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### EXCLUSIVE: Peter Palfrey, co-portf......>

US TSYS
US TSYS: ### EXCLUSIVE: Peter Palfrey, co-portf mgr of $6.5B Loomis Sayles Core
Plus Bond Fund, told MNI exclusively he likes TIPS over nominal Treasuries as he
expects "inflation pressures continue to build with strong employment gains,
unemployment at 4.3%, along with rising shelter and medical costs. With
inflation data remaining softer than Fed expectations, and with significantly
heightened geopolitical anxiety surrounding US/N.Korea posturing, a sidelined
FOMC in December (not our base case), could push TIPS breakevens a bit wider.
While nr-term monetary policy direction has become less clear, we believe that a
September/October taper start remains very likely" so he prefers TIPS. 
- He added STRIPS are not "currently employed in our strategy due to liquidity
considerations" vs nominal Tsys. He still finds "value in High Yld" bonds but
has "reduced overall HY risk exposure;" favors ""late credit cycle" industries"
within remaining HY debt. He favored "pro-cyclical emerging mkt economies" they
will "benefit from the recovery in global demand for basic commodities." He
likes Mexico debt as is "one of higher-yield local mkts where additional
currency upside may also provide some incremental upside."
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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