Following today’s horrific print from the Richmond Fed, PIMCO’s Bill Gross responded calling it disastrous.
What’s worse, he believes it means growth screeched to a halt.
Gross: Richmond Fed Survey this AM was disastrous – implies GDP inching close to 0%.
— PIMCO (@PIMCO) July 24, 2012
Economists surveyed by Bloomberg currently estimate that the economy expanded at an annualized pace of 1.4 per cent during the second quarter, below the 1.9 per cent recorded during the first three months of 2012.