According to the Bond King, Bernanke’s discount rate hike was the pretty much the equivalent of doing absolutely nothing.
“I don’t think it’s the beginning, really, of a tightening from the standpoint of monetary policy,” Gross told Reuters Insider television soonafter the Fed’s decision. “I don’t think it is the beginning of an increase in the fed-funds rate or in terms of interest on reserves that has been discussed as well.”
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