Bill Gross reflects on money and admits that the central bank sets the interest rate and controls the yield curve as it wishes, and he doesn't like it one bit. He would much rather be a bond vigilante.
...central banks are doing the same thing with near zero-bound yields and effective caps on higher rates via quantitative easing.PIMCO Investment Outlook
There Will Be Haircuts
William H. Gross
2 comments:
And he used to think he was a bond vigilante. Hopefully he learned something. No, I won't read him.
He probably talked to McCulley and has learn something.
Still clueless though, with all this desire of returning to gold standard times.
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