Bill Gross: The Fed Has Mastered Market Manipulation

The Federal Reserve, with its bargain-basement interest rates and money printer always on standby, is manipulating financial markets and crushing capitalism, bond king Bill Gross said in his latest broadside against the U.S. central bank.

In a letter to clients, Gross addresses Fed Chair Janet Yellen directly, saying the policies she has pushed “have deferred long-term pain for the benefit of short-term gain.”

The criticisms come as the Fed is weighing whether to raise interest rates after years of keeping them anchored in efforts to stimulate the economy and create inflation. Instead, Gross said, the Fed has merely inflated asset prices while actually harming the economy.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.