PIMCO's Gross says Fed easing "almost a done deal:" CNBC

NEW YORK (Reuters) - Bill Gross, co-chief investment officer of bond giant PIMCO, told CNBC on Thursday that another round of economic stimulus from the U.S. Federal Reserve is "almost a done deal."

Gross, whose Pacific Investment Management Co has an estimated $1.82 trillion in assets, told CNBC that U.S. economic growth is not yet strong enough to dissuade the Federal Reserve from another round of quantitative easing.

"I think we need to see months of 3 percent or more real GDP growth before the Fed backs off of this particular provision," said Gross.

Gross' statements come after James Bullard, president of the St. Louis Federal Reserve Bank, told CNBC this morning that the slow-paced U.S. recovery was not enough to justify "gigantic action" from the Federal Reserve.

While the Fed's next round of easing is "almost a done deal," Gross added that it would be less effective than the past two rounds of bond buying.

Gross also said that if the easing occurs, investors should "buy what the Fed's going to buy."

(Reporting by Sam Forgione, editing by Gary Crosse)

Source: http://news.yahoo.com/pimcos-gross-says-fed-easing-almost-done-deal-205157578--sector.html

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