Mohamed El-Erian, chief executive officer at Pacific Investment Management Co., which runs the world’s biggest bond fund, said the odds of a worldwide recession are about one- third. The euro-area economy contracted 0.2 percent from the first quarter, according to the median estimate of 35 economists in a Bloomberg survey before tomorrow’s report.
Benchmark 10-year yields were little changed at 1.66 percent at 7:25 a.m. New York time after earlier falling to 1.63 percent, according to Bloomberg Bond Trader data. The price of the 1.625 percent security due August 2022 was 99 23/32.
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