Low interest rates and massive levels of central bank intervention have failed to generate strong economic growth and are beginning to endanger investors, bond guru Bill Gross said in his latest analysis.
Around the world, high debt levels combined with slow economic growth and tumbling oil prices are providing obstacles that extreme easing has been unable to cure, he said.
"They all seem to believe that there is an interest rate SO LOW that resultant financial market wealth will ultimately spill over into the real economy. ... How successful have they been so far?" he wrote. "Why after several decades of 0 percent rates has the Japanese economy failed to respond? Why has the U.S. only averaged 2 percent real growth since the end of the Great Recession?"