Bill Gross, PIMCO cofounder and legendary bond investor known as the ‘Bond King,’ warned against longer-term debt in an op-ed published by the Financial Times. He noted that government, mortgage and corporate credit now totals $84 trillion, while U.S. federal debt has reached a peacetime record of 100% of GDP. Gross identified one exception: one-year Treasury bills, now yielding 4.55%. Ten-year Treasury yields have surged more than 100 basis points since the Iran conflict began, hitting the highest levels in 24 years. His current investment motto is to ‘preserve and protect’ capital.
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