Bonds are “trash” and buying US government debt is all but certain to be a losing bet, legendary former bond investor Bill Gross has said.
Gross, the erstwhile “bond king” who built Pimco into a $2tn asset manager before his departure in 2014, fired the latest salvo against the asset class that made him famous in a rambling investment outlook posted on his personal website.
US Treasury yields have slumped in recent months, reflecting a powerful global rally in global debt prices that has blindsided many big investors. On Thursday the 10-year Treasury yield — a benchmark for financial assets around the world — was just 1.29 per cent, far below its late-March peak of 1.75 per cent.
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