Pimco Total Return Piles Into Treasuries as Yields Fall: Chart

Pacific Investment Management Co.’s Total Return Fund boosted its stake in U.S. government debt to a 25-month high in July as benchmark 10-year yields tumbled to a record low. The world’s biggest actively run bond fund tends to buy when yields go down and sell when they go up. The rally in U.S. government securities has been unwinding over the past month as traders revive bets the Federal Reserve will consider raising interest rates in the first quarter of 2017.

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