The Phaserl


It Scares “the Hell Out Of” Bill Gross, Yet in Last-Ditch Effort, Companies Sell More Bonds than Ever

from Wolf Street:

“I recognize the tremendous liquidity problems and the ups and the downs on a daily basis, or even on a minute basis, and it scares the hell out of me,” explained Bill Gross, head of the Janus Global Unconstrained Bond Fund. The media had crowned him “bond king” when he was still riding high, but then he was fired from Pimco, which he’d co-founded, and whose Total Return Fund was until recently the largest bond fund in the world.

Bonds with long maturities have gotten hit the most. Since the beginning of April, the 30-year Treasury Bond Price Index has dropped 9%, crashing through the 50-day moving average and closing below the 200-day moving average on Friday. The yield rose to 3.1%, highest since October 2014.

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