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How Can Policymakers Improve the Functioning of the U.S. Treasury Market?
by Libby Cantrill, Tim Crowley, Jerry Woytash, Jerome Schneider, Rick Chan of PIMCO, 9/12/22

Widening participation in the Fed’s standing repo facility and bond buying programs could mitigate another liquidity crisis in the Treasury market.

Hazy Outlooks for Monetary Policy, Virus Roil Yield Curves and Boost Bonds
by Rick Chan, Abhishek Nadamani, Christopher Youssef of PIMCO, 12/8/21

Uncertainties that caused U.S. Treasuries to rally and yield curves to undulate in November may persist and could contribute to volatility into year-end.

Treasury Issuance Could Aid Adoption of SOFR Benchmark
by Marc Seidner, Jerome Schneider, Rick Chan, Tiffany Wilding of PIMCO, 5/3/21

As regulators push to transition away from Libor, sales of Treasuries linked to the successor rate could boost the new benchmark’s credibility and expand nascent markets for related debt and derivatives.

SLR Expiration: Treasury Markets Likely to Shoulder the Costs
by Tiffany Wilding, Jerome Schneider, Rick Chan of PIMCO, 3/23/21

The Federal Reserve on 19 March announced that the temporary changes to its supplemental leverage ratio, or SLR, will expire as scheduled on 31 March.

Fed Takes Action to Bolster Treasury Market Functioning
by Tiffany Wilding, Rick Chan of PIMCO, 3/13/20

The Fed announced two actions Thursday in response to stress in the market for U.S. Treasuries.

Looking Past Libor: What’s Next for Investors?
by Rick Chan, Jerome Schneider of PIMCO, 7/31/17

The UK Financial Conduct Authority (FCA) announced on 27 July that it would not sustain the London Interbank Offered Rate (Libor) – the key (and controversial) benchmark for hundreds of trillions of derivatives contracts – after 2021.

Volatility as an ‘Opportunity Class’
by Rick Chan of PIMCO, 7/10/15
Is volatility an asset class? It’s a question we often debate, internally and with clients. There’s no simple answer. Either way, though, it’s an academic point that matters less than our belief that volatility is an “opportunity class” – one with a variety of tactical and macro implications.

Repression, Compression, Expression
by Rick Chan of PIMCO, 2/17/15
Cumulative financial repression has led to compressed and recently highly correlated yields in most developed countries, while markets have been volatile as investors react and adjust to the new environment. Recent short-term spikes in volatility belie likely damped volatility at these low rates over time, suggesting a potentially attractive opportunity to sell longer-term volatility at current premiums.
8 results found.