Neutral. That’s the one-word takeaway from the latest long-term view from the team over at Pimco, which this morning published a 2014 secular outlook that looks ahead over the next three to five years. Some of it reflects thoughts and theme that have emerged in the investment letters penned by Pimco’s Bill Gross.

They're calling it "the new neutral," a play off the "new normal" moniker Pimco came up with several years ago. The outlook report is the result of Pimco's secular forum, where its global investment team gathered in California to discuss themes and trends.