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Wednesday, August 10, 2011

Is Gross' New Normal Really Here?

News summary by MFWire's editors

Does the stock market volatility of the past few days prove Bill Gross right about the "new normal" of low growth and high unemployment? Bloomberg's Sree Vidya Bhaktavatsalam ponders the current standing of the Pimco [see profile] co-chief investment officer's idea.

Bloomberg notes that the Federal Reserve, BlackRock [see profile] chief Larry Fink, and BlackRock fundamental fixed income chief investment officer Rick Rieder now all seem to anticipate low growth in line with Gross' new normal idea, which Gross first outlined in May 2009.

The wire service also tallies a list of new normal's original skeptics, including: Fisher Investments [see profile] CEO Kenneth Fisher; famed Legg Mason [see profile] stockpicker Bill Miller; U.S. Council of Economic Advisers chair Christina Romer; former White House economic advisor Larry Summers; and Fink himself, as recently as January.

Fisher -- still a non-believer regarding the new normal -- and Pimco CEO Mohamed El-Erian both offered some thoughts for the article. 

Edited by: Neil Anderson, Managing Editor

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