Pimco downplays bearish stance on long-term US Treasuries, says valuations are attractive

Pimco Chief Investment Officer Daniel Ivascyn said that long-term U.S. Treasury yields rising above 5% are prompting the firm to reduce its underweight position in such bonds. Ivascyn said that as a global bond selloff pushes long-term U.S. Treasury yields toward near two-decade highs, Pimco is allocating U.S. Treasuries in a more balanced way. This means the firm is reducing its bullish positions in 5- to 7-year U.S. Treasuries on the one hand, while also reducing its bearish positions in long-term U.S. Treasuries on the other.