'I think Bond Vigilante is a bit extreme,' says Mike Cudzil, a portfolio manager at Pimco. 'I say that because the move thus far in the bond market hasn't...
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.
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