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The bullish case for bonds: Pimco exec Crescenzi

The new 'normal' for rates in 2014: Expert

Longer-term bonds rates are normalizing as the U.S. Federal Reserve scales down its asset purchases, but the central bank's policies should still anchor shorter-term bonds well into the second half of 2015, Pimco's Tony Crescenzi told CNBC on Thursday.

"The Fed is losing its grip on longer rates," Crescenzi said on "Squawk Box. " "Short rates it controls, and it will control them until a rate hike is near, and that's somewhere in 2015probably the latter half given what the Fed told us. "

Crescenzi, a portfolio manager and executive vice president at Pimco, said investors have had time to prepare for rising rates in longer-term bonds because the Fed telegraphed its decision to taper its massive bond-buying program in May 2013 before actually reducing its purchases last week.

Fed policies should help contain 10-year Treasury yields under 4 percent and mainly between a range from 2.75 to 3.25 range next year, "simply because the economy has momentum that people are banking on."

(Read more: US bond market selloff weighs on mortgage apps)

Pimco projects 2.5 gross domestic product growth next year, Crescenzi said. Overall economic acceleration cause a new high 10-year yields and scare bonds investors, but it won't be a "meaningful high," Crescenzi said.

— By CNBC's Jeff Morganteen. Follow him on Twitter at .