Bill Gross, a portfolio manager with Janus Capital and the former so-called "bond king" of asset management giant Pimco, released his outlook on the global economy Wednesday in a report entitled "Just a Game."
Gross noted that the Brexit referendum and mounting populist movements reflect a trend toward "de-globalization," which has begun to result in reduced trade and immigration, as well as lower levels of economic growth.
Meanwhile, Pimco also took to Twitter on Wednesday to release the key takeaways of its recent closed-session Global Advisory Board, chaired by former chairman of the Federal Reserve Ben Bernanke.
The need for economic reform in China was a central point of discussion, with the board noting that Chinese President Xi Jinping is hoping to avoid a so-called "middle income trap," which can occur among developed countries that reach an economic plateu prior to attaining high levels of per capital income.
Lastly, the Federal Reserve rolled out new data on the balance sheets of U.S. commercial banks, with a detailed update of changes in assets and liabilities on banks throughout the country.
-- Written by James Passeri