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High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ Bond manager with $1 trillion on the line says you will be 'well rewarded' by doing this
▼ + stars: | 2023-10-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The latest round of volatility in the bond market may be nerve-wracking, but it can also be a great opportunity, according to Pimco chief investment officer Dan Ivascyn. Ivascyn is also the portfolio manager of the Morningstar 5-star rated Pimco Income Fund (PIMIX), which has a 5.46% 30-day SEC yield, according to Morningstar . Bond yields move inversely to prices, so when prices go down, yields go up. He likes agency mortgage-backed securities, very high quality corporate bonds and some asset-backed securities in very seasoned pools of mortgages. "For the patient investor, with a two- to three-year type horizon, you will be well rewarded to shift out of cash, [and] lock in some of these yields," Ivascyn said.

Persons: Dan Ivascyn, Pimco, Ivascyn, He's Organizations: SEC

☆ The risk of a hard landing is still quite high, says PIMCO's Daniel Ivascyn
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe risk of a hard landing is still quite high, says PIMCO's Daniel IvascynDaniel Ivascyn, PIMCO group chief investment officer, joins 'Power Lunch' to discuss higher yields, the impact of a hard landing, and more.

Persons: PIMCO's Daniel Ivascyn Daniel Ivascyn

☆ New ETFs give income investors different ways to play volatile bond yields in the second half
▼ + stars: | 2023-07-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The Pimco Multisector Bond Active ETF (PYLD) launched in June, giving investors a way to follow one of the biggest names in fixed income during the volatile bond market. As the fixed income ETF market matures, major asset managers are trying their hand at multisector bond funds. Recent launches include Capital Group's U.S. Multisector Income ETF (CGMS) and BlackRock's Flexible Income ETF (BINC) , which is co-managed by Rick Rieder , the firm's chief investment officer for global fixed income. For financial advisors or investors who want to make investment decisions themselves, there are more targeted bond funds available. "There's a pretty long runway for investors to increase their allocation to fixed income.

Persons: Rick Rieder, Dan Ivascyn, Sonali Pier, D.J, Tierney, you've, Schwab, Schwab's Tierney Organizations: Treasury, Capital, Multisector, Pimco, CNBC, Schwab Asset Management, Fed Locations: Capital Group's, U.S, iShares

☆ PIMCO CIO says preparing for 'harder landing' for global economy, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: 1 min

July 2 (Reuters) - Pacific Investment Management Co (PIMCO) is preparing for a "harder landing" while top central bank chiefs prepare to continue their campaign of interest rate rises, Daniel Ivascyn, chief investment officer at the U.S. bond giant, told the Financial Times in an interview published on Sunday. "The more tightening that people feel motivated to do, the more uncertainty around these lags and the greater risk to more extreme economic outlooks," Ivascyn told the FT, noting that when rates have risen in the past, a lag of five or six quarters for the impact to be felt has been "the norm". The market is "too confident in the quality of central bank decisions", he told the FT. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Ivascyn, Ivascyn, Jahnavi, Muralikumar Organizations: Pacific Investment Management, Financial Times, Thomson Locations: Bengaluru

☆ If you're hoping interest rates will fall anytime soon, you're out of luck, says $1.8 trillion financial titan
▼ + stars: | 2023-07-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Interest rates are unlikely to fall soon, said an executive at a firm with assets of $1.8 trillion. Pimco's Daniel Ivascyn told the Financial Times he doubted central banks' ability to tame inflation. Not so fast, says one mammoth investor who believes interest rate cuts are still some way off – while a "hard landing" very much remains a possibility. Pimco manages assets worth $1.8 trillion – a bit smaller than the size of the entire UK economy. "We have a real legitimate inflation problem," Ivascyn told the FT, adding it would be difficult for central banks to cut their target rate until inflation is much closer to the 2% target.

Persons: Pimco's Daniel Ivascyn, —, Daniel Ivascyn, Ivascyn Organizations: Financial, Service, Financial Times, Federal Reserve, Fed

CHICAGO, April 26 (Reuters) - A U.S. default is highly unlikely, but negotiations around the debt ceiling are expected to be protracted, Daniel Ivascyn, chief investment officer at U.S. bond giant Pacific Investment Management Co (PIMCO), said on Wednesday. Speaking at a Morningstar investment conference in Chicago, Ivascyn said prolonged uncertainty around the U.S. debt ceiling could be a headwind for the economy, tightening credit conditions and accelerating the current economic slowdown. On Wednesday, former U.S. Treasury Secretary Lawrence Summers said the odds that the U.S. government could face a technical debt default were at around 2% to 3%, but that any default would be fixed quickly. "You're introducing a debt ceiling standoff at a time where there's just lots of other uncertainty," Ivascyn said, adding this could translate into a further reduction in risk-taking from households and corporates, which could exacerbate economic weakness. Ivascyn said he was seeking to maintain high liquidity to withstand potentially more volatility in financial markets caused by the borrowing limit standoff.

Separately, two days of chaos in China's $21 trillion bond market ended on Friday after Beijing allowed money brokers to resume providing data to third-party platforms. Jeffrey Gundlach, CEO of DoubleLine Capital, said he considered selling Treasuries earlier in the week but the market was "wildly illiquid." Bond market volatility spikesKEEPING WATCHThe heightened volatility has caught the eye of officials who play a role in ensuring financial markets stability. Analysts noted that bond volatility was exceptionally high not only because of a flight to safe-haven government debt, but also due to a massive repricing of rate-hike expectations. "If liquidity is deteriorating due to wild swings in safe-haven markets, that has implications for the functioning of financial markets and broader economic stability."

☆ Fed likely to raise rates by 25 bps, with eyes on banks -PIMCO's CIO
▼ + stars: | 2023-03-16 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

But as the European Central Bank hiked rates by 50 basis points on Thursday, the U.S. central bank was expected to press on with a quarter-point interest-rate hike despite the banking sector turmoil. "They're going to be watching signs of more instability across the financial sector very carefully," Ivascyn told Reuters. "There certainly are scenarios where they pause, it'll likely be a hawkish pause if it's a pause, but our current thinking is they go 25." Ivascyn said he expected market volatility around banks to continue over the next few months with some "isolated areas of weakness," but said the global banking sector was well capitalized compared with the 2008 global financial crisis. "There are going to be weak links within the financial sector and within the credit sector more broadly," said Ivascyn.

Dec 22 (Reuters) - Scott Minerd, global chief investment officer at investment and advisory firm Guggenheim Partners and a prominent Wall Street bond investor, has died, his firm said on Thursday. During his 25-year stint with Guggenheim, Minerd became a prolific commentator on financial markets and was often quoted by the media. He will be greatly missed by all," Mark Walter, chief executive and a founder of Guggenheim Partners, said in the firm's statement. Guggenheim said it had implemented a succession plan, with Anne Walsh, managing partner and CIO of Guggenheim Partners Investment Management, assuming many of Minerd's responsibilities on an interim basis. Minerd was regarded in the past few years as one of the U.S. "bond kings," along with Jeffrey Gundlach, chief executive of DoubleLine, and Dan Ivascyn, chief investment officer of bond giant PIMCO.

☆ Pimco's co-head of special situations Harin de Silva has taken a personal leave
▼ + stars: | 2022-11-16 | by ( Danielle Walker | ) www.businessinsider.com time to read: +2 min

Harin de Silva is on the small investment committee for Pimco's Private income Fund, which includes Group CIO Dan Ivascyn. Core Strategies, also recently took a personal leave of absence from the firm. Pimco's co-head of special situations, Harin de Silva, has taken a personal leave of absence from the firm, a company spokesperson confirmed Wednesday. De Silva is co-head of special situations with executive vice president Kristofer Kraus, who is a portfolio manager on the speciality finance team. During de Silva's leave, Pimco has placed portfolio manager Kristofer Kraus, who is on the speciality finance team, on the PIF investment committee.

"There will be impacts, there’s correlations ... some market volatility, and then how it weighs in the global growth picture," said Paul Malloy, head of municipals at Vanguard. The wild swings in the pound have ricocheted across currency markets, where volatility was already climbing. According to the widely watched Deutsche Bank Currency Volatility Index , volatility across currencies on Wednesday hit its highest level since the March 2020 COVID-19- induced market meltdown, jumping more than 20% from levels last week. Closely followed indicators of financial stress remain contained. U.S. stock market volatility as measured by the "fear index," the VIX (.VIX), has also climbed in recent days but remains below its 2022 highs.

☆ Pimco's Ivascyn sees a mild recession ahead and several investing opportunities
▼ + stars: | 2022-09-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. is likely headed toward a recession but there's a chance for the downturn to be comparatively mild due to strong underlying fundamentals, according to Pimco bond expert Dan Ivascyn. While he said he still sees a retrenchment coming, he expects strength from consumer and business balance sheets to offset the damage. Our thinking is that it will potentially be a fairly mild recession," Ivascyn told CNBC's Leslie Picker. "One of the reasons why we feel that way is that initial conditions, you know, look look pretty good as the consumer balance sheet [is] quite strong, corporate balance sheets in most areas of the credit markets are quite strong." "All areas that tend to be weak links in recessionary environments have pretty strong fundamentals," he added.

☆ PIMCO CIO says UK market chaos not systemic but will have global impact
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 28 (Reuters) - The collapse of the British pound and subsequent sell off in the country's bond market in recent days do not pose systemic risks but will affect global markets, PIMCO chief investment officer Dan Ivascyn told the CNBC Seeking Alpha conference in New York. Ivascyn added that the Bank of England's decision overnight to prop up the bond market was a short-term fix that would not address waning investor confidence in British policy. Since Friday's UK mini-budget budget flagged 45 billion pounds ($48 billion) worth of unfunded tax cuts, sterling has lost 6% of its value and hit record lows while British bond prices soared. The chaos in a major developed economy adds to unease already generated by sharp interest rate rises from the United States and elsewhere. Register now for FREE unlimited access to Reuters.com RegisterReporting by Davide Barbuscia; writing by Michelle priceOur Standards: The Thomson Reuters Trust Principles.

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