WASHINGTON — Janet Yellen can’t be happy as bond guru Bill Gross shines a bright spotlight on a fast-emerging risk to US Treasury securities: the November election.
In recent interviews, the former chief investment officer of Pacific Investment Management Co (PIMCO) has talked up European debt as a ready alternative to securities sold by US Treasury Secretary Yellen’s team.
“As we move to November, and something becomes more clear as to who might or who might not win, the uncertainty plus the potential policy implications could impact Treasuries significantly,” Gross told Bloomberg.
Gross’s apparent pivot to Europe comes even after electoral shocks in Paris and Berlin. In European Parliament elections on June 9, France’s Emmanuel Macron and Germany’s Olaf Scholz suffered setbacks versus far-right parties.
French bond yields jumped to their highest level since November as President Macron called a snap…
