Bill Gross, manager of the world’s biggest bond fund, warned on Thursday the US was “going the way of the UK” and will eventually lose its top AAA credit rating - a fear that had already spooked financial markets on Thursday and could keep the dollar, stocks and bonds under heavy selling pressure, reports Reuters. The US will face a downgrade in “at least three to four years, if that, but the market will recognise the problems before the rating services — just like it did today,” said Gross, co-chief investment officer of Pimco and manager of the Pimco Total Return Fund, which has $154bn in assets.
