Gross Says Fed to Keep Rates Low for Longer

Pacific Investment Management Co.’s Bill Gross said U.S. employment growth won’t prevent the Federal Reserve from emphasizing that it will keep borrowing rates lower longer than policy makers have already indicated. The Fed will likely keep its target rate for overnight loans at current levels for as long as four years, up from the through the middle of 2013 period outlined, Gross, manager of the world’s biggest bond fund, said in a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt.

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