PIMCO's Paul McCulley appeared on CNBC-TV's Squawk Box on February 28, 2008.
McCulley discussed stagflation in the U.S. economy. According to McCulley, the most important thing the government can do is to stop deflation in property prices. "Until you stop that, Wall Street is not going to heal itself."
Investors should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. This and other information is contained in the fund´s prospectus, which may be obtained by contacting your financial advisor. Click here for a complete list of the PIMCO Funds and Allianz Funds prospectuses. Please read the prospectus carefully before you invest or send money.
Past performance is no guarantee of future results. This is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the commentator, which are subject to change without notice.
Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.
Under the term auction facility (TAF), the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. All advances must be fully collateralized. Each TAF auction will be for a fixed amount, with the rate determined by the auction process (subject to a minimum bid rate).
Bids will be submitted by phone through local Reserve Banks.
The target federal funds rate is the interest rate published by the Federal Open-Market Committee (FOMC) of the Federal Reserve Board as a target for overnight, inter-bank loans. The rate is a leading economic indicator of interest rate movements and Federal Reserve monetary policies.
Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com, 1-888-877-4626. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
