On Tuesday Jeremy Grantham, co-founder of US asset manager GMO, said he was not taken with the policies of the US Federal Reserve. Yesterday Bill Gross, founder and co-chief investment officer of Pimco weighed in, albeit without the fancy graphics, and said the Fed’s announcement of a renewed commitment to quantitative easing will signify the end of a 30-year bull market in bonds.

In his latest investment outlook, titled "Run Turkey Run", Gross said the Fed will announce its well-telegraphed renewed commitment to another round of quantitative easing next Wednesday, the day after the US mid-term elections, and the market reaction is likely to be subdued.