Bill Gross Explains The New Neutral

After an aside on why he doesn’t own a cell phone and the difficulty people who use them too much will have catching fireflies, PIMCO founder and CIO Bill Gross’ latest Investment Outlook explains the new paradigm that his bond fund is using to understand interest rates for at least the next three to five years: the New Neutral.

Bill Gross: New Neutral thesis gets some immediate confirmation from ECB’s negative rates

Riffing on PIMCO’s New Normal that explained rates in the aftermath of the financial crisis (just as Gundlach did with his own No Normal) the New Neutral argues that...