Memo to the Fed: Hurt My Fund, Please

In more than three decades as a professional money manager, William Gross has built Pacific Investment Management Co. (PIMCO) into the world's largest bond-fund company with nearly $400 billion in assets. But with job growth accelerating again and interest rates still at 46-year lows, the king of coupon-clippers finds himself in the unusual position of advocating interest rate hikes that will likely whack the price of his bond holdings.

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