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By Michael Mackenzie and Dan McCrum in New York
Published: March 10 2011 19:13 | Last updated: March 10 2011 22:49
Who will buy Treasuries when the Federal Reserve stops? Pimco's Bill Gross thinks he knows the answer. The manager of the world's biggest bond fund has cut its holdings of US government-related debt, including Treasuries, to zero.
The reason for this is Mr Gross's belief that Treasury prices will fall when the Fed ends its huge bond-buying programme, known as quantitative easing and designed to avoid a deflationary trap.
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