``"Asset prices are dependent on credit expansion, or in some cases, credit contraction, and as credit goes, so go the markets," Gross wrote in his monthly investment outlook posted on Newport Beach, California-based Pimco's website today. "With credit growth slowing, due in part to lower government deficits, and QE now tapering, which will slow velocity, the U.S. and other similarly credit based economies may find that future growth is not as robust as the IMF and other model-driven forecasters might assume."''

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