A Donald Trump presidency would be negative for many parts of the market, according to one expert.
"I do think that if Trump wins, it's a dollar negative for developed countries. It's equity negative because of the potential volatility. It's bond market negative because of the spending and the tax reductions, in terms of potential and higher inflation," Bill Gross, portfolio manager of the Janus Global Unconstrained Bond Fond, said on CNBC's "Power Lunch."
Gross explained that while the market impact of a Trump presidency would depend on the legislation the New York businessman could pass, his policies don't bode well for the bond market.
"He's a bigger spender than Clinton, at least in terms of his tax cuts and potential policies. He's attacked the Fed over the past few months and that's not necessarily a positive in terms of independence for the Fed and the potential for inflation going forward," Gross said.
As for Trump's opponent, Gross said a Hillary Clinton presidency would be positive for the dollar, but neutral for both bonds and equities.