The bond market is at risk of leaning too heavily toward interest-rate cuts next year as “the inflation problem is far from being solved,” according to Daniel Ivascyn, chief investment officer at Pacific Investment Management Co. Ivascyn, who helps steer the roughly $126 billion Pimco Income Fund, the largest actively managed bond fund, spoke Tuesday after a report showing US inflation broadly cooled last month. The data unleashed a sweeping fixed-income rally that extended this month’s advance in Treasuries and fueled bets that the Federal Reserve will pivot to lowering rates by mid-2024. While relishing the boost ... (full story)