Earlier this week, we saw something unusual happen in markets. The S&P 500 fell 2%, US Treasury yields rose, and the dollar simultaneously declined. This trifecta of market moves has rekindled talk of the "Sell America" trade as investors worry about the Trump administrations threats to take over Greenland. At the same time, Japanese bonds sold off after Prime Minister Sanae Takaichi called a snap election. So, how concerned should investors be about these latest developments? Is the "Sell America" trade really back? Or are we seeing a global rise in long bond yields? In this episode, we talk with Pimco CEO Emmanuel Roman about how he’s reading the moves. We also discuss Pimco's investment in data center debt, how the company is using AI internally, and why he doesn't 'get' gold. Read more:Why Investors Are Worried About Japan’s Bond MarketHow Gold’s Safe-Haven Appeal Is Fueling Record Prices Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.