Bill Gross: Central banks have gone 'too far'

Bill Gross

Ultra-easy central bank monetary policies are about to come back to bite the global economy, bond guru Bill Gross said in his latest letter to investors.

Institutions including the U.S. Federal Reserve fired the first shot in global competitive currency devaluation at the height of the financial crisis as a means to increase liquidity and push investors toward taking more risk.

Others followed suit but have only recently matched the Fed's aggressiveness. The European Central Bank, Bank of Japan and multiple others across foreign markets have gone to near-zero or negative interest rates as global growth has slowed.

Gross, who runs an unconstrained fund for Janus Capital, worries that the financial repression that goes along with easy-money policies is doing harm.