In his December Investment Outlook, PIMCO's Bill Gross bemoans that his personal money market account -- yielding 0.01% -- would take approximately 6,932 years to double in value. Gross is not alone: there is over $4 trillion in money market funds and small-balance bank CDs, yielding next to nothing.
Gross wonders whether such low rates on relatively secure deposits are creating the next financial bubble. He expects that the Fed, currently trying to reflate the U.S. economy, will not raise short-term rates until the U.S. has 12 months of 4-5% nominal GDP growth.
Click here for Gross' commentary.