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Keyword: pimco

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  • PIMCO's El-Erian says U.S. inflation may accelerate

    05/13/2010 10:46:46 AM PDT · by mlocher · 4 replies · 225+ views
    Reuters via ^ | May 13, 2010 | Jennifer Ablan and John Parry
    NEW YORK (Reuters) - Although price pressures in the U.S. economy are currently muted, inflation could accelerate in the United States in the next three to five years, the world's biggest bond fund management company said on Thursday. The extensive printing of money by central banks to buy securities in emergency measures, such as those the European Central Bank recently announced to stabilize euro-zone government bond markets, will ultimately stoke inflation, wrote Mohamed El-Erian, chief executive and co-chief investment officer of Pacific Investment Management Co (PIMCO) in a 3-year to 5-year "Secular Outlook" summary. PIMCO oversees more than $1 trillion...
  • El-Erian says Greece will default (PIMCO and former Harvard Fund manager is pessimistic)

    04/29/2010 6:31:47 AM PDT · by SeekAndFind · 2 replies · 342+ views
    Reuters ^ | 04/29/2010
    greece Mohamed El-Erian has an important piece on Greece in tomorrow’s FT; if you want to boil his 750-word article down to 3, it’s basically “Greece will default”. El-Erian comes to this conclusion using three logical steps. The first: A number of things have to happen very fast over the next few days to have some chance of salvaging the situation. At the very minimum, the government in Greece must come up with a credible multi-year adjustment plan that, critically, has the support of Greek society; EU members must come up with sizeable funds that can be quickly released and...
  • PIMCO Compares Greece To Titanic, Says Bonds Not Attractive Even Over 7%

    04/08/2010 11:15:18 AM PDT · by Cheap_Hessian · 27 replies · 683+ views
    ZeroHedge Blog ^ | April 8, 2010 | Tyler Durden
    In an interview with Bloomberg's Tom Keene, Richard Clarida of PIMCO has pretty much sealed the fate of Greece: "I don’t think that [7%] would be an attractive enough yield. Greece is sort of like the Titanic. Eighteen things went wrong, and when they go wrong at once it’s problematic." Of course, with this kind of rhetoric the 10 Year will be trading at 8% tomorrow, followed up by Clarida saying not even 9% would be attractive, and so forth. When you have the world's largest bond fund say it is not touching Greece with a ten foot pole essentially...
  • Why the Bond Auction Fizzled: Fears of a 'Fiscal Train Wreck'

    03/24/2010 3:45:26 PM PDT · by CutePuppy · 74 replies · 2,697+ views
    CNBC ^ | March 24, 2010 | Steve Liesman
    The results of today's Treasury auction were a shot across the bow of the government.And, according to David Zervos, head of fixed income strategy at Jeffries, may be an indication of just how skittish some investors are feeling about the fiscal soundness of the United States, in light of big government spending for health care and other costly programs.“It’s the health-care realization trade,” Zervos told CNBC, post-auction, from the firm’s trading floor. “We’re coming to grips with the fact that we have a Congress that’s ready to go, and spend.”Zervos, who worked at the Federal Reserve in Washington, DC last...
  • PIMCO: End of mortgage buys form of tightening

    03/17/2010 7:14:53 AM PDT · by TigerLikesRooster · 7 replies · 370+ views
    Reuters ^ | 03/16/10 | Jennifer Ablan
    PIMCO: End of mortgage buys form of tightening Jennifer Ablan Tue, Mar 16 2010 NEW YORK (Reuters) - The end of the Federal Reserve's program of purchasing $1.25 trillion of mortgage-backed securities at the end of March is a form of tightening monetary policy, the chief of the largest U.S. bond fund manager said on Tuesday. Mohamed El-Erian, chief executive and co-chief investment officer of Pacific Investment Management Co, or PIMCO, said the end of the Fed's mortgage program, one of the U.S. central bank's major support programs, signals a form of credit tightening. The Federal Reserve Open Market Committee's...
  • How to handle the sovereign debt explosion

    03/10/2010 4:54:46 PM PST · by the invisib1e hand · 7 replies · 416+ views
    Financial Times ^ | 03102010 | By Mohamed El-Erian
    Every once in a while, the world is faced with a major economic development that is ill-understood at first and dismissed as of limited relevance, and which then catches governments, companies and households unawares. We have seen a few examples of this over the past 10 years. They include the emergence of China as a main influence on growth, prices, employment and wealth dynamics around the world. I would also include the dramatic over-extension, and subsequent spectacular collapse, of housing and shadow banks in the finance-driven economies of the US and UK. Today, we should all be paying attention to...
  • Bill Gross: The U.K. Rests On A Pile of 'Nitroglycerine'

    01/27/2010 5:40:56 AM PST · by blam · 8 replies · 456+ views
    The Business Insider ^ | 1-27-2010 | Vincent Fernando
    Bill Gross: The U.K. Rests On A Pile of 'Nitroglycerine' Vincent Fernando Jan. 27, 2010, 6:01 AM Bond king Bill Gross has stern words for the U.K. in his latest commentary -- the entire nation sits on a pile of financial 'nitroglycerine'. Stay away from U.K. bonds at all costs: Daily Mail: 'The UK is a must to avoid. Its gilts are resting on a bed of nitroglycerine.' High debt with the potential to devalue its currency present high risks for bond investors. 'In addition, its interest rates are already artificially influenced by accounting standards that at one point last...
  • PIMCO: There's No Way The Market Can Absorb The Fed's Giant Balance Sheet Once It's Time To Tighten

    01/06/2010 11:05:58 AM PST · by blam · 26 replies · 1,072+ views
    The Business Insider ^ | 1-6-2010 | Vincent Fernando
    PIMCO: There's No Way The Market Can Absorb The Fed's Giant Balance Sheet Once It's Time To Tighten Vincent Fernando Jan. 6, 2010, 12:01 PM PIMCO's Bill Gross has become substantially bearish in his latest January commentary. There's no way private demand will step up to the plate once the Fed stops supporting the U.S. treasury market. Even year to date, they've already been avoiding treasuries like the plague as shown in Chart 2 below.[snip]
  • Pimco Move to Sell Gilts Raises Spectre of a UK Sovereign Debt Crisis

    01/05/2010 9:17:12 AM PST · by marshmallow · 9 replies · 657+ views
    The Daily Telegraph (UK) ^ | 1/4/10 | Angela Monaghan and Edmund Conway
    Fears that Britain may be heading for its first sovereign debt crisis since the 1970s hit a new intensity after Pimco, the world's biggest bond house, declared that it is starting to sell off its holdings of gilts.The American investment group said it will be a net seller of UK Government bonds this year, at the very point when the Bank of England brings its £200bn programme of purchases to and end and the Treasury attempts to raise unprecedented sums through the capital markets. The move is doubly embarrassing for the Government because the head of Pimco's European investment team...
  • PIMCO Slams The Brakes On US, UK, And Corporate Bond Buying, Amid Massive Debt Binge

    01/04/2010 3:57:19 PM PST · by FromLori · 5 replies · 545+ views
    The Business Insider ^ | 1/4/10 | Joe Weisenthal
    In a new 2010 outlook, via Bloomberg, PIMCO's Paul A. McCulley reveals his firm's uber-cautious stance towards bonds, amid the massive borrowing underway in the UK and the US. ----- PIMCO Managing Director Paul McCulley leads the firm’s quarterly Cyclical Economic Forums, in which investment professionals from around the world gather to discuss the outlook for the global economy and financial markets over the next six to 12 months. In the following interview, Mr. McCulley discusses the results of the December Forum and its implications for PIMCO’s investment strategy in 2010. Q: PIMCO recently developed its outlook for 2010. What...
  • Who Set The Bomb Off? (Pimco's PHK)

    12/31/2009 8:57:00 AM PST · by FromLori · 4 replies · 650+ views
    The Market Ticker ^ | 12/30/09 | Karl Denninger
    Hmmmm.... Someone smelled a bit of smoke yesterday, but the real fire sale was this morning..... To put this in perspective that issue traded nearly 8 million shares today, against a normal volume of 1/10th that. PHK is a closed-end PIMCO fund. What's in there? As of September 30th, Pimco disclosed the holdings - have a look.... There's a pretty good mix of "stuff", including a fair bit of mortgage-related exposure. What would prompt "someone" to unload nearly $80 million bucks worth of this issue more-or-less "all at once" earlier today - and with what looks like a market order...
  • Pimco's Gross calls top of rally in risky assets(Almost all assets appear overvalued)

    10/27/2009 10:40:05 AM PDT · by TigerLikesRooster · 18 replies · 861+ views
    Market Watch ^ | 10/27/09 | Alistair Barr
    Pimco's Gross calls top of rally in risky assets Almost all assets appear overvalued, bond investment giant warns By Alistair Barr, MarketWatch SAN FRANCISCO (MarketWatch) - Bill Gross, managing director at fixed-income giant Pimco, called the top of the recent rally in stocks and other risky assets on Tuesday. "The six-month rally in risk assets -- while still continuously supported by Fed and Treasury policymakers -- is likely at its pinnacle," Gross wrote in his monthly market commentary. The U.S. economy and most other developed economies became too reliant on rising asset prices, rather than the production of goods and...
  • PIMCO's Gross: U.S. at risk of losing top AAA rating

    05/22/2009 2:55:09 AM PDT · by TigerLikesRooster · 23 replies · 1,815+ views
    Reuters ^ | 05/22/09 | Jennifer Ablan
    PIMCO's Gross: U.S. at risk of losing top AAA rating By Jennifer Ablan NEW YORK (Reuters) - Bill Gross, manager of the world's biggest bond fund, warned on Thursday the United States will eventually lose its top AAA credit rating, a fear that had already spooked financial markets on Thursday and could keep the dollar, stocks and bonds under heavy selling pressure. The United States will face a downgrade in "at least three to four years, if that, but the market will recognize the problems before the rating services -- just like it did today," Gross told Reuters. Gross, the...
  • Geithner's Gift To Pimco

    04/02/2009 9:15:54 AM PDT · by BGHater · 1 replies · 202+ views
    Mish's Global Economic Trend Analysis ^ | 02 Apr 2009 | Mike "Mish" Shedlock
    Geithner's Heist America Plan is receiving words of self-serving praise from Pimco's Bill Gross. Indeed, Geithner’s Non-Recourse Gift Keeps on Giving to Bill Gross. Treasury Secretary Timothy Geithner’s plan to rid banks and markets of devalued assets may be a boon for Pacific Investment Management Co.’s Bill Gross. The plan may reward investors with 20 percent annual returns on “really toxic” mortgages bought at 45 cents on the dollar by allowing them to borrow six times their money with “non-recourse” government-backed debt, New York-based Credit Suisse Group AG analysts Carl Lantz and Dominic Konstam wrote in a March 27 report....
  • Fed needs to double balance sheet: PIMCO

    03/27/2009 7:38:22 AM PDT · by BGHater · 4 replies · 236+ views
    Reuters ^ | 26 Mar 2009 | Faith Hung
    Bond giant Pacific Investment Management Co said the Federal Reserve needs to double its balance sheet up to $6 trillion to replace the amount of wealth destroyed in the United States, an executive said on Thursday. Liabilities on the Fed's balance sheet should rise to between $5 trillion and $6 trillion later this year amid the financial crisis that roiled global markets, said Brian Baker, chief executive Pimco Asia Ltd. "Right now, the Fed has spent about $3 trillion. We believe there has to be further stimulus policies put in place," Baker told Reuters. The central bank's aggressive unconventional policy...
  • Not This Again: Pimco's Gross Calls for Trillions to Be Spent to Avoid Depression

    02/06/2009 11:23:37 AM PST · by Rufus2007 · 12 replies · 572+ views
    NewsBusters ^ | February 6, 2009 | Jeff Poor
    He might be on the Forbes list of billionaires with a net worth of $1.3 billion and he may appear frequently in the financial media, but Pimco's Bill Gross doesn't have a grasp of how much "trillions" are. Gross recently called for a massive government intervention or face certain catastrophe. "This economy requires support from the government, a check from the government in some form or fashion in the trillions as opposed to the hundreds of billions," Gross said to Bloomberg TV on February 5. "And I think President Obama was right - there is a potential catastrophe if Washington...
  • Andrew Mellon vs. Bailout Nation

    01/09/2009 11:26:24 AM PST · by BGHater · 3 replies · 268+ views
    PIMCO ^ | Jan 2009 | Bill Gross
    2008 was the year when the United States led the charge of bailout nations, lending and literally guaranteeing trillions of dollars of private liabilities in an effort to avoid the advent of another Great Depression. Nothing, with the possible exception of George Bush’s IQ was the subject of greater debate. To begin with, the rescue plan itself was controversial even amongst its implementers: Congress voted against it, then a week later voted for it; Treasury Secretary Paulson designated it “TARP” (short for “Troubled Asset Relief Program”), then a month later did a 180°, refusing to buy subprime mortgages and asserting...
  • PIMCO to Obama: Tough economy awaits next president

    06/30/2008 11:02:47 AM PDT · by Brilliant · 16 replies · 153+ views
    Reuters via Yahoo! ^ | June 30, 2008 | John Parry
    The world's biggest bond fund manager anticipates that Barack Obama will be the next U.S. president, and warns that he will face stern economic circumstances. Bill Gross, chief investment officer of Pacific Investment Management Co, or PIMCO, manages the $130 billion PIMCO Total Return Fund. In his monthly "Investment Outlook" letter for July, he says the next president will inherit a swelling budget deficit that's likely to hit $1 trillion during his administration... Gross's July investment outlook letter was addressed to Obama, as if he had been elected. "Dear President Obama," the letter began. "You have inherited a mess. Your...
  • What Created This Monster?

    03/23/2008 1:22:43 PM PDT · by vietvet67 · 85 replies · 2,530+ views
    NYT ^ | March 23, 2008 | NELSON D. SCHWARTZ and JULIE CRESWELL
    LIKE Noah building his ark as thunderheads gathered, Bill Gross has spent the last two years anticipating the flood that swamped Bear Stearns about 10 days ago. As manager of the world’s biggest bond fund and custodian of nearly a trillion dollars in assets, Mr. Gross amassed a cash hoard of $50 billion in case trading partners suddenly demanded payment from his firm, Pimco. And every day for the last three weeks he has convened meetings in a war room in Pimco’s headquarters in Newport Beach, Calif., “to make sure the ark doesn’t have any leaks,” Mr. Gross said. “We...
  • Gross - subprime mortgage mkt a "$1 trillion problem"

    11/08/2007 12:16:09 AM PST · by CutePuppy · 23 replies · 107+ views
    Reuters ^ | November 5, 2007 | Jennifer Ablan and John Parry
    Gross-subprime mortgage mkt a "$1 trillion problem" Mon Nov 5, 2007 9:06 AM ET NEW YORK, Nov 5 (Reuters) - The Federal Reserve will have to cut its federal funds target rate to prevent a dramatic fall in housing prices in the wake of the subprime mortgage meltdown, the manager of the world's biggest bond fund said on Monday. The turmoil in the risky subprime mortgage-market is a "$1 trillion problem ... There are $1 trillion worth of subprimes and Alt-As and basically garbage loans," said Bill Gross, chief investment officer of Pacific Investment Management Co. or Pimco, on CNBC...