🌍 **PIMCO: Old-Fashioned Bond Math Returns for a New-Fashioned Fed**

PIMCO argues that incoming Fed chair Kevin Warsh signals a shift toward **less forward guidance** and a lighter balance sheet, raising volatility and dispersion that active managers can exploit.
• With the 10-year Treasury yielding around **4.55%**, PIMCO sees stronger five-year return potential than the near-zero era of 2020.
• _A recession could generate 10%+ one-year Treasury returns_, the firm notes, making today's higher starting yields a genuine tailwind for bond investors.

[🔗 Read more](/leaving?url=aHR0cHM6Ly93d3cucGltY28uY29tL3VzL2VuL2luc2lnaHRzL29sZC1mYXNoaW9uZWQtYm9uZC1tYXRoLWZvci1hLW5ldy1mYXNoaW9uZWQtZmVk)
[#pimco](/search?q=%23pimco)