“Put his money where his mouth is” ver 2.o-PIMCO kortar amerikanska statspapper

Vi skrev tidigare om att Pimco verkar ha gått kort amerikanska statspapper. Mannen som “puts his money where his mouth is”. Frågan vi ställer oss är dock;

Vad händer om Kina följer PIMCOS exempel och börjar med att sälja sina statspapper? Med tanke på att Fed numera är den största ägaren av amerikanska statspapper (genom debt monetization processen), så kan det bli trångt i utgången om fler följer PIMCO, fonden som slagit alla sina konkurrenter de senaste 20+ åren.

Nedan nyhet från Reuters,

“The portion of PIMCO’s $236 billion Total Return Fund held in U.S. government debt, including U.S. Treasuries, was -3 percent of total assets in the fund as of March, down from zero in February, the firm’s website showed.

Cash equivalents, securities with maturities of less than a year, rose to 31 percent of the fund’s assets compared with 24 percent in February.

PIMCO and its outspoken co-chief investment officer Bill Gross have been raising alarm this year about who will support Treasuries once the Federal Reserve ends its bond purchase program as scheduled in June.

The Newport, California-based fund manager shed all its U.S. government-related debt holdings earlier this year and has begun to wager against the asset class.

Washington narrowly averted a government shutdown on Saturday after Democrats and Republicans agreed on cutting $38 billion in spending for the fiscal year.

The 11th hour compromise probably had little impact on the investment strategies of Gross, who said in an April newsletter that the U.S. government was “out-Greeking the Greeks.”

The entire U.S. yield curve has moved higher since the Fed began its second quantitative easing program in November 2010. Yields on 10-year notes have risen 80 basis points since then to 3.59 percent.”