Tags: pimco | gross | fed | jobs

Pimco's Gross: Fed to Remain Accommodative Even With US Job Gains

Friday, 02 Nov 2012 10:06 AM

Pacific Investment Management Co.’s Bill Gross said the Federal Reserve will continue with accommodative monetary policies even with the U.S. economy adding more jobs than forecast last month.

“There is nothing the Fed can do but continue down this road,” Gross, manager of the world’s biggest bond fund, said in a radio interview on “Bloomberg Surveillance” with Tom Keene.

In the last jobs report before next week’s election, a net 171,000 workers were added to payrolls after a 148,000 gain in September that was more than first estimated, Labor Department figures showed Friday in Washington.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

The median forecast of 91 economists surveyed by Bloomberg called for an advance of 125,000. The jobless rate rose to 7.9 percent from 7.8 percent as more people entered the labor force.

The $281 billion Total Return Fund managed by Gross has returned 10 percent in the past year, beating 94 percent of its peers, according to data compiled by Bloomberg. It gained 0.28 percent over the past month, beating 65 percent of its peers. The firm manages $1.92 trillion in assets as of Sept. 30.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

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Pacific Investment Management Co.'s Bill Gross said the Federal Reserve will continue with accommodative monetary policies even with the U.S. economy adding more jobs than forecast last month. There is nothing the Fed can do but continue down this road, Gross, manager of...
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2012-06-02
Friday, 02 Nov 2012 10:06 AM
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