[Pimco: There is little evidence that AI bond issuance will have a direct crowding out effect on U.S. Treasury bonds] On September 23, Pimco said that based on the combination of nominal yields, term premiums and swap spreads, there is very little evidence that AI companies’ unexpected bond issuance is pushing up U.S. Treasury yields. Multi-asset credit strategist Lotfi Karoui wrote in a report that the AI ​​capital expenditure boom may indeed increase the equilibrium real interest rate through savings and investment channels, but if AI bond issuance is having a direct crowding out effect on U.S. Treasury bonds, this narrower view is difficult to find support in the data. Pimco pointed to six larger-than-expected debt issuances in the past year, and its existing bonds experienced unusual declines around issuance announcements, indicating that the size or timing of these issuances were not fully priced in by the market.