PIMCO Expects Higher Long-Term Inflation

But they can't think of anything smarter to buy than government "inflation-protected" bonds--*snicker*: ``We expect global inflation over the next three to five years -- or even the next five to 10 years -- to be higher than it has been over the last 20 years. While we do not expect double-digit inflation, we do see inflation gradually climbing higher than the close-to-2% core numbers that we have gotten used to in much of the developed world.''