In a recent interview, Bill Gross provided some further truthiness regarding the state of the U.S. economy and the unveiling of the Federal Reserve as the world's banker.

As we've said countless times, Gross reiterates in the interview that the Fed's only contribution to the real economy has been to help create more jobs that aren't adding up to any real economic growth (i.e. waiter and bartender jobs at minimum wage). He points out that U.S. economic growth has in fact flat lined.

"I think what they have on their radar basically are the employment numbers as opposed to real economic growth. I mean goodness, this quarter for almost the second quarter in a row we're close to the flatline in terms of economic growth."

Indeed it has flat-lined, as evidenced by yesterday's dismal .5% GDP growth in Q1.

He also goes on to point out that the Fed is acknowledging that they are the world's central banker, and although Yellen has continued the 'Bernanke-Put', financial assets aren't yielding anything. As far as rate hikes are concerned, the focus on the global economy will lead to maybe one more hike in June but that'll be it. Which, of course, makes sense, as the Fed needs some room to cut rates as the economy stalls out completely.

"Basically, financial assets are yielding nothing. We know that in the bond market, and the fact that as we're seeing today in the stock market there clearly is a Yellen put, but over the last two meetings it's been extended to include global risk markets. They've focused on a desired weakening of the dollar versus emerging market currencies, and we've seen emerging market currencies rally for sure. I think they're acknowledging that the Fed is the world's global central banker. To me, that should keep hikes at a minimum because of the high debt levels of emerging market countries. Perhaps one or so, and I think June is a likely period as long as jobs keep increasing to 200,000 a month."

Be careful Bill, at this rate you will be part of the fringe blog tinfoil hat club before long...