Dan Ivascyn

So it was reasonable and rational to think that if inflation didn't pick up, that

you're going to be in this relatively low-yielding environment.

Again, a lot has changed.

COVID, I think, was the starting point.

Yeah, and it's funny.

I was down at an event that was looking at,

You have the inflation process, monetary policy decisions, and balance sheets, and things, and for much more of an academic perspective.

But when you look at what was different that last cycle, it amounted to trillions of direct stimulus.

And there's always been stimulus when the economy's slow.

But this time, checks came to us, and you were invited

or encouraged to spend them.

And I think that had a lot to do with what we're going through.

Plus again, a tremendous amount of monetary policy accommodation at the same time.

Yeah, so it's important and we've been doing it as long as the firm's been around.

it's a bit of a rite of passage.

I remember I had come out the summer before I started at PIMCO to observe the secular forum.

That was a trick.

Got there and they threw a microphone in front of me.

Now, there was only about 25 of us at the time.

The first time you were in the room?