Odd Lots Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade
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Jan 22, 2026 
Emmanuel Roman, CEO of PIMCO and seasoned fixed-income investor, shares insights on the current market dynamics, including the 'Sell America' trade and its implications. He discusses Japan's economic landscape and rising yields, while arguing for the attractiveness of US fixed income over equities. Roman also delves into PIMCO's innovative use of AI for operational efficiency and compliance, and expresses skepticism about gold's long-term value. He emphasizes the need for more housing in the US and highlights growth opportunities in Asia and the Gulf.
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Trifecta Was Modest, Not Apocalypse
- The recent S&P drop, Treasury rise, and dollar decline reflect modest market reactions rather than an earthquake.
- Emmanuel Roman argues markets discount noise and remain rational, so take single-day moves with a grain of salt.
Fixed Income Looks Attractive Versus Expensive Equities
- US long rates sit in a range and fixed income now offers attractive entry points versus pricey equities.
- Roman says investors can earn 6–7% in bonds, drawing flows into US assets and capping further rate upside.
Japan's Reflation Is Real And Specific
- Japan shows genuine reflation signs: tighter labour markets, rising inflation, and corporate activism.
- Roman sees higher long-term yields there as partly positive and linked to real economic change, not just panic.