Bond giant Pimco thinks the Bank of Canada is about to turn cautious

By Natalie Wong

Pacific Investment Management Co. is hugging the short-end of the Canadian bond market, betting the country’s central bank will turn cautious after raising interest rates this month.

Ed Devlin, head of the Canadian portfolio at Pimco, the second-biggest U.S. fixed-income manager, said two-year government bond yields are likely anchored around current levels after soaring since the Bank of Canada unexpectedly turned hawkish in mid-June and raised rates July 12. Ten-year and...

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