Bill Gross’s Backfiring Trade Finally Pays Off in Coronavirus QE
- U.S.-German spread converges on virus-spurred monetary shifts
- Trade vexed Gross in 2018 but helps Robeco manager in 2020
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The trade that famously bedeviled Bill Gross in 2018 is finally coming good this year.
A wager that policy at the world’s two largest central banks would start to converge -- and that benchmark yields on U.S. and German government debt would follow suit -- proved a widowmaker for the legendary fund manager.