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Capital Markets

US debt markets: US policy pushes investors to rethink

Investors investigate new directions as monetary policy drives down credit curve.

While US monetary policy continues to drive investors down the credit curve, some portfolio managers warn that it is already too late to start allocating to lower-quality credits. "Clearly the time to rotate into higher-yielding or riskier assets was in 2009. The performance of these assets has been very strong through 2009 and 2010. We have seen a decoupling between our approach and other corporate credit strategies. It’s not really the time to go deep down in credit. We are keeping our positions constant or taking a little risk off the table," says Dan Ivascyn, a Newport Beach-based managing director at Pimco and portfolio manager on the mortgage-backed and asset-backed securities team.

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