Bond giant Pimco is betting on a fall in UK inflation that will allow the Bank of England to cut interest rates further than the market currently expects, arguing that there is “nothing that special” about the country’s price pressures.
The manager of $2tn in assets has an overweight position relative to the benchmark index in five-year gilts, in a bet that inflation will prove more benign than some fear, leading to faster rate cuts — which typically boost short-term bond prices.
“We don’t think the UK economy will prove to be a massive outlier [on inflation],” Andrew Balls, Pimco’s chief investment officer for global fixed income, told the Financial Times.
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