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Pimco's king of bonds was on Bloomberg this morning for an extended interview. His observations include:
- The jobs report today tells us the economy is doing "all right," but it faces a lot of structural headwinds.
- The positives in the U.S. economy are energy production and housing; the fiscal drag from the cliff deal will offset some of these positives.
- He is afraid of the 30-year Treasury because of the possibility of inflation out in the future; the five-year Treasury on the other hand is reasonable.
- He thinks it is possible that we hit 240bps on the 10-year Treasury only if the Fed abandons quantitative easing.
- In Europe he would be overweight Italian bonds and underweight German.
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