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May 2 (Bloomberg) — Pacific Investment Management Co.’s Bill Gross said the Federal Reserve is unlikely to raise interest rates, even with U.S. payrolls rising the most since 2012, until inflation reaches the target set by policy makers.

“Yes, the employment numbers are good,” Gross, who manages the world’s biggest bond fund, said in a radio interview on “Bloomberg Surveillance” with Tom Keene and Michael McKee. “But if the employment numbers can’t generate inflation of 2 percent, then they are not moving off the dime.”

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