Pacific Investment Management Co.'s Total Return Fund made a big move from government debt to cash, signaling to analysts that the fund's managers anticipate interest rate hikes as the U.S. economy strengthens. The fund has increased its cash position to its highest level since the Lehman Brothers bankruptcy in September 2008. A company spokesman said the firm does not comment on its holdings. However, Pimco chief Bill Gross said recently that Treasuries are overvalued when weighed against the potential for inflation.
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