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Pimco CIO: Fed Will Act on Inflation if Yields Continue to Surge

AirdropBlackHole
On May 22, Daniel Ivascyn, Chief Investment Officer of Pacific Investment Management Company (Pimco), stated that if inflation expectations rise further and the surge in global bond yields potentially triggers broader financial market turmoil, the Federal Reserve and other major central banks will have to take action. Recently, expectations for inflation in the U.S. Treasury market (i.e., the breakeven inflation rate) have climbed to their highest level in over three years, driven by a spike in oil prices following the U.S. attack on Iran at the end of February. This has led to a significant sell-off in the global bond market, pushing the yield on the 30-year U.S. Treasury bond to its highest level since 2007 this week. Ivascyn noted in an interview, 'If long-term inflation expectations become clearly unanchored, you will see policy tightening even if the economy shows some weakness.' He added that this would be a 'painful trade' for the market, as interest rates would rise, increasing pressure on equity and credit markets.
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