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Market says it's a 'one and done' for the Fed until late 2016

Bond guru Bill Gross says the Fed has waited so long to raise interest rates that any move now may be labelled 'too little too late', as market turmoil restricts the room for policy makers to act.

New York

BOND guru Bill Gross says if the Federal Reserve raises interest rates in September, policy makers are increasingly likely to wait at least six months before a second hike. Market measures indicate the wait may be twice as long.

Money-market derivatives indicate the