Commentary & Analysis
Yellen wolf? And betting on Bligh?
I read an interesting article on Bloomberg.com concerning the performance at PIMCO now that Bill “Captain Bligh” Gross has left the ship. According to the author, the new team now at the wheel has outperformed their old leader by concentrating its bets on the middle of the yield curve, under the expectation the Fed will indeed do the dirty deed—hike rates in June. But the old captain, now at the helm at Janus (not yet rearranging the deck chairs), has positioned into longer term maturities expecting the Fed to stand pat for longer than now expected…
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