage. It's just very difficult to say when."
The first, he said, is "reconciling short-term favorable momentum with mounting medium term uncertainties." The second is investors adjusting their portfolios to include some risk mitigation that is still valued attractively. The liquidity in the stock market can be traced to consistently low bond yields and a Federal Reserve that's been keeping policy interest rates at historic lows since the 2008 financial crisis.on Friday for the first time since October. The 30-year bond yield was around 2.16%.was up about 3% year-to-date, following a 2019 that saw the index post an almost 29% advance for its best annual performance since 2013.
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