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Understanding the Rise in Bond Yields: Implications and Opportunities for Investors
by Tiffany Wilding, Mike Cudzil of PIMCO, 10/14/23

The spike in bond yields presents an opportunity for fixed income investors to earn capital gains and diversify portfolios.

U.S. Downgrade a Reminder That Rising Deficits Can Have a Cost
by Mike Cudzil of PIMCO, 8/6/23

The sovereign credit rating cut is unlikely to significantly change views toward U.S. Treasuries, but questions about debt sustainability may grow louder over time.

Trying to Make Apple Juice from Oranges: The Problem with Comparing Market Pricing and Fed Projections
by Mike Cudzil, Tim Crowley of PIMCO, 2/1/23

As investors seek to pinpoint market expectations for Federal Reserve policy, it’s critical to consider not just rate projections and derivatives pricing, but the degree of uncertainty and distribution of outcomes.

Should the Fed Buy Treasuries or Agency MBS During QE? Yes
by Mike Cudzil, Daniel Hyman of PIMCO, 9/22/20

We believe the Fed’s mortgage purchase program is helping to bolster economic activity, and accomplishing more than Treasury purchases alone.

Finding the Right Level of Support for Capital Markets and Mortgage Rates
by Mike Cudzil, Daniel Hyman, Tiffany Wilding of PIMCO, 4/6/20

The Fed has moved aggressively to stabilize core assets, including mortgages. Yet several market indicators are still concerning.

The Fed Has Another Lever to Pull
by Mike Cudzil, Daniel Hyman of PIMCO, 3/4/20

The Fed could give the economy a powerful boost by maintaining the mix of assets on its balance sheet.

Could the Fed Pivot on Balance Sheet Policy for Mortgage Securities?
by Mike Cudzil, Daniel Hyman of PIMCO, 10/18/19

The Fed has another lever to pull to ease monetary policy, one that could increase savings rates and create more disposable income.

U.S. and Canada: Continued Recovery With Some Potential for Headwinds
by Ed Devlin, Mike Cudzil of PIMCO, 4/8/15
?Each quarter, PIMCO investment professionals from around the world gather in Newport Beach to discuss the firm’s outlook for the global economy and financial markets. In the following interview, portfolio managers Ed Devlin and Mike Cudzil discuss PIMCO’s cyclical outlook for Canada and the U.S..

What Does the Current Low Interest Rate Environment Mean for Agency MBS?
by Mike Cudzil, Daniel Hyman of PIMCO, 2/17/15
After the agency MBS market in 2014 was dominated by low volatility, limited prepayment risk and strong performance, the strong rally in U.S. Treasuries in January resulted in just the opposite. With the Fed ending net purchases of MBS in October 2014, it seems unlikely for the private investment community to take the Fed’s place in the MBS market at this level of interest rates and spreads. PIMCO expects the environment for MBS in 2015 to be quite the opposite of 2014, resulting in higher volatility, cheaper valuations and more attractive excess return opportunities for the active manager.

Recovery Gaining Momentum?
by Ed Devlin, Mike Cudzil, Lupin Rahman of PIMCO, 1/9/15
U.S. growth will remain robust over the cyclical horizon due to increasing consumption driven by the narrowing unemployment gap and increase in disposable incomes. The Canadian recovery should continue, though divergent forces ? including the U.S. recovery and oil price declines ? could have significant implications for the economy. Growth will be muted across Latin America, with some economies benefitting from U.S. growth, and others dragged down by the slowdown in the eurozone and China.

PIMCO Cyclical Outlook for the Americas: Recovery Remains Intact, Yet Uneven
by Ed Devlin, Mike Cudzil, Lupin Rahman of PIMCO, 10/2/14
U.S. growth can potentially exceed expectations over the cyclical horizon, in part bolstered by a healing consumer and a very accommodative Federal Reserve. While real growth in Canada has been modest in recent years, it increased to 3.1% in the second quarter and we expect that positive momentum to continue this year. In Latin America, we expect growth will pick up for the region as a whole with outperformance by smaller economies like Colombia and Panama.
11 results found.