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Rating:Pimco Wins a Multi-Part Inflation Bet Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, July 05, 2011

Pimco Wins a Multi-Part Inflation Bet

News summary by MFWire's editors

Fundsters interested in fixed income trading and in short- and long-term predictions about inflation may want to take a look at today's Wall Street Journal. Gregory Zuckmerman highlights an inflation trade that netted Pimco [see profile] about $50 million while Morgan Stanley lost out.

According to the WSJ, a Pimco team bought "several billion dollars" of 30-year TIPS (treasury inflation protected securities), effectively betting on higher long-term inflation. Yet the Morgan Stanley interest rate division, led by Goldman Sachs alum Edward Hadden, shorted 30-year TIPS and bought non-inflation-protected 30-year Treasurys to bet against long-term inflation, while also buying 5-year TIPS and shorting 5-year non-inflation-protected Treasurys to bet on higher short-term inflation. 

Edited by: Neil Anderson, Managing Editor


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