Bill Gross Recommends T-Bill Investment Amid Debt-Ceiling Concerns

Bill Gross, former CIO of PIMCO, recommends buying short-term Treasury bills as he expects the debt-ceiling issue to be resolved. Rates on short-dated bills have soared ahead of the ‘X-date’ early next month, after Treasury Secretary Janet Yellen warned last week that the government could run out of cash as soon as June 1. Gross also suggests selling volatility on bank stocks such as Western Alliance and Zions Bancorp. He is shunning high-yielding credit and looking for “safe havens” such as energy pipeline partnerships and inflation-protected bonds through ETFs.