Treasury yields are likely trading at the bottom of their range, but geopolitical risk makes U.S. government bonds a bad short candidate, said John Bellows, Portfolio Manager for Western Asset. Bellows added that he sees more value in emerging market sovereigns compared to developed Europe. He said he is finding value and very attractive yields in some corporate energy bonds following the crash in oil prices. Bellows said corporate bonds in general are attractive now because low inflation boosts growth in the economy. Finally, Bellows said he does not expect the Federal Reserve to move until much later this year due to low inflation.
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