(Reuters) – Returning Donald Trump to the presidency would be the more “bearish” choice for bond markets, famed bond investor Bill Gross said in an interview with The Financial Times.

Gross, once the most influential voice in the market, predicted to the paper that a second Trump presidency would push deficits higher than re-electing President Joe Biden.

“Trump is the more bearish of the candidates simply because his programs advocate continued tax cuts and more expensive things,” Gross said. He said Biden’s administration, too, has spent far more money than it has taken in through taxes, but that “Trump’s election would be more disruptive.”

Gross, once known as the “Bond King,” founded fixed income giant PIMCO.

(Reporting by Brad Heath; Editing by Chizu Nomiyama)