Battle Royal
Bond Kings Fight Over a Dead Bull
They're both right about government debt, but stocks aren't much more appealing.
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When the Federal Reserve dropped interest rates to the floor after the 2008 financial crisis, everyone understood that the three-decade bull market in U.S. bonds was ending. The only question was when.
Two of the biggest names in bond investing -- Jeffrey Gundlach and Bill Gross -- recently squabbled over that question. Gross says the bond party will officially end when the 10-year Treasury yield tops 2.6 percent (it’s currently 2.4 percent). Gundlach insists that the end is 3 percent.