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Fuss
spoke a day after Fed Chair Janet Yellen reinforced market
expectations that the Fed was preparing to raise U.S. interest
rates this year, possibly as soon as September.
On Wednesday, the top U.S. central banker said in testimony
prepared for Congress that the Fed remains poised for a rate
hike, with labor markets expected to steadily improve and
turmoil abroad unlikely to knock the U.S. economy off track.
"We need to watch the economic data, and of much more concern,
we all need to see what would happen internationally," Fuss told
Reuters in a telephone interview. "No one knows how things will
develop with China, Greece, the Middle East and eastern Europe."
Fuss' view on rates echoes that of DoubleLine Capital Chief
Executive Jeffrey Gundlach, who reiterated on Wednesday that he
did not believe the Fed would raise U.S. interest rates this
year.
Gundlach told his investors last week that a rate hike may not
occur until at least 2016, citing uneven U.S. economic data as
well as the fiscal crisis in Greece and the commodity selling
fueled by a market slump in China.
Fuss said the $22.2 billion Loomis Sayles Bond Fund has been
putting money to work in "some interesting" investments but
declined to specify them. Earlier this year, the Loomis Sayles
Bond had over 22 percent of its investments in cash reserves,
Treasury bills and short-term government bonds overseas. Loomis
has taken that down to around 20 percent, Fuss said.
(Reporting By Jennifer Ablan; Editing by Christian Plumb)
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