by Jeff Cox
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.