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watch now VIDEO 2:39 02:39 The economy is slowing and is heading toward a recession, says PIMCO co-founder Bill Gross Halftime Report Famed investor Bill Gross said he expects big trouble ahead should the Federal Reserve keep hiking interest rates . "The economy has been bolstered by tremendous amounts of trillions of dollars in fiscal spending, but ultimately when that is used up, I think we've got a mild recession, and if interest rates keep going up, we've got more than that," Gross said Tuesday on CNBC's "Halftime Report." "We've got potential chaos in financial markets," Gross said. A tightening of monetary policy would further roil the capital market s, according to Gross. The so-called bond king and co-founder of Pimco pointed to Tuesday's move in global bond yields following the Bank of Japan's decision to widen the yield on its 10-year Japanese government bond. Meanwhile, a rise in interest rates spells trouble ahead ...

Workers at two of the country's biggest rail unions split over a tentative contract their leaders had hashed out with freight rail companies — leaving open the possibility of a debilitating rail strike in the middle of the holiday season. The 28,000-member SMART-TD union, which represents rail conductors, rejected the contract after one of its divisions voted it down. Members of the Brotherhood of Locomotive Engineers and Trainmen, which represents some 24,000 freight train engineers, voted in favor of the deal. The no vote is a rejection of the compromise worked out in September with the help of the White House and Labor Secretary Marty Walsh. Several unions have signaled their discontent primarily over the proposed contract’s lack of fully paid sick leave and other scheduling requirements. Union leaders said Monday they were ready to go back to the bargaining table. “This can all be settled through negotiations and without a strike," Jeremy Ferguson, the president of t...