January 22, 2026· 47 min

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

Emmanuel Roman

Orality

Model

79%

Speaker Breakdown

HostTracy Alloway(1,904 words)

M:29%

HostJoe Weisenthal(1,493 words)

M:29%

GuestEmmanuel Roman(5,111 words)

M:29%

Oral Indicators

Agonistic33%

obviously, literally, very

Engagement88%

you, our, your

Memory Aids100%

listen, right, so

Repetition100%

think (100x), know (80x), it's (78x)

Parallelism78%

And it's backed by their 360 d..., So why would I pay for stuff I..., And I'm Joe Weisenthal....

Sound Patterns84%

82 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases4%

you know what, i mean

Literate Indicators

Hedging11%

could, probably, perhaps

Passive Voice5%

be packed, is related, was surprised

Abstract Nouns21%

investment, business, verizon.com/business

Subordination9%

because, while, until

Sentence Length30%

Avg: 12.4 words/sentence

Word Complexity46%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style12%

863 personal pronouns found

Descriptive Style84%

exactly, obviously, literally

Description

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 Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots Newsletter Join the conversation: discord.gg/oddlots See omnystudio.com/listener for privacy information.

← Why the Tech World Is Going Crazy for Cl...Blackstone's Michael Zawadzki on How Pri... →