Dan Ivascyn Is Excited About a New Era in Fixed Income | Odd Lots
发布时间 2025-12-08 09:01:18 来源
摘要
In the years since the financial crisis, bond investors didn't get much return for taking on risk. With low interest rates and little sign of inflation, investors had to accept lower-quality assets to get any semblance of yield. Now that's changing according to Dan Ivascyn, the chief investment officer of Pimco, one of the biggest bond fund managers around. In this special 10-year anniversary episode, Dan reflects on longer-term trends in the bond market, as well as more immediate issues like independence at the Federal Reserve, concerns around data center financing, and worries of "dangerous" and inflated credit ratings.
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00:00 Opening Credit Market Analysis
4:34 Federal Reserve Policy Outlook for 2026
8:18 Fed Independence and New Chair Considerations
10:11 Inflation Target and Policy Framework
13:03 Term Premium and Bond Investment Strategy
14:58 Role of Bonds in Portfolio Construction
18:36 Global Bond Market Opportunities
21:29 International Market Renaissance
24:13Private Credit Market Evolution
29:10 Competition in Private Credit Markets
31:40 AI Infrastructure Financing Structures
36:26 Rating Agency Dynamics and Credit Quality
38:40 Credit Market "Cockroaches" and Systematic Risk
43:19 Housing Market and Mortgage Strategy
46:52 Global Political Economy and Fiscal Dynamics
50:59 PIMCO's Evolution Post-Bill Gross
53:21 AI Technology in Investment Management
56:01 Conclusion
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