0944 GMT - A shift away from U.S. assets and the steepening of government bond yield curves is set to continue in the second half of the year, Pimco says in a note. "We expect the investment playbook from the first half of 2025 to remain relevant in a variety of ways," it says. This includes continued U.S. dollar depreciation and a widening of the gap between short- and long-dated bond yields. "We believe global markets can continue to outperform the U.S.," it says. Pimco favors short- and intermediate-term bonds globally. It also believes central banks could cut interest rates more than expected. The 10-year U.S. Treasury yield falls 2 basis points to last trade at 4.444%, Tradedweb data show. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 18, 2025 05:44 ET (09:44 GMT)

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