Pacific Investment Management Company (PIMCO) stated in a report that the trend of investors withdrawing from US assets and the steepening of the US bond yield curve is expected to continue in the second half of this year. The report stated: "We expect the investment scenario in the first half of 2025 to remain relevant in several aspects." This includes the continued depreciation of the US dollar, as well as the widening gap between short-term and long-term US bond yields. "We believe that global markets will continue to outperform the US." Pacific Investment Management Company favors global short-term and medium-term bonds. It also believes that the extent of interest rate cuts by central banks around the world may exceed expectations.