The nation's largest manager of money market mutual funds disclosed Wednesday that it has sold all short-term U.S. government debt ahead of next week's debt ceiling deadline, but the surprise announcement from Fidelity Investments failed to deter Pimco founder Bill Gross, who said his firm continues to buy debt. "We're doing exactly the opposite actually ... probably buying what Fidelity is selling," said Gross, manager of the world's largest bond fund, on " Closing Bell ." Gross said the odds are 1 million to one that the U.S. will not default on its debt, but that doesn't mean the threat isn't affecting markets.
The two companies are different, Fidelity is a money market, while PIMCO is mutual fund. Different rules.
But it nice to see Bill backl after losing his shirt in the emerging markets. Yey, lets Bubble on with Janet.
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