‘Too much risk:’ Pimco’s Bill Gross says you shouldn’t own bonds now — aside from one key Treasury play

What happened: Pimco co-founder Bill Gross wrote in a Sept. 30 Financial Times op-ed that investors should not own bonds, citing excessive government and private debt. He favors only one-year Treasury bills. Key numbers: U.S. government, mortgage and corporate credit totals roughly $84 trillion. Government debt is 100% of GDP. One-year T-bills yield 4.55%. Why it matters: Gross argues longer-term bondholders are not adequately paid for duration risk, even with the 10-year yield above 5%. Bond vigilantes are demanding higher yields on U.S. debt amid fiscal worries.

Bill Gross warns against bonds now, citing too much risk, except one Treasury play.

Bill Gross warns against bonds now, citing too much risk, except one Treasury play. — impact context not separately stored; see What changed.