It means that traders and investors rate US bonds so negatively now that no rises and interests can be won anymore with trading them. In other words: traders like PIMCO do not find interested buyers anymore.
Bonds from emerging economies and even third world economies are more interesting already. Pimco, so they report, has shifted its business from US bonds to these other bonds in the recent year. To completely abandon trading of US bonds now is just the consistent and final step.
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