Największy na świecie fundusz obligacji PIMCO wycofuje się z długu korporacji i zamienia go na długoterminowe obligację rządu Stanów, z obawy o pogłębianie się deflacji, co potwierdza brak wiary w "ożywnienie". Szef funduszu uważa, że podmioty inwestujące na rynku wykorzystały ostatnie odbicie na giełdzie, do wycofania gotówki.
PIMCO’s Bill Gross is exchanging his corporate bonds for longer-dated government securities out of concern for deflation. This is a theme that we have written extensively about during the course of the year.

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said he’s been buying longer maturity Treasuries in recent weeks amid a re-emergence of deflation concern.
deflation is still something to worry about, then longer dated governments may be the way to go. In Gross’ “New Normal” de-leveraging, de-globalization, and re-regulation are three dominant themes that flatten out the yield curve, which remains steep, and a flattening yield curve means short term rates rise while long term rates fall. The short term rates will be a little while in rising as it may be a little premature for the Fed to touch them, but the long term rates will come down as the market continues down the deleveraging path Gross and a few others are counting on, as assets get substituted for cash on institutional balance sheets. For the large institutions who continue to target their balance sheets, this ‘recovered’ equity market is a perfect opportunity to sell some reflated assets, and that means that a large amount of cash will be used to retire debt and/or refinance Option ARM mortgages for that matter.

Long term rates are likely to fall on this development.