Fed Chair Jerome Powell can't afford to keep raising rates the way his predecessor Paul Volcker did in the 1980s, Gross said.
“It looks like interest rates will have to rise a lot,” the billionaire investor said.
Investors are also driving up expectations for how high the central bank might push policy rates early in 2023.
U.S. Treasury yields jumped after another hotter-than-expected inflation report.
The former bond king said one-year Treasury bills are a better alternative to almost any other investments.
Bond investors are betting the Fed will need to cut rates by at least 50 basis points next year.
Ten-year U.S. real yields have soared more than 150 basis points in the past 60 trading days.
David Wright's fund of funds held less than 3% in U.S. stocks at the end of April.
History points to better returns on bonds in April, the firm's strategists say.
JPMorgan downgraded 28 Chinese stocks trading in the U.S. today, describing them as “uninvestable.”
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