Pimco said current long-term Treasury yields offer an attractive entry point for long-term investors and that it would increase exposure if yields rise further. The firm cited income, carry and roll-down opportunities from a steeper yield curve, while noting that 30-year Treasury yields are near their highest level in two decades and that elevated term premiums, fiscal stimulus and increased bond supply could keep yields high. JPMorgan Chase and PGIM warned that borrowing costs could rise if the Treasury’s debt-management strategy becomes less predictable. Separately, Bridgewater Associates founder Ray Dalio said the U.S. could face a broad debt crisis in about three years, give or take two, and that debt could reach $55 trillion to $60 trillion within a decade if fiscal policy does not change. He recommends reducing bond exposure, holding 10% to 15% of a portfolio in gold and owning some Bitcoin, while continuing to view gold as the more established monetary asset.