At the end of May, the world's largest bond manager, Pimco, whose bread and butter depends entirely on the future of the price of bonds and by implication, interest rates (and being able to correctly predict where they go) and thus, on the Fed's continued control of the market, made an ominous warning. Speaking to Bloomberg TV, the CIO of core strategies at PIMCO, Scott Mather, said that "we have probably the riskiest credit market that we have ever had" in terms of size, duration, quality and lack of liquidity" adding that the current situation compares to mid-2000s, just before the global financial crisis. "We see ... (full story)