1080p playback with a 4k timeline

Is it possible in Premiere Pro CC to playback 1080p video to an external monitor while editing in a 4k timeline?

I purchase a color grading monitor that is 2560x1440, not 4k. Can Premiere downscale the footage on the fly to playback on this monitor. As a test, I used Davinci Resolve and it works fine by setting the Video Monitoring settings to 1080p, so I can edit the 4k footage without needing to transcode etc.

I use Premiere mostly and was hoping this feature is available as well.

Thanks!