Key Points
NEW YORK, Nov 2 (Reuters) - Shares of a handful of U.S. regional banks popped on Thursday after famed bond investor Bill Gross said the danger in investing in them had passed...
Gross, a billionaire once known as the "Bond King" after founding fixed income giant PIMCO, said he was buying shares of Truist Financial, Citizens Financial Group, KeyCorp, and First Horizon..
Shares of each company jumped by 6% or more, outpacing the 3.5% gain in the S&P 500 Banks index.. "Regional bank falling knife has hit bottom," Gross wrote on a message on X, the platform formerly known as Twitter...
Regional banks have been under pressure from the steep selloff in Treasuries, which pushed yields near 16-year highs and dampened the demand for mortgages and other forms of consumer credit..
Along with regional bank shares, Gross wrote he expects the yield curve to turn positive over the next six months, making 2-year Treasuries more attractive than 10-year Treasuries..
