(Bloomberg) -- Bill Gross, who runs the world's biggest bond fund at Pacific Investment Management Co., said private credit-market debt is too high and the age of credit expansion that led to "double-digit" returns is over.

Instead, investors face an "age of inflation, which typically provides a headwind, not a tailwind, to securities prices -- both stocks and bonds," Gross wrote in his monthly investment outlook posted on the Newport Beach, California-based company's website today.

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