Gross: High economic growth is a distant memory from bygone era

Forecast global productivity slowdown

Janus Capital's Bill Gross has said markets are "priced for too much hope" and believes US growth is unlikely to reach 3%, despite President Donald Trump's ambitious plans.

In his latest investment blog, veteran bond fund manager Gross (pictured) said the 'Trump Agenda' would be unlikely to achieve 3% growth in the economy. "Equity markets are priced for too much hope, high yield bond markets for too much growth, and all asset prices elevated to artificial levels that only a model driven, historically biased investor would believe could lead to returns resembling the past six years, or the decades predating Lehman," he said.  "High rates of growth, and the productivity that drives it, are likely distant memories from a bygone era." PIMCO agrees to pay...