Although Bill Gross, managing director at Pimco and one of the most famous and successful fund managers in the industry, recently said that the U.S. will experience a mild recession in 2008, he now believes the downturn began this month. The good news is that he only expects it will last four to five months, the Financial Times reports.

And as he expects GDP growth of a mere 1% in 2008, he is calling on the Federal Reserve to bring interest rates down to 3% and for the Bush administration and Congress to “take some rather unperceived and un-forecasted measures in terms of fiscal stimulation.”

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