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Pimco's Gross Says Market Selloff Doesn't Portend Recession

Renowned bond investor Bill Gross said the selloff in the stock market has been overdue but it doesn't translate to a U.S. or a global recession.

Gross, who expects the Federal Reserve to start cutting interest rates in June or July, expects bond yields to remain steady until then.

He said fixed income investors should stay at the front of the yield curve. "You want to invest in high quality bonds and that's where the Fed will prop interest rates the most," Gross said.

Gross said Japan's fixed income market offers the best opportunity for fixed income investors. "The Japanese market is quite attractive and I expect it to do quite well."

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