The Globe and Mail reports in its Wednesday, Jan. 10, edition that U.S. bond manager PIMCO said on Tuesday it was too early to declare victory over inflation and that recession risks persist, despite market expectations for a so-called soft landing for the American economy as the Federal Reserve looks to cut interest rates this year. A Reuters dispatch to The Globe reports that PIMCO said it expects bonds to outperform stocks in 2024 should there be a recession and, given starting high yields, to provide a cushion in case of a reacceleration in inflation. Still, after a rapid rally in bonds at the end of last year spurred by expectations that the Fed will cut rates as inflation cools down, PIMCO said it was neutral on so-called duration -- a measure of a fixed income portfolio's sensitivity to changes in interest rates. PIMCO's Tiffany Wilding and Andrew Balls said in a note, "We expect to be broadly neutral on duration after the most recent bond-market rally, which has brought global yields back in line with our expected ranges, and amid the shifting balance of inflation and growth risks." PIMCO said it favours government bond maturities of five to 10 years and is "underweight" the 30-year area.