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PIMCO’s Cash King On Liquidity, Repo, Debt Ceiling, And Yield Curve Inversion | Jerome Schneider
Forward Guidance
The Importance of Capital Appreciation in the Zero Rate Environment
When rates were at zero, people would say my job was perhaps easier because your benchmark was zero. But it really was driven by a mechanic which was trying to outperform a zero asset by creating capital appreciation, not necessarily carry an income. Once we've gotten to this higher rate environment, the second thing has happened is there's larger dispersion for a variety of reasons in short-term assets. And so I view it as really an interesting environment whereby those investors who actually can forecast their horizon for liquidity needs are a distinct advantage to manage cash.
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