Bill Gross to the Fed: 'Get off zero, now!'

Bill Gross to Fed: Get off zero, get off quick

Bill Gross wants the Federal Reserve to end its zero interest rate policy immediately.

In his monthly letter to clients, the widely followed bond fund manager at Janus Capital said the U.S. central bank's aversion to normalizing rates is having negative effects throughout the economy, but primarily to savers and investors.

"The developed world is beginning to run on empty because investments discounted at near zero over the intermediate future cannot provide cash flow or necessary capital gains to pay for past promises in an aging society," wrote Gross, who manages the $1.4 billion Janus Global Unconstrained Bond Fund.