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Gross says $10 trillion of zero, negative-yield bonds drag global GDP
Noted bond investor Bill Gross of Janus Capital Group Inc (JNS.N) said Wednesday that with yields at near zero and negative on $10 trillion of global government credit, the contribution of money velocity to GDP growth is coming to an end and may even be creating negative growth. "Our credit-based financial system is sputtering, and risk assets are reflecting that reality even if most players (including central banks) have little clue as to how the game is played," Gross said in his latest Investment Outlook. Gross, who runs the Janus Global Unconstrained Bond Fund, had been one of the first advocates for hiking ... (full story)
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