Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade | Odd Lots

Watch on YouTube ↗  |  January 22, 2026 at 18:19  |  51:05  |  Bloomberg Odd Lots
Speakers
Manny Roman — CEO, PIMCO
Joe Weisenthal — Co-Host, Odd Lots (Bloomberg)
Tracy Alloway — Co-Host, Bloomberg Odd Lots

Summary

Odd Lots hosts Tracy Alloway and Joe Weisenthal discuss the renewed "sell America" trade with PIMCO CEO Manny Roman after a trifecta selloff in US stocks, bonds, and the dollar. Roman argues the reaction was modest and sees Japan's inflation shift, higher long-end JGB yields, and attractive Japanese equities as key themes. He also outlines PIMCO's fixed income preferences, mortgage and structured credit opportunities, data center debt, and his reluctance to touch gold or crypto.

  • US stocks fell, Treasury yields rose, and the dollar weakened, reviving talk of a sell-America trade.
  • Manny Roman says the market reaction was not an earthquake and the dollar remains the global reserve currency.
  • Japan's return of inflation supports higher long-end JGB yields and a more positive view on Japanese equities.
  • Roman favors fixed income over expensive equities and sees investment grade credit as tight.
  • PIMCO likes mortgages, structured products, and large data center debt financings.
  • Roman is cautious on software credit due to AI disruption risk.
  • He says he does not understand gold's rally or crypto and stays away.
Ideas
Manny Roman CEO, PIMCO 6:40
Favor fixed income over expensive S&P 500
US rates have been range-bound and fixed income offers an attractive entry point with 6-7% yields and equity-like returns, while the S&P 500 is very expensive; investors should favor long-term fixed income and Treasuries over equities.
TLT HIGH
Manny Roman CEO, PIMCO 6:40
Favor fixed income over expensive S&P 500
US rates have been range-bound and fixed income offers an attractive entry point with 6-7% yields and equity-like returns, while the S&P 500 is very expensive; investors should favor long-term fixed income and Treasuries over equities.
SPY HIGH
Manny Roman CEO, PIMCO 7:52
Short JGBs as yields rise
For the first time in a long time Japan has inflation, and the long end of the JGB curve is probably going to go higher; investors should focus on liquid instruments like the 10-year JGB.
Japanese government bonds HIGH
Manny Roman CEO, PIMCO 9:54
Avoid tight investment grade credit
Investment grade credit spreads are tight and less attractive, so he prefers other areas of fixed income such as structured products and mortgages.
LQD MED
Manny Roman CEO, PIMCO 9:56
Structured products offer attractive opportunities
Structured products offer plenty of opportunities to build portfolios that can perform over the next 12 to 24 months, especially when rates are cheap and investment grade is tight.
Structured products MED
Manny Roman CEO, PIMCO 12:11
Japanese equities attractive on reflation, activism, robotics
Japan finally has inflation, a tighter labor market, more shareholder activism, and a competitive manufacturing edge in AI/robotics, making a number of Japanese stocks attractive despite long-term demographic pressures.
EWJ HIGH
Manny Roman CEO, PIMCO 23:15
Long AUD and GBP for diversification
There is a theme that the dollar may get weaker, so investors should own other currencies; PIMCO likes the Australian dollar and British pound, citing high rates and slowing economies with room to cut.
Australian dollar (AUD) British pound (GBP) MED
Manny Roman CEO, PIMCO 23:38
Avoid gold despite strong momentum
Gold's relentless bid appears driven by strong momentum and unidentified buyers; he does not understand it and stays on the sidelines.
GLD HIGH
Manny Roman CEO, PIMCO 25:54
Mortgages look cheap and attractive
The 30-year mortgage market and the broader mortgage ecosystem look cheap with plenty to buy; Fannie and Freddie purchases may help, making mortgages attractive.
MBS HIGH
Manny Roman CEO, PIMCO 28:34
Buy large data center debt
PIMCO participated in a very large $20+ billion data center financing; large data center users may be better-rated companies whose debt is backed by market cap, making some of these deals attractive, and PIMCO's size is a competitive edge.
Data center debt HIGH
Manny Roman CEO, PIMCO 39:59
Avoid software credit on AI disruption
AI could disrupt enterprise software business models; private-equity-owned software has high leverage and predictable-cash-flow assumptions, so software credit carries meaningful risk and will have winners and losers.
Software Credit MED
Up Next
1:08
Final Trades: Vertex Pharma, Kimberly-Clark, S&P Global and Exxon Mobil
CNBC · Jan 22
2:32
CrowdStrike CEO on new cloud deals
CNBC · Jan 22
1:41
Josh Brown's "best stocks in the market:" First Solar
CNBC · Jan 22
3:47
Zhipu AI's Deepseek-like breakout
CNBC · Jan 22
9:56
Mahindra CEO on Expansion Plans and EV Strategy
Bloomberg Markets · Jan 22

This Bloomberg Odd Lots video, published January 22, 2026, features Manny Roman discussing TLT, SPY, Japanese government bonds, LQD, Structured products, EWJ, Australian dollar (AUD), British pound (GBP), GLD, MBS, Data center debt, Software Credit. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Manny Roman  · Tickers: TLT, SPY, Japanese government bonds, LQD, Structured products, EWJ, Australian dollar (AUD), British pound (GBP), GLD, MBS, Data center debt, Software Credit