GDP growth slowing

How can investors earn double-digit returns? According to bond guru Bill Gross, they probably can't: "A future of low investment returns, and a heap of trouble for those expecting more, is what lies ahead," Gross warns in his latest investment outlook.

Mired in deflation and stagnant for decades, Japan has been the economic basket case of the developed world. But the world's third-largest economy is getting an unexpected lift from roaring growth in emerging markets.

Nouriel Roubini, the renowned NYU economics professor with the nickname "Dr. Doom," has offered up another dire prediction: Even if the U.S. and Europe manage to avoid a double-dip recession, more than 400 U.S. banks will likely fail.

Home sales are way down, unemployment is still high, and investors are waiting for the Federal Reserve to take action. Passions run high about what the Fed should do next, but its ability to move the needle on GDP growth or unemployment may be more limited than most assume.

The latest Leading Economic Indicators reading and regional Philly Fed Index provide further evidence of weaker economic growth. And that complicates policymakers' efforts to lower the nation's high unemployment rate.