Pimco's Gross: Fed's Jobs Focus Will Fuel Market Volatility

Friday, 04 Jan 2013 09:46 AM

 

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Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, said financial markets will likely be more volatile with the Federal Reserve focusing on the unemployment rate.

Gross made the comments in a radio interview on “Bloomberg Surveillance” with Tom Keene after a report showed employers added workers in December at about the same pace as the prior month, and the unemployment rate matched a four-year low.

The central bank on Dec. 12 said it would hold borrowing costs low “at least as long” as the unemployment rate remains above 6.5 percent and inflation projections are for no more than 2.5 percent.

Payrolls rose by 155,000 workers last month following a revised 161,000 advance in November that was more than initially estimated, Labor Department figures showed in Washington.

The median estimate of 82 economists surveyed by Bloomberg called for a increase of 152,000. The unemployment rate held at 7.8 percent, matching the lowest since December 2008.

The firm’s $286 billion Total Return Fund has gained 10 percent over one year, beating 94 percent of its peers, according to data compiled by Bloomberg. Pimco, a unit of the Munich-based insurer Allianz SE, managed $1.92 trillion as of Sept. 30.

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