Pimco, one of the world’s biggest asset managers, is far from throwing in the towel on the roughly $25 trillion Treasury market despite its selloff in August, according to Mike Cudzil, a fixed-income portfolio manager.
“Obviously, a lot has transpired in a short period of time,” Cudzil told MarketWatch on Wednesday. He pointed to Fitch Rating’s cutting its top AAA ratings for the U.S. to AA+ in early August, the Treasury Department’s surprising $1 trillion borrowing estimate for the third quarter, and the Bank of Japan’s tweaks to its policy of yield curve control.
While recent moves have been sharp, the 10-year Treasury yield started the year around 3.79% and was near 4.19% on Wednesday, a change of about 40 basis points, according to FactSet.
France Dernières Nouvelles, France Actualités
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