Alpha Generation Is Getting Much Harder, Gross Says
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 3 November 2017
⏱️ 40 minutes
🧾️ Download transcript
Summary
Bill Gross, a fund manager at Janus Henderson, says it's getting much harder to generate alpha and the Fed can't raise rates much further before it hurts the economy. Prior to that, Adam Posen, president of the Peterson Institute for International Economics, says there's an 85 percent chance that the GOP tax proposal will go through. Finally, Joachim Fels, a global economic advisor at PIMCO, says we're stuck in the new neutral and there's no escape from the savings glut.
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Transcript
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| 1:00.0 | Right now, Dr. Pozen, Adam Pozen with us with the Peterson Institute. |
| 1:06.4 | I'm going to ask one question and let truly one of our Washington experts dive in here. |
| 1:11.6 | Adam the Peterson Institute will be writing about tax reform. What tact will you take? |
| 1:17.0 | Well, I have to do the disclaimer. Our individual scholars take each their own tack, but they're pretty much going to all agree |
| 1:24.4 | which is a this is much more about cuts than reform of the tax system be the in line |
| 1:31.5 | with what you were saying on TV before Tom that the claims of wage |
| 1:36.5 | improvements and job improvements in the short term are vastly exaggerated. |
| 1:40.8 | See there are a couple good things in there, like they move somewhat towards territoriality, the |
| 1:48.0 | cutbacks in the mortgage interest deduction, the expensive investment. |
| 1:53.0 | But D, as my colleague Jason Furman, among others has pointed out, the question is what are those pay-fors paying for? |
| 1:59.0 | And if they're just paying for, heavily tilted towards the rich on the personal tax side and not terribly |
| 2:05.7 | useful tax cuts on the corporate side it's not going to go very well. |
| 2:10.4 | For those of us who live in high tax states like New York and New Jersey, the state and local |
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