Pursuits
Pimco Sells Canada Bonds, Blaming Poloz on Rate Confusion
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Pacific Investment Management Co.’s Ed Devlin is getting out of Canadian government bonds, and Bank of Canada Governor Stephen Poloz is the reason why.
Devlin, who oversees about $17 billion, including the Canadian portfolios for the world’s biggest manager of bond funds, said higher yields are needed to compensate for the risk of buying debt whipsawed by Poloz’s policy pronouncements.