Core Viewpoint - The market is currently focused on the risk of "foreign investors potentially reducing their allocation to U.S. assets," but does not assign a high probability to the scenario of "economic growth weakening" [1] Group 1: Economic Outlook - Given the potential for a long-term slowdown in the U.S. economy, current levels of U.S. bonds are considered to have investment value [1] Group 2: Market Sentiment - Pimco's assessment indicates that some investors may begin to believe that the worst phase of the recent market downturn has passed [1]