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Story summary
- Bill Gross warns investors to avoid all bonds except one-year Treasury bills yielding 4.55%.
- He says government, mortgage and corporate credit total about $84 trillion, creating an unbalanced credit landscape.
- Gross notes net federal debt has reached roughly 100% of GDP, a peacetime record.
- Hedge funds’ share of total Treasury holdings has nearly doubled since 2023 to 8.5%, overtaking depository institutions and mutual funds.