NEW YORK (Reuters) - The manager of the world's biggest bond fund said on Friday he is raising cash and waiting for asset prices to become more appealing.
Bill Gross, chief investment officer of Pacific Investment Management Co. or Pimco, said he was raising cash for a time when prices are attractive enough.
Speaking on CNBC television shortly after the U.S. House of Representatives approved the Bush administration's $700 billion financial rescue package on Friday, Gross said the problem plaguing the financial markets lies not necessarily in the mortgage market now but in the credit markets.
Gross added America is basically "for sale."
(Reporting by John Parry and Chris Sanders; Editing by Chizu Nomiyama)