Pacific Investment Management Co. says U.S. inflation is poised to quicken — at a time when costs are falling at the fastest pace in five years.

Pimco, which runs the world's biggest actively managed bond fund, said it likes Treasury Inflation Protected Securities. Federal Reserve efforts to spur the economy will push prices high enough to surprise investors, according to the company.

“We see value in U.S. inflation-linked bonds,” Scott Mather, the chief investment officer for U.S. core strategies, wrote on the company's website Wednesday. “The extraordinary policy response of the past few years could result in more inflation than expected.”