Gross: Central banks have left investors 'scrappin' like mongrel dogs' for returns

Unprecedented stimulus

Janus Capital's Bill Gross believes the ongoing central bank asset purchasing programmes are creating a "new, new normal" of historically low bond yields which will eventually force investors out of the global credit market.

In his latest blog post, Gross (pictured), manager of the $1.5bn Janus Global Unconstrained Bond fund accused central banks of turning financial markets into "a Vegas/Macau/Monte Carlo casino" by betting that bond purchasing programmes will eventually be able to successfully reflate global economies and restore GDP growth. Gross: 'I never expected to be arbitraging stocks in my career' Rather than restoring lower but acceptable inflation through continuous asset purchasing programmes, Gross said low/negative yields erode historical business models which foster savings, investment and ...