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Jul 12, 2024
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when it comes to credit, pimco is warning the market returns are failing to compensate for the risks. firm cio of course strategies wrote liquidity premiums have compressed in both public and private credit markets with a lower quality segment of each facing elevated vulnerability to economic slowdowns and higher interest rates. this week on bloomberg, lauren bass mage and joined from carlisle to speak about those risks in credit. >> default rates, there were high projections. we are at 1% as a market. that is much lower than long-term averages between 2% and 3% depending on the timeframe they are looking at. below market is very bifurcated. most of our companies that trade around part, meaning there are not problems and credits. you have about 4% of the market that trades under 80. i've watched it for more signs of stress. that is the lowest it has been in two years. sonali: joining us now is the portfolio manager and head of high-yield and leverage loans at beach point capital management. it is a really good time to talk about risk. clearly there's more people in the market who are
when it comes to credit, pimco is warning the market returns are failing to compensate for the risks. firm cio of course strategies wrote liquidity premiums have compressed in both public and private credit markets with a lower quality segment of each facing elevated vulnerability to economic slowdowns and higher interest rates. this week on bloomberg, lauren bass mage and joined from carlisle to speak about those risks in credit. >> default rates, there were high projections. we are at...
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Jul 1, 2024
07/24
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joining me now to discuss is pimco's rich clarida. great to have you today. know, since we last heard from the fed in a formal collective way at the june meeting, probably got some friendlier inflation numbers. it seems like the market grew more comfortable with the idea that perhaps things were developing according to the fed's hopes and expectations. where do you think that leaves the fed with regard to how it sets the stage for any move it might make this year? >> thank you. yes. we did get some good news, really confirming what we saw in the cpi report. we got some good news on the pce index, which is the fed's preferred index, and importantly, the three-month average on that is now down below 3. it had gotten up north of 4 a few months ago and it's now annualized, running at about 2.7. that's good news. i don't think the fed will have new information to do anything at the july meeting at the end of the month. and the other thing to keep in mind about the inflation outlook is that when you look at the year over year comparison, which is what the fed looks
joining me now to discuss is pimco's rich clarida. great to have you today. know, since we last heard from the fed in a formal collective way at the june meeting, probably got some friendlier inflation numbers. it seems like the market grew more comfortable with the idea that perhaps things were developing according to the fed's hopes and expectations. where do you think that leaves the fed with regard to how it sets the stage for any move it might make this year? >> thank you. yes. we...
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Jul 19, 2024
07/24
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jerome schneider from pimco on the latest. i don't remember. the pandemic four years ago. it's been so intense. dani: and the market doesn't know what to do with it. we have gone back and forth. jonathan: it continues. the third hour of "bloomberg surveillance" just around the corner. sonali basak breaking down the disruption to banks. we will see -- we will speak to neil dutta and vishwanath tirupattur. this is bloomberg. ♪ >> this is a crescendo as it reaches its peak. boom. massive reversal. >> it is what we all expected to happen. >> i'm still not entirely sure you will see that broadening out a lot of people hope. >> the market is aggressively pricing in her several cuts. that feels like it's a little too much. >> that is what small caps are -- you can be in an interest rate cutting cycle. that is the new chapter. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: let's get you to the weekend. it feels like we will be stuck in this week for the rest of this year. from new york city good
jerome schneider from pimco on the latest. i don't remember. the pandemic four years ago. it's been so intense. dani: and the market doesn't know what to do with it. we have gone back and forth. jonathan: it continues. the third hour of "bloomberg surveillance" just around the corner. sonali basak breaking down the disruption to banks. we will see -- we will speak to neil dutta and vishwanath tirupattur. this is bloomberg. ♪ >> this is a crescendo as it reaches its peak. boom....
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Jul 25, 2024
07/24
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jonathan: the message from pimco's get a cocktail and enjoy the beach. well. i'm trying to be self soothing but is not working out well. jonathan: libby cantrill on the latest. coming up, we catch up with cameron dawson. the former new york fed president bill dudley. bill in the headlines in a big way in the last 24 hours with a big call to cut interest rates this month. bill is just around the corner, as is michelle girard. slightly softer. it's been a difficult week. from new york, this is bloomberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a
jonathan: the message from pimco's get a cocktail and enjoy the beach. well. i'm trying to be self soothing but is not working out well. jonathan: libby cantrill on the latest. coming up, we catch up with cameron dawson. the former new york fed president bill dudley. bill in the headlines in a big way in the last 24 hours with a big call to cut interest rates this month. bill is just around the corner, as is michelle girard. slightly softer. it's been a difficult week. from new york, this is...
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Jul 30, 2024
07/24
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pimco on why the fed should begin cutting at a quarterly pace in september.ipating earnings from four mega caps with 10 trillion u.s. dollars. jenae, still overweight large caps and bullish on tech because of tailwind from free cash flow saying that the recent market rotation is a healthy broadening . good morning to you. >> good morning. jonathan: sticking with big tech, do you believe in the broadening? can we start there it is there a reason for it to continue? >> yes. first of all, we want to see a rally that includes many more sectors. we like tech, we are overweight industrials and health care and we talk a lot about small-cap. but let's not forget where small-cap came from. this is a very little unwind of some of the losses we have seen over the last year. let's think about why that is and when it started. it started with the softer cpi print with a lot of enthusiasm around the rates coming down and the rate cut cycle starting. the reason for that is you have got the debt majority wall that starts in small year. let's be real. if they can refinance the
pimco on why the fed should begin cutting at a quarterly pace in september.ipating earnings from four mega caps with 10 trillion u.s. dollars. jenae, still overweight large caps and bullish on tech because of tailwind from free cash flow saying that the recent market rotation is a healthy broadening . good morning to you. >> good morning. jonathan: sticking with big tech, do you believe in the broadening? can we start there it is there a reason for it to continue? >> yes. first of...
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Jul 23, 2024
07/24
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john stoltzfus there of oppenheimer, not pimco or invesco.f pimco, not of oppenheimer. we are trying here. jonathan: it's your bloomberg briefing dani burger. >> phillip morris is higher in the premarket more than 2% reporting earnings in the last hour. it looked at annual profit growth forecast thanks to blockbuster demand for nicotine pouches, even though it has some supply shortage issues. philip morris has been focusing on efforts on cigarette alternatives and earlier this month that it's hundred million dollars on a new facility to make it in the u.s. able sales of the nicotine pouches will be as much as 500 80 million cans of from the previous 560 million forecast. does airways says that it expects the temple more flights this week as it tries to recover from friday's global tech outage. delta granted nearly 900 flights on monday, bringing the total since friday's meltdown to more than 4700. the company said it is working around the clock to restore operations. u.s. transportation secretary pete buttigieg criticized delta over the disru
john stoltzfus there of oppenheimer, not pimco or invesco.f pimco, not of oppenheimer. we are trying here. jonathan: it's your bloomberg briefing dani burger. >> phillip morris is higher in the premarket more than 2% reporting earnings in the last hour. it looked at annual profit growth forecast thanks to blockbuster demand for nicotine pouches, even though it has some supply shortage issues. philip morris has been focusing on efforts on cigarette alternatives and earlier this month that...
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Jul 23, 2024
07/24
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joining us to talk about the race for the white house, libby cantrel, head of the public policy at pimcold be the harris trade and used to be the biden trade. i think in your view, the development over the weekend when some people call it surprising -- >> seemed inevitable. yeah. >> yeah, seemed inevitable, but it lessons the likelihood or probability of a red sweep -- >> at this point. >> at this point. it lessens it. trump is still favored, but it's definitely a more open race. the trump trade, you think, might not be as strong a move. >> it has reset the race. we have had a number of events that reset the race over the last three weeks, and it's a historical stress in modern history. >> crazy. >> at this point, yes, there are a lot of unknowns versus last week where the market understandably was pricing in not only a trump presidency but potentially a pretty vast republican sweep of both chambers, the senate and the house, and things have changed since then. again, it's early. we don't have firm polling on harris versus trump, particularly in the battleground states. there's more blan
joining us to talk about the race for the white house, libby cantrel, head of the public policy at pimcold be the harris trade and used to be the biden trade. i think in your view, the development over the weekend when some people call it surprising -- >> seemed inevitable. yeah. >> yeah, seemed inevitable, but it lessons the likelihood or probability of a red sweep -- >> at this point. >> at this point. it lessens it. trump is still favored, but it's definitely a more...
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Jul 10, 2024
07/24
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the founder of pimco coming out and saying it is trading like a meme stock.e in this market? >> it's hard to disagree. i think you look at what has happened to, goldman may sort of look at the inventory clearing in the second quarter as positive, maybe some stabilization in the margins for this company, but those margins have been moving dramatically lower over the last year, year and a half as the company has significantly cut prices, and we've not seen the result of that being increases in deliveries. within the company over the last seven quarters seeing very, very flat deliveries. this is a growth company that is no longer growing. real questions about where that growth is going to come from going forward if the company is unwilling to add to the lineup, which elon musk has given every indication that he doesn't want to expand the lineup, that he wants to continue to really leverage the model 3 and the model y for the vast majority of company sales. jonathan: you know where the carrot is now. it is august and it is the robotaxi business. talking about pri
the founder of pimco coming out and saying it is trading like a meme stock.e in this market? >> it's hard to disagree. i think you look at what has happened to, goldman may sort of look at the inventory clearing in the second quarter as positive, maybe some stabilization in the margins for this company, but those margins have been moving dramatically lower over the last year, year and a half as the company has significantly cut prices, and we've not seen the result of that being increases...