Pimco Senior Advisor says US Treasury yields are "screaming good value" after the recent run-up

Comments of this kind from a very large bond manager carry a standing caveat: the firm is a structural holder of duration, and public value calls after a yield run-up are a recurring feature of its communication rather than a discrete signal. Historically, such remarks from major asset managers have tended to mark sentiment rather than turn it; episodes where heavyweight buyers publicly endorse value at new yield highs have sometimes preceded stabilisation, but the call itself has rarely been the catalyst. What has moved the long end in comparable setups is the supply calendar, auction tail behaviour, and whether the term premium rebuild reflects fiscal concerns or growth repricing, since the two imply different responses to incoming data. The relevant follow-ons are whether other large allocators echo the view, how the next coupon auctions are received, and whether real yields or breakevens are doing the lifting. As commentary from an interested party, the read is directional colour on positioning, not new information.