Pimco's Gross calls top of rally in risky assets

(marketwatch.com) The six-month rally in risk assets -- while still continuously supported by Fed and Treasury policymakers -- is likely at its pinnacle," Gross wrote in his monthly market commentary.

The U.S. economy and most other developed economies became too reliant on rising asset prices, rather than the production of goods and services, in recent decades. When the financial crisis hit, governments and policymakers had to slash interest rates and take other more dramatic action to prevent asset values plunging, Gross explained.

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