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Gross Fears Loss of Federal 'Sugar Daddy'

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Bill Gross, who runs the world’s biggest mutual fund at Pacific Investment Management Co., said asset markets in the U.S. and U.K. may suffer as governments withdraw stimulus measures.


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Gross Loss By Daniel Kruger and Thomas R. Keene


Jan. 6 (Bloomberg) -- Bill Gross, who runs the world’s biggest mutual fund at Pacific Investment Management Co., said asset markets in the U.S. and U.K. may suffer as governments withdraw stimulus measures.


“Most ‘carry’ trades in credit, duration, and currency space may be at risk in the first half of 2010 as the markets readjust to the absence of their ‘sugar daddy,’” Gross said in a commentary posted on Newport Beach, California-based Pimco’s Web site today. In carry trades, investors borrow at low interest rates to purchase high-yielding assets.


Pimco recommended “shaking hands with the government” last year as the Federal Reserve and Bank of England embarked on so-called quantitative easing programs where they acquired assets including mortgages and government securities to reduce borrowing costs and stimulate growth. The Fed and U.S. agencies have lent, spent or guaranteed $8.2 trillion to lift the economy from the worst recession since the Great Depression, based on data compiled by Bloomberg.


“We now ponder ‘which’ government, and caution that the days of carefree check writing leading to debt issuance without limit or interest rate consequences may be numbered for all countries,” Gross wrote.


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