Bill Gross
Bill Gross
William Hunt "Bill" Grossis an American financial manager and author. He co-founded Pacific Investment Management. Gross also ran PIMCO's $270.0 billion Total Return Fund. Gross left Pimco to join Janus on September 26, 2014...
NationalityAmerican
ProfessionEntrepreneur
Date of Birth13 April 1944
CountryUnited States of America
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Bonds despite their ridiculous yields will not easily be threatened with a new bear market,
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At some point down the road, in a dynamic economy such as the U.S., we should be returning to a more normal shape. That means ultimately short rates and the front end of the curve will trade at lower yields than long rates.
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If the economy slows down, if housing moves back down, then at some point late in 2006 the Fed starts to lower rates. That's why a 10-year note yield at 4.55 percent is a decent value as opposed to overvalued.
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If Fed Funds were expected to rise in the future, the curve would be positive with intermediate and long bonds requiring higher yields as a cushion against accelerating short rates. If the Fed were expected to lower rates, a flatter, even inverted curve might result. It's not that this academic theory has been dislodged in recent years but it may have been asked to take a seat next to the increasingly important variable of global financial flows. These flows, no doubt, rely critically on the willingness of foreign investors to hold U.S. assets in the face of potential currency and asset price depreciation.
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The market needs to yield close to 3.5 percent before it approaches fair value, and that means Dow 5,000,
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Is it any wonder that in the space of the last six months we have had headline speeches promoting the dangers of deflation only to be followed by fears of accelerating inflation?
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Even our attorney in Valley City is a volunteer.
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Either way, ... we pay the price: higher import costs, a cutback in spending on cheap foreign goods, rising inflation, perhaps chaotic financial markets, a lower standard of living.
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Some people say farmers have always helped farmers, People say we're expanding the definition of neighbor.
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There's little doubt...that the bond market's salad days are over,
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We're watching the daily statistics in terms of retail confidence and housing,
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I would like GE and other companies to be more candid in terms of disclosing exactly how they do these things, ... If they grow earnings, then let's hear about it and find out how much comes from those types of maneuvers.
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Central banks don't rest at one rate for long. If only to impart a bid to the U.S. housing market, they (the Federal Reserve) may have to start cutting again as early as the end of the year.
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If we had to forecast (and we do), we believe a range of 3 to 4½ percent for 10-year nominal Treasuries will prevail during most of our secular timeframe,