Pimco Switches Stance On Gilts

Pimco has been forced to backtrack on its aggressive position of selling UK government bonds after the impressive performance of the gilts market this year. Bill Gross in January described the UK gov’t bond markets as so volatile that they were “resting on a bed of nitroglycerine”. However, the reverse has happened and Pimco has switched its stance to neutral or “agnostic” on gilts, according to people familiar with the situation. Gilts have been one of the best-performing government bond markets of the year – FT

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