Photo: Daniel Ivascyn, chief investment officer of Pacific Investment Management Co. (PIMCO), speaks during the Bloomberg Invest Summit in New York City on June 7, 2017. Daniel Ivascyn, chief investment officer of PIMCO, speaks during the Bloomberg Invest Summit in New York City on June 7, 2017.

A dicey combination of renewed market turbulence, softer economic data, and crowded trades—all against a hotter political backdrop—makes bonds the best bet as a defensive play heading into the rest of the year, said Daniel Ivascyn, chief investment officer at Pacific Investment Management Co. (PIMCO).

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