Earlier this week, we saw something unusual happen in markets. The S&P 500 fell 2%, US Treasury yields rose, and the dollar simultaneously declined. This trifecta of market moves has rekindled talk of the "Sell America" trade as investors worry about the Trump administrations threats to take over Greenland. At the same time, Japanese bonds sold off after Prime Minister Sanae Takaichi called a snap election. So, how concerned should investors be about these latest developments? Is the "Sell America" trade really back? Or are we seeing a global rise in long bond yields? In this episode, we talk with Pimco CEO Emmanuel Roman about how he’s reading the moves. We also discuss Pimco's investment in data center debt, how the company is using AI internally, and why he doesn't 'get' gold.

Read more:
Why Investors Are Worried About Japan’s Bond Market
How Gold’s Safe-Haven Appeal Is Fueling Record Prices

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Earlier this week, we saw something unusual happen in markets. The S&amp;P 500 fell 2%, US Treasury yields rose, and the dollar simultaneously declined. This trifecta of market moves has rekindled talk of the "Sell America" trade as investors worry about the Trump administrations threats to take over Greenland. At the same time, Japanese bonds sold off after Prime Minister Sanae Takaichi called a snap election. So, how concerned should investors be about these latest developments? Is the "Sell America" trade really back? Or are we seeing a global rise in long bond yields? In this episode, we talk with Pimco CEO Emmanuel Roman about how he&rsquo;s reading the moves. We also discuss Pimco's investment in data center debt, how the company is using AI internally, and why he doesn't 'get' gold.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-01-21/why-investors-are-worried-about-japan-s-bond-market?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Why Investors Are Worried About Japan&rsquo;s Bond Market</a> <a href="https://www.bloomberg.com/news/articles/2026-01-20/gold-price-record-how-trump-s-greenland-tariff-threat-is-spurring-haven-demand?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">How Gold&rsquo;s Safe-Haven Appeal Is Fueling Record Prices</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

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

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ae05dcf9-1ada-4a93-82fe-b3da00296d7f/transcript