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Michael A. Gayed, CFA
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Michael A. Gayed, CFA is Chief Investment Strategist at Pension Partners, LLC, an investment management firm which uses quantitative strategies to buy and rotate across various ETFs in an effort to generate absolute returns. As Chief Investment Strategist, Michael helps to structure portfolios... More
My company:
Pension Partners, LLC
My blog:
PensionPartners.com
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  • Dorky
    , contributor
    Comments (736) | Send Message
     
    Just recently I learned the reason why the bond market is so bullish is not because of investors buying or anything to do with flight to safety/quality, but because of heightened risks of interest rate swaps among the banks in the OTC market, forcing them to offset previous contracts with new contracts with higher notional values, thus creating artificial demands in US treasuries.

     

    Nobody is buying in the bond market except the dealers trading among themselves in interest rate swaps. The bullishness in the bond market is a mirage.
    24 Jun 2012, 11:47 PM Reply Like
  • Michael A. Gayed, CFA
    , contributor
    Comments (1301) | Send Message
     
    Author’s reply » Mutual fund flows into bonds disagree with you on that.
    25 Jun 2012, 07:13 AM Reply Like
  • Dorky
    , contributor
    Comments (736) | Send Message
     
    Maybe PIMCO being the major buyer.
    25 Jun 2012, 07:21 AM Reply Like
  • Michael A. Gayed, CFA
    , contributor
    Comments (1301) | Send Message
     
    Author’s reply » PIMCO is a vehicle - fund flows go into the vehicle. Unrelated to fund flows.
    25 Jun 2012, 09:38 AM Reply Like
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