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A Gross error

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05/23/2005
PIMCO's Bill Gross has recently switched from calling official US inflation figures a 'con' to betting the firm's money that the CPI has 'peaked'. He's since been joined on this bandwagon by a number of less estimable pundits, all keen to rationalize the latest bond market rally post hoc and leading Bloomberg News to report that "Greenspan fights a war that bond traders say he has won". Here is where you will find why we wholly disagree.

Sean Corrigan is the author of 'Money, Macro & Markets' newsletter & Consultant to Hinde Capital.

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