Fed Might Have to Continue Supporting Economy: Gross

The slow-moving US economy could cause the Federal Reserve to renew liquidity programs set to expire this month, bond giant Pimco's Bill Gross told CNBC.

CNBC.com Bill Gross

With the Fed's buying of mortgage-backed securities and other programs unwinding, the "new normal" scenario that Pimco has forecast could force the central bank's hand, said Gross, the co-CIO and manager of the world's largest bond fund.

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"These things have all been very critical but let's face it—they're expiring at the end of March," he said. "The critical question...is do we really need Uncle Sam and the check writing to continue?"

Gross said he remains skeptical of the economy's ability to grow without the government programs and said it's possible for "some of these programs to come back" if the economy begins to wobble.

Similarly, he expects some type of bailout for Greece but the European economy to face tough times as well.

"In the meantime, Greece and Portugal and Spain and some of the lookalikes will continue to flounder in terms of yield spread and certainly in terms of economic growth," he said.

On other issues, Gross said the February unemployment numbers released Friday by the government—36,000 jobs lost, 9.7 percent jobless rate—did not tell the whole story of "structural unemployment," or the absence of demand of available workers.

The trend fits in with the "new normal" forecast which he said sees economic struggles continuing over a three- to five-year period and even as long as 10 years depending on circumstances.