Investors need to watch only one number in 2017 to figure out what returns are going to look like across the various markets, bond guru Bill Gross said Tuesday.
Whether the 10-year Treasury yield crosses the 2.6 percent mark will be critical both to the bond market and to stock prices, the fund manager at Janus Capital wrote in his monthly report for clients. The yield was around 2.39% Tuesday morning. Higher yields reduce a bond’s face value.
“If 2.6% is broken on the upside … a secular bear bond market has begun,” Gross said.
— Excerpt contributed by Jason Kelly
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