Rethinking Rates, Inflation and Duration

Bond markets have been transformed by a generational reset in yields, creating a very different backdrop for investors than just a few years ago. In this episode of Fixing Your Interest, Mohit Mittal, CIO of Core Strategies at PIMCO, joins economist Peder Beck-Friis to discuss why the opportunity set in fixed income has expanded and what that means for portfolios today. They explore the outlook for inflation, central bank policy and duration, as well as the forces reshaping markets, including geopolitics, AI investment and rising government debt. They also discuss where they see the most compelling opportunities across global fixed income and why diversification and active management may matter more than ever. From This Episode: In this episode, PIMCO economist Peder Beck-Friis is joined by Mohit Mittal, PIMCO’s CIO of Core Strategies. Together, they examine how higher starting yields have changed the investment landscape and why fixed income looks more attractive today than it has in many years. The discussion explores whether inflation is likely to remain above central bank targets, how investors should think about duration and central bank expectations, and the impact of structural trends such as AI, deglobalisation and fiscal policy. The conversation also looks at portfolio construction in an environment characterised by greater uncertainty and dispersion, highlighting opportunities across global bond markets, inflation-linked securities, currencies and other areas of fixed income. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures