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27

Pimco Says TIPS Have Further to Run as Morgan Stanley Sees Peak

By Tony Seruga

Both investors say Trump has accelerated existing trends
TIPS beating nominal Treasuries for first time since 2012

A surge in inflation expectations triggered by Donald Trump’s election has rewarded investors who bet on U.S. bonds that protect against rising consumer prices. Pacific Investment Management Co. says there are gains ahead, while Morgan Stanley Investment Management isn’t so sure.

Both investors say Trump has accelerated a repricing of inflation risks that was already starting. Pimco says prices for Treasury Inflation Protected Securities are still short of the levels that reflect the cost-of-living increases that have been the norm over the long term. The securities have returned 4.6 percent this year through Nov. 23, versus 1.1 percent for conventional Treasuries. TIPS are outperforming for the first time since 2012…

Pimco Says TIPS Have Further to Run as Morgan Stanley Sees Peak

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