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Bill Gross: Don't expect return on your money

Bill Gross, the billionaire bond investor, discussed his views on the Fed's monetary policy, quantitative easing and risk assets on CNBC Wednesday.

The Fed, the Bank of Japan and the European Central Bank have created "a combined $12 trillion [of quantitative easing] between those three central banks. Theoretically that should be enough money to provide prosperity across the globe," Gross said. "It has not been effective in generating credit growth."

He added, "It is time to worry about the return of your money as opposed to the return on your money."

Gross is a lead portfolio manager at Janus Capital. Previously, he co-founded and was chief investment officer of Pimco.

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.