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Global uncertainty may not be a good thing for U.S. equities markets and exports, but it is driving investors toward U.S. bonds, according to Richard Clarida, global strategic advisor and managing director at Pimco.
"As you have uncertainty about China and the oil market, and about global recovery, money flows into the U.S.," Clarida told CNBC's "Worldwide Exchange" on Wednesday. "U.S. Treasurys are the place to be."
But Clarida advised investors to avoid shorter maturities, which price in no further rate hikes this year. He expects the Federal Reserve to leave interest rates unchanged at its upcoming March meeting, and he is pointing investors to the belly of the curve at the five- to seven-year point.
"I think March is off the table," Clarida said. "It will depend on the data but I think the Fed's baseline is that they'll hike a couple more times this year."
Economic data has been mixed, and Fed Vice Chair Stanley Fischer said Tuesday that it's too early to assess the impact of recent market volatility. Officials "simply don't know" what the course of action is at their next meeting and the Fed is looking at negative rates, although there are no definitive plans to use them, according to Fischer.