Bill Gross’s Successor Says Traders Are Making a Mistake on Fed Cuts

Nick Maroutsos, who recently succeeded legendary bond investor Bill Gross at Janus Henderson Group Plc, says traders who’ve piled into wagers that the Federal Reserve will cut interest rates this year should be more patient.

Markets see the central bank lowering its benchmark rate by January, according to prices for fed funds futures contracts. The Fed’s next move will indeed probably be a reduction, but not until late 2020, Maroutsos said during a Bloomberg Television interview on Friday.