The Wall Street Journal reports that guru Bill Gross, one of the world's best-known bond-fund managers, has staked his reputation—and more than a little cash—on a bet against U.S. Treasury debt. It hasn't been working out well.
The 67-year-old co-founder of Pacific Investment Management Co. has said for several months that he believes Treasury bonds are overpriced and that their yields, which move in the opposite direction, must rise. His chief concern is the size of the government's debt load, which he believes has been artificially propped up by the Federal Reserve's seven-month program to buy $600 billion in Treasury debt through the end of this month.
Read more at: http://online.wsj.com/article/SB10001424052702304563104576363563140195174.html?mod=googlenews_wsj
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