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Pimco says 'era of Fed watching' is over, government stimulus must take over to save bull

Tony Crescenzi, a market strategist and portfolio manager at Pimco, a global investment firm with $1.5 trillion in assets under management, believes the era of Fed watching might be over.

"The bottom line is that central banks have done about as much as they can to help the economies. It's really up to the national governments to start to take the hand off and do more, because central banks, in the end, can only print money. They can't produce growth," Crescenzi said during an interview with CNBC's Mike Santoli.

In this wide-ranging exclusive conversation for CNBC PRO, Crescenzi also discusses:

  • The trajectory of rates and the effect on the market.
  • How to jump-start the economy.
  • Investment ideas around the U.S. presidential election.
  • Asset valuations and investment strategy.

PRO subscribers can also read the entire transcript of the exclusive interview below.