Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade | Odd Lots

Earlier this week, we saw something unusual happen in markets. The S&P 500 fell 2%, US Treasury yields rose, and the dollar simultaneously declined. This trifecta of markets moves has rekindled talk of the "Sell America" trade as investors worry about the Trump administrations threats to take over Greenland. At the same time, Japanese bonds sold off after Prime Minister Sanae Takaichi called a snap election. So how concerned should investors be about these latest developments? Is the "Sell America" trade really back? Or are we seeing a global rise in long bond yields? In this episode we talk with Pimco CEO Manny Roman about how he’s reading the moves. We also discuss Pimco's investment in data center debt, how the company is using AI internally, and why he doesn't 'get' gold. 00:00:00 - Pre-Interview Market Commentary 00:04:23 - Guest Introduction: Manny Roman, PIMCO CEO 00:04:46 - Geopolitical vs Japan Effect Debate 00:06:40 - US vs Japan Rate Dynamics 00:08:22 - Bond Market Volatility Discussion 00:10:27 - Deep Dive on Japan's Economic Transformation 00:12:48 - Japanese Debt Sustainability 00:14:58 - Wealth Taxes and Capital Flight 00:17:37 - Dollar Diversification Reality Check 00:20:12 - Davos Absence and Client Focus 00:22:08 - Geopolitical Risk Management Philosophy 00:23:39 - Gold and Crypto Puzzlement 00:25:41 - Mortgage Market and Political Dynamics 00:28:32 Geographic Expansion Strategy 00:32:1 - PIMCO's global growth priorities from CEO perspective 00:35:34 - AI Integration at PIMCO 00:41:40 - Federal Reserve Independence 00:44:19 - Liz Truss vs Japan Comparison 00:46:06 - PIMCO's Investment Philosophy Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg

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